| Decision | Consent approved Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 18 April 2023 |
| Pathway(s) | Special forestry (One-off purchase) This transaction was entered into before 16 August 2022 and so the old special forestry test applies. See here for more information: Getting to the root of farm to forestry conversions |
| Investment | Acquisition of a freehold interest in approximately 3,834.8699 hectares of sensitive land located in Northland and known as:
|
| Consideration | $59,930,000 |
| Applicant | Zentral 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 | Li Liang Ren Family Trust New Zealand (100%) |
| Background | The Applicant applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Land is currently being used as forestry estates and dairy estates. The Applicant intends to convert the dairy estates to forestry, establishing and maintaining plantation forest (predominantly radiata pine) over parts of the dairy estates assessed as being best suited to forestry. The Applicant will also maintain the existing forestry estates. The Land contains approximately 1,534 hectares of existing forestry with 633.30 hectares being unplanted (consisting of native bush, ridges, gullies, and steep land, infrastructure, and setbacks). There is also a grazing lease over approximately 91.60 hectares. The Land also contains approximately 1,513.50 hectares of dairy farm land with 62.47 hectares being unplanted for the same reasons. The Land falls under LUC 3 (approximately 121 hectares), LUC 4 (approximately 442 hectares), LUC 6 (approximately 742 hectares), and LUC 7 (approximately 279 hectares). Consent was granted in this case as the Applicant had met the investor test criterion and the special forestry test. |
| More information | Daniel Williams Anderson Lloyd (Auckland) PO Box 399 Shortland Street Auckland 1140 |
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