| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 20 April 2021 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) National Interest assessment |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a forestry right registered over approximately 2,013.1306 hectares of land at Waiotahe Valley Road, Opotiki District, Bay of Plenty. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | OTPP New Zealand Forest Investments Limited Canada (100%) |
| Vendor | Monte Capital Limited Switzerland (100%) |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant is a New Zealand registered company, ultimately wholly owned by the Ontario Teachers’ Pension Plan Board. It is in the business of planting or acquiring forest estates and harvesting timber into the domestic market for processing. The land over which the forestry right is to be granted is a second-rotation commercial pine forest in early to mid-stage growth. The Vendor will remain the freehold owner of the land. The proposed forestry right will be registered on records of title with a total area of 2,013 hectares. Approximately 1,232 hectares of the land is planted as a forest, with limited ancillary rights over the remaining land necessary for the forestry activities. The forests do not include any residential land and will not be used for any residential purposes. The consent includes a condition requiring the Applicant to implement and maintain the existing consent conditions (as far as it has sufficient ownership or control rights to do so) in relation to the land. The Minister of Finance has determined that the investment is not contrary to New Zealand’s national interest. |
| More information | Tessa Baker Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |