| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 23 August 2024 |
| Pathway | Sensitive land – Benefit test |
| Investment | Acquisition of approximately 564 hectares of farm land situated at Paparoa Road, Kirikau, Taumarunui District. |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Rimu Forestland Limited Germany 45% France 13% Hong Kong 11% United Kingdom 11% Italy 9% Singapore 6% Luxembourg 5% |
| Vendor | Dakota Holdings Limited New Zealand 100% |
| Background | The Applicant is wholly owned by an investment fund, Climate Asset Management – Natural Capital Fund A ScSp. The Fund was established in 2020 in Luxembourg, for the purpose of making nature-based investments. The land is currently used as a sheep and beef farm. The land is mainly LUC classes 6 (64%) and 7 (35%). The Applicant intends to establish a commercial rotation forest and will plant approximately 400 hectares of Coast Redwoods. The remaining parts of the land includes native bush (approximately 94 hectares), unplantable areas and buffer land (approximately 58 hectares), and approximately 10 hectares including a residential dwelling that the Applicant intends to subdivide and sell. The key benefits that will likely result from this investment are economic benefits in the form of increased indirect export receipts, domestic processing, creation of employment, and additional capital investment. There are also climate change benefits because this investment will result in a reduction in net carbon emissions. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Amanda Spratt MinterEllisonRuddWatts (Auckland) |