| Decision | Consent Granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 12 August 2024 |
| Pathway | Sensitive Land – Benefit Test |
| Investment | Acquisition of a freehold interest in approximately 242 hectares of farm land, at 834 Pikowai Road, Bay of Plenty |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Enterprise Investments WRI Limited United Kingdom 100% |
| Vendor | Duffin Holdings Limited New Zealand 100% |
| Background | The Applicant is ultimately owned by a United Kingdom citizen, and this will be its third forestry acquisition in New Zealand. The land is currently used predominantly to graze beef and dairy cattle. The land is mainly LUC classes 6 (84%) and 7 (14%) with a small area of LUC 3 (2%). The Applicant intends to convert the land to be used nearly exclusively for forestry activities by planting approximately 199 hectares of pinus radiata. The investment is likely to benefit to New Zealand through increased job opportunities, increased revenue from the land, increased domestic processing of primary products from the land and reduction in net carbon emissions. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to result in benefit to New Zealand. |
| More information | Amanda Spratt MinterEllisonRuddWatts (Auckland) |