Overseas investment decision for case 201900194 - Matariki Forests

The Applicant is one of New Zealand’s largest forest owners/managers, controlling a new productive forest area of approximately 119,241 hectares.

The Applicant has sought standing consent for forestry activities in order to:

• replenish its existing estate footprint as non-freehold interests expire; and
• buy new forest land, forestry rights, or pastoral land for afforestation as opportunities arise in order to grow the Applicant’s business.

This forestry activities standing consent was granted by the decision-making Ministers in accordance with section 23A and Schedule 4(3) of the Act.

The Applicant must notify the Overseas Investment Office each time it settles a transaction under the standing consent and must comply with other conditions.

The Ministers placed the following limits on the standing consent:

• no more than 10,000 hectares of sensitive land may be acquired in total, and the maximum land area per transaction is:
• 2,500 hectares per transaction involving an acquisition of interests in land that is already used exclusively or nearly exclusively for forestry activities; and
• 500 hectares per transaction involving an acquisition of interests in land that is non-forest land (including farm land being acquired for conversion to forestry);
• there is a maximum limit of a total of 12 transactions;
• the standing consent only relates to acquisition of interests in land that is located within a particular geographic area in the North Auckland, South Auckland, Hawkes Bay, Gisborne, Wellington, Canterbury, Westland, Otago and Southland land registration districts;
• the standing consent cannot be used to acquire an investment in a strategically important business; and
• the standing consent expires on 30 September 2023.