| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 12 October 2021 |
| Pathway(s) |
Forestry (Special forestry - One-off purchase) National Interest assessment |
| Investment | Approximately 786.2 hectares of land located at 2164 Te Mai Road, Tinui Valley, Masterton. |
| Consideration | $2,526,000 |
| Applicant | Norsewood Estate Limited ANZFF3 Limited which is wholly owned by ANZFOF3 NZ Pty Limited which is ultimately owned by The Trust Company (Australia) Limited as trustee for the New Forests Australia New Zealand Forest Operating Fund 3 which is wholly owned by certain overseas investment funds. The New Forests Australia New Zealand Forest Operating Fund 3 is managed by New Forests Asset Management Pty Limited. |
| Vendor | Trustees Executors Limited Majority New Zealand-owned, with less than 25% of various overseas ownership (Australia, United Kingdom, France, and Hong Kong). |
| Background |
The Applicant applied for consent to acquire Approximately 786.2 hectares of land located at 2164 Te Mai Road, Tinui Valley, Masterton (the Land) under the special forestry test relating to forestry activities, set out in s 16A(4) of the Overseas Investment Act 2005. The Applicant is a New Zealand registered company and already operates in New Zealand’s forestry sector. The Land is existing forestry land, stocked in Pinus Radiata and used for commercial forestry purposes. The Applicant intends to continue using the Land for the same purpose. Of the 786.2 hectares of Land, there are 633 hectares of forestry and 153.2 hectares of unplanted area, comprising of native bush. The Applicant expects that the majority of Pinus Radiata crop will be ready for harvest in 2039. Each stocked area is expected to be replanted within two years following harvest. The Applicant intends to sell the harvested logs to local and export purchasers. The Minister of Finance has determined that this investment is not contrary to New Zealand’s national interest. |
| More information | Dan Williams Anderson Lloyd (Auckland) PO Box 399 Shortland Street Auckland 1140 |
- Last updated