| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 15 September 2021 |
| Pathway(s) | Residential land development (Non-residential use - one-off purchase) and significant business assets |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of two Crown Forestry Licences, the consideration of which exceeds $100m. An overseas investment in sensitive land, being the acquisition of a freehold interest in approximately 1 hectare of freehold residential (but not otherwise sensitive) used for forestry access. |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Summit Forests New Zealand Limited Japan (100.00%) |
| Vendor | Ernslaw One Limited Malaysia (91%) Singapore (9%) |
| Background | The Applicant is one of the largest commercial forest owners in New Zealand and is acquiring the investment to add to its forestry assets in NZ. The only sensitive land involved in this investment is 1 ha. of residential land, which will be used for non-residential purposes, being an access route to the existing forestry estate. The Applicant currently holds leasehold and freehold interests in land in NZ to use for forestry purposes as well as Crown Forestry Licences. It holds these interests in land for log export and domestic supply. The Applicant also provides forestry and harvesting management services in NZ. |
| More information | Mr Kenji Okawa Summit Forests New Zealand Limited Level 10, 57 Fort Street Auckland Central 1010 |