| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 July 2021 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) |
| Investment | Acquisition of a freehold interest in approximately 2018.3234 hectares of land, located at 640 Ainges Road, Mount Trotter, Waitaki District (the Land). |
| Consideration | $8,500,000 |
| Applicant | Cerberus Vermögensverwaltung GmbH Austria (100.00%) |
| Vendors | Peter Lawson and Susan Lawson as trustees of the Lawson Family Trust New Zealand (100%) |
| Background | The Applicant was granted consent to acquire the Land under the special test relating to forestry activities that is set out in section 16A(4) of the Act. The Applicant’s ultimate owner has developed and operated forestry investments in New Zealand since 2019. The Land is currently being used as a sheep and beef farm, and the Applicant intends to develop the Land into a commercial forest. The Applicant plans to plant the Land principally in Pinus Radiata. The Applicant plans to plant approximately 1524 ha and has received resource consent for this activity. The remainder of the Land will be unplanted areas or native bush to be retained (254 ha), buffer land (91 ha), and roads and tracks (21 ha). The Applicant also plans to subdivide and sell a portion of the land containing a dwelling that is not required for forestry activities. Planting is intended to commence on the Land in 2022 and the trees will be harvested in approximately 26 to 32 years. By way of background, the Land that is the subject of this application is primarily Land Use Capability (LUC) classes 4 and 6 (totalling approx. 751 ha and 1368 ha respectively). LUC 4 is land with moderate limitations for arable use, but suitable for occasional cropping, pasture or forestry. LUC 6 is generally considered suitable for forestry. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |