| Decision | Consent granted Section 12(1)(a) and Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 8 January 2024 |
| Pathway(s) | Sensitive land - Special forestry test (one off) Significant business assets |
| Investment | Acquisition of a freehold interest in approximately 8,123 hectares of land in the Central North Island and South Island. |
| Consideration | Between $110 million and $120 million |
| Applicant | Rimu Forestland Limited Germany (47%) Hong Kong (13%) United Kingdom (12%) France (12%) Italy (10%) Various (6%) |
| Vendor | The New Zealand Redwood Company United States of America (100%) |
| Background | The Applicant is wholly owned by an investment fund, Climate Asset Management – Natural Capital Fund A ScSp. The Fund was established in 2020 in Luxembourg, for the purpose of making nature-based investments. The Applicant is acquiring The New Zealand Redwood Company's entire New Zealand forestry estate which includes four geographically separate forestry blocks, known as Hundalee Forest, Paparoa Forest, Tuhua Forest, and Okota Forest. The Land is currently used nearly exclusively for forestry purposes. The Applicant will continue operating a commercial plantation forest on the Land by maintaining and planting 3,524 hectares (more or less) of forestry, predominantly Coast Redwoods trees. Consent was granted as the Applicant met the investor test and special forestry test criteria. |
| More information | Amanda Spratt MinterEllisonRuddWatts (Auckland) PwC Tower, Level 22/15 Customs Street West Auckland 1010 |
See the attached Recommendation report linked below, which was published in response to an Official Information Act request:
Rimu Forestland Limited Overseas Investment Recommendation Report – Application 202300702
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