| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29 October 2021 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) |
| Investment | Approximately 2,027.8187 hectares of land at 1944 Mata Road, Tauwhareparae, known as ‘Mangatarata Forest’ and ‘Mangatarata Station’; approximately 316.2060 hectares of land at 116 Mata Road, Tauwhareparae, known as ‘Mata Forest’; approximately 771.0222 hectares of land at Mata Road, Tauwhareparae, known as ‘Onetohunga Forest’; and approximately 351.6310 hectares of land at Mata Road, Tauwhareparae, ‘known as Te Rawhiti Forest’. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Ponga Silva Limited |
| Vendor | Mangatarata Station Limited Mangatarata Station Partnership Mata Super Trees Partnership Onetohunga Forest Partnership Paramount Builders Hamilton Limited Te Rawhiti Forest Partnership |
| Background | The Applicant has applied for consent under the special forestry 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 Applicant is acquiring a freehold interest in approximately 3,466.6779 hectares of land comprising four adjoining forests (known as the Tokomaru Bay Forestry Estate), including several forestry rights registered over the freehold land. The Land is currently a large scale commercial forest and pastoral farm located in the Gisborne region. The Land includes ‘Mangatarata Forest’, which contains a sheep and beef farming operation of 841 hectares which will be converted to commercial forestry, with planting expected to occur in 2022. The Applicant plans to hold the Land long term and continue sustainable forest management according to best forestry practices. The Applicant has identified 26.3 hectares, including a homestead, that it intends to subdivide and sell. Of the total area (after subdivision) approximately 2,395 hectares will be used for commercial forestry (including 703.5 hectares of new planting). The remaining unplanted land includes native bush and scrub (394 hectares), roads and tracks (104 hectares), and buffer land, set-backs and riparian planting (547 hectares). Mangatarata Forest (which includes the 841 hectares to be converted to forestry) is a combination of LUC Class 6 (1,116 hectares) and LUC Class 7 (913 hectares). |
| More information | David Raudkivi Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |