| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(3) - Forestry activities – standing consent transaction |
|---|---|
| Notification number | 3 of 20 |
| Decision Date | 17 April 2024 |
| Pathway(s) | Sensitive land – Special forestry test (standing consent) |
| Investment | Acquisition of a freehold interest in approximately 433.0680 hectares at 417 Wawa Road, Kinleith |
| Consideration | $10,000,000. |
| Consent Holder | Oji Fibre Solutions (NZ) Limited Japan 86% United States 6% Various overseas persons 8% |
| Vendor | Southern Pastures (Kahu Farm) Partnership Limited Sweden 59% Luxembourg 22% Various 19% |
| Background | The Consent Holder was granted a standing consent under the special forestry test on 9 September 2020. This permits the Consent Holder to acquire up to 15,000 hectares of land in up to 25 transactions by 30 September 2024. This is the third acquisition of Land under the standing consent. The Vendor used the land for dairy farming with some forestry and the Consent Holder is now converting the land into a commercial forest. Approximately 2.8 hectares of land will be subdivided and sold. Harvesting of existing trees is planned to commence in 2024 or 2025 and expected to be completed by 2030. Harvesting of the new tree crop to be established on the Land is likely to take place at 16 to 18 years for Eucalyptus and 25 to 27 years for Pinus Radiata. The land will be replanted within two years of harvest. The land is predominantly LUC 6. |
| More information | Chris Parke Dentons Kensington Swan 18 Viaduct Harbour Avenue Auckland 1142 |