| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 11 March 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of 944.1254 hectares of sensitive land at 366 Mangarei Road, Bideford, Masterton known as Earlyhurst (Land) |
| Consideration | $15,200,000 |
| Applicant | Cerberus Vermögensverwaltung GmbH Austria (100%) |
| Vendor | AJ Barton Family Trust New Zealand (100%) |
| Background | The Applicant, a repeat investor, has been granted consent to acquire the Land under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant is a limited liability company where the ultimate owner has developed and operated forestry investments in New Zealand since 2019. The Land is currently used primarily as a sheep and beef farm. The Applicant intends to convert the Land into commercial forestry, establishing and maintaining plantation forest (predominantly Pinus radiata) over parts of the Land assessed as being best suited to forestry. The Applicant has estimated approximately 812 hectares of the Land is best suited to planting after allowing for existing trees, including unplantable areas (approx. 119 ha). The Applicant proposes to subdivide and sell an area of approximately 12 hectares which contains a house which is not required for forestry activities. Planting is intended to commence on the Land in 2022 and the trees will be harvested in approximately 25-30 years. By way of background, the Land Use Class (LUC) details for the Land are: LUC Class 6 (approx. 850 ha) and LUC Class 7 (approx. 101 ha). |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |