| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 25 March 2021 |
| Pathway | Forestry (Special forestry - One-off purchase) |
| Investment | Approximately 65.2682 hectares of land at Dipton-Mossburn Road, Castle Downs, Southland, known as ‘Castle Downs Forest’. Approximately 221.363 hectares of land at Bushy Park Road, Waimumu, Southland, known as ‘Hokonui Forest’. Approximately 185.060 hectares of land at Waikana Road, Taringatura, Southland, known as ‘Monavae Forest’. Approximately 400.00 hectares of land at Dipton Flat Road, Taringatura, Southland, known as ‘Pinnacle Pine Forest’. Approximately 637.8184 hectares of land at McDonald Road, Taringatura, Southland, known as ‘Rugged Hills Forest’. Approximately 637.6691 hectares of land at Lawrence Road and Miller Road, Waitane, Southland, known as ‘Waitane Forest’. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Ponga Silva Limited Germany (43.5%) United States of America (19.2%) United Kingdom (15.7%) France (7.0%) Switzerland (4.9%) Luxembourg (4.3%) Ireland (1.8%) Various (3.6%) |
| Vendor | Craigpine Timber Limited Australia (57.3%) United Kingdom (42.7%) |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in s 16A (4) of the Act. The Applicant is a special purpose vehicle, established to set up a forest investment platform in New Zealand to acquire forestry assets. The Applicant is a wholly-owned subsidiary of a German company. The six parcels of land are all current forestry blocks. A total of approximately 1,814.8 hectares of the Land is planted mostly radiata pine and some douglas fir, of a mixed age class. The remaining 332.5 hectares of land is unplantable land relating to native bush, buffer land, set backs and riparian planting. The Applicant intends on maintaining the lands as forestry blocks. These forestry blocks will be replanted after harvest. |
| More information | David Raudkivi Russell McVeagh (Auckland) PO Box 8 AUCKLAND 1140 |