Summer services update
| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 2 February 2024 |
| Pathway(s) | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 1,248 hectares of land located at Otiwhiti Forest in the Rangitikei district. |
| Consideration | $22,750,000 |
| Applicant | Norsewood Estate Limited Norsewood Estate Limited 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 | Otiwhiti Limited Partnership New Zealand 100% |
| Background | The Applicant is an established operator in the NZ forestry sector. Approximately 575 hectares of the land is currently used to graze sheep and cattle, and this will be converted to production forestry. There is also 494 hectares of existing two-year-old Pinus radiata on a section of the land that is subject to a Crown Forestry Right. The land is predominantly LUC classes 6 (249ha), 7 (979ha) and 8 (144ha). Around 1/3rd of the Land is of Moderate Erosion risk, with the other 2/3rd being of High Erosion risk. The key benefits likely to occur as a result of the Investment include the creation of jobs, increased revenue from timber sales, increased investment in the land, a reduction in net carbon emissions and consequential benefits. Consent was granted as Ministers were satisfied that the Applicant has met the investor test criterion and that the Investment is likely to result in benefit to New Zealand. |
| More information | Dan Williams Anderson Lloyd PO Box 399 Shortland Street Auckland 1140 |
This assessment report was published as part of an Official Information Act request.
Overseas investment decision for case 202300376 - Glengarry Forest Limited Partnership
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