| Decision | Consent declined Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 27 August 2023 |
| Pathway(s) | Sensitive land – Benefit test |
| Investment | Acquisition of freehold interest in approximately 300 hectares of farm land in Otago. |
| Asset Value | Withheld under section 9(2)(a) and 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Corisol New Zealand Limited Switzerland (100%) |
| Vendor | Withheld under section 9(2)(a) of the Official Information Act 1982 New Zealand (100%) |
| Background | The Applicant is a prominent land and forest owner in New Zealand, ultimately owned by a Swiss company. The land is low altitude rolling hill country and is currently used for dairy farming and winter grazing as a support block to the Vendor’s main farm 25 km away. The land consists of 80% LUC 4 and 20% LUC 6. The Applicant intended to convert the Land to production forestry by planting approximately 211 hectares of radiata pine trees. The Applicant claimed the Investment would benefit New Zealand through assisting New Zealand in meeting its Nationally Determined Contribution to climate change under the Paris Agreement, increased job opportunities, increased export receipts, advancing significant government policy, increased biodiversity, and increased public access. Consent was declined as Ministers were ultimately not satisfied that the likely benefit was proportionate to the sensitivity of the land and the nature of the overseas investment. |
| More information | Ranui Calman Greenwood Roche PO Box 139 Christchurch 8140 |
See the attached Assessment report linked below, which was published in response to an Official Information Act request: