| Decision | Section 23A Overseas Investment Act 2005 Schedule 4(3) - Forestry activities – Standing consent transaction |
|---|---|
| Decision maker | 5 (of 25) |
| Decision date | 21 November 2023 |
| Pathway(s) | Special forestry (Standing consent) |
| Investment | Acquisition of a freehold interest in approximately 509.4086 hectares of land at 19 Flat Hill Road, Putorino, Hastings. |
| Asset value | $9,200,000 |
| Consent holder | Pan Pac Forest Products Limited Japan 75% United States of America 12% United Kingdom 6% Various overseas persons 7% |
| Vendor | Helen Anne Young, Stephen Hugh Orr Reaney and Stephen Peter Lunn as trustees of Roundhill Settlement Trust and Helen Anne Young, Stephen Hugh Orr Reaney and Stephen Peter Lunn as trustees of the Roundhill Trust New Zealand 100% |
| Background | The Consent Holder was granted a standing consent under the special forestry test on 20 September 2019. This permits the Consent Holder to acquire up to 20,000 hectares of land (at a maximum of 10,000 hectares per transaction) in up to 25 transactions by 1 June 2022. This is the fifth acquisition of land under the standing consent. The Consent Holder is acquiring a sheep and beef farm to convert into a commercial forest. The Applicant plans to develop 430.7 hectares of bare land by planting pinus radiata. Approximately 78.7 hectares of the Land is unplantable for commercial plantation use. The Consent Holder is expecting to commence harvesting in approximately 2051. There are 188 hectares of land in LUC Class 4, 113 hectares in LUC class 6 and 209 hectares of land in LUC Class 7. |
| More information | Paul Foley / Lauren Archer MinterEllisonRuddWatts PO Box 2793 Wellington |