| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(3) – Forestry activities – Standing consent transaction |
|---|---|
| Transaction number | 4 (of 25) |
| Decision date | 17 August 2022 |
| Investment | An overseas investment in sensitive land, being the Consent Holder’s acquisition of a freehold interest in approximately 751.0945 hectares of land at 637 Atua Road, Elsthorpe, Central Hawkes Bay District. |
| Consideration | $12,300,000 |
| Consent holder | Pan Pac Forest Products Limited Japan 75% United States of America 12% United Kingdom 6% Various 6% Belgium 1% |
| Vendor | Margaret Annie Kirk and Burley Attwood Trustees (No.7) Limited as trustees of the Motonui No.1 Trust New Zealand 100% |
| Background | The Consent Holder was granted a standing consent based on the special test relating to forestry activities on 19 September 2019. This permits the Consent Holder to acquire up to 20,000 hectares of land in up to 25 transactions by 1 October 2022. This is the fourth acquisition of land under the standing consent. The land was primarily used by the Vendor for pasture. There are 7.1 hectares of existing commercial forest on the land. The Applicant intends to plant a further 690 hectares (approximately) of the land as a commercial forest. Approximately 7.4 hectares of the land containing a residential dwelling will be subdivided from the land and sold to a third party. The remaining 46.8 hectares of land will be made up of unplantable land and buffer land which will include native bush plantings, riparian and boundary setbacks. By way of background, the land is Land Use Capability Classifications 3 (115 hectares), 6 (548 hectares) and 7 (85 hectares), which are generally suitable for pastoral or forestry uses. We are satisfied that the notified transaction falls within the scope of that standing consent. |
| More information | Paul Foley / Lauren Archer MinterEllisonRuddWatts PO Box 2793 Wellington |