| Decision | Consent Granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 23 May 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of 966.4905 hectares of sensitive land at 565 Maringi Road, Bideford, Masterton, known as “Te Awa Station” (the Land) |
| Asset Value | $14,150,000 |
| Applicant | Cerberus Vermögensverwaltung GmbH (Austria (100%) |
| Vendor | Te Awa Limited (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 16(4) of the Act. The Applicant is a limited liability company and the owner, Dr Wolfgang Leitner, has developed and operated forestry investments in New Zealand since 2019. The Land is currently being used as a sheep and beef farm. The Applicant intends to convert the Land into plantation forest (Pinus radiata) over parts of the Land assessed as being best suited to forestry. The Applicant has estimated that approximately 742 hectares is best suited for planting (in addition to the approximately 40 hectares of existing forestry). The Applicant proposes to subdivide and sell two areas which contain the dwellings and various farming buildings and, collectively, approximately 8 hectares of surrounding land. Approximately 177 hectares is unplantable land. Planting is intended to commence in winter 2022 and the trees will be harvested in approximately 28 years. The Land Use Class (LUC) details for the Land are:
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| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |