Overseas investment decision for case 202300056 - Ponga Silva Limited

The Applicant is a forestry company, ultimately owned by Munich Re, a German publicly listed company. 

The land is currently used as a beef and sheep stud operation with 67ha planted in crops.  The land is LUC 6 (88%), LUC 4 (7%) and LUC 3 (5%).

The Applicant intends to convert the land to be used nearly exclusively for forestry activities by planting approximately 1,121.62ha of radiata pine trees, exporting the majority of logs (approximately 60% on current modelling), with the remaining to be processed locally.  The Applicant intends to subdivide 204.45ha to divest land better suited to farming.  

The main benefits to New Zealand include increased revenue and export receipts from the land, increased employment, increased capital expenditure and increased domestic processing of primary products. The Investment is also likely to advance significant Government policies, and result in environmental benefits from the protection of waterways and vegetation, historic heritage site protection and enhanced public access.

Consent was granted to this Investment as the Applicant met the investor test and the benefit likely to occur as a result of the Investment is likely to result in benefit to New Zealand.