Overseas investment decision for case 202300411 - SCOOF Poumahaka Investments Limited

An overseas investment in sensitive land, being the acquisition of approximately:

• a freehold interest in 370 hectares of land located at Katui Road & Old Mill Road, Donnellys Crossing, Northland;
• a freehold interest in 344 hectares of land located at 1667 Pukehuia Road, Arapohue, Northland;
• a freehold interest in 1200 hectares of land located at 732 Beaumont Highway (SH 8), Lawrence, Otago; 
  and acquisition of interests in forestry rights associated with the unincorporated Poumahaka joint venture between the vendor and Matariki Forests Limited.

The Applicant is a New Zealand limited company, being the investment vehicle for the Stafford Carbon Offset Opportunity Fund, managed by the investment manager, Stafford Capital Partners Limited, a United Kingdom based limited company. The Applicant is a first-time investor in New Zealand.

The present ultimate investors are three UK based local authority pension funds; all being Non-New Zealand Government Investors, necessitating a National Interest assessment.

The land is already used nearly exclusively for forestry (predominantly pinus radiata) with some planting scheduled for winter 2024. The Applicant intends to harvest the crop of trees once matured, and replant following harvest. 

Consent was granted as the Applicant has met the investor test criterion and the special forestry test criteria. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest