| Decision | Consent granted Sections 12(1)(b) and 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 11 October 2024 |
| Pathway | Sensitive land – Special forestry test (one off) |
| Investment | Up to 100% of the limited partnership units and voting rights in Tōtara Forestry LP (Target), which will give the Applicant an indirect interest in sensitive forestry land and possible significant business assets (as the value of the assets of the Target may exceed $100 million). |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 for an initial proposed increase in limited partner units in the Target |
| Applicant | A Limited Partner in Tōtara Forestry LP Hong Kong 100% |
| Vendor | Tōtara Forestry LP Germany 46% Bermuda 17% Finland 11% Luxemburg 9% Jersey 9% Various 8% |
| Background | The Applicant is ultimately owned by an overseas trust settled by a Hong Kong family. This is the Applicant’s first application under the Act. The Applicant currently holds less than 25% of the voting rights in the Target and sought consent to allow it to potentially acquire up to 100% of the limited partnership units in Totara Forestry over time. Totara Forestry is part of the Craigmore Sustainables Group and currently owns three forests which were acquired under the special forestry test in 2023. Totara Forestry also has a standing consent which allows it to potentially acquire further forestry interests over the next four years. The Applicant will be a passive investor due to its limited partner status and will not take part in the management of the Target, or the operation of any of the forests owned by it. Consent was granted as the Applicant has met the investor test criterion and the special forestry test criteria. |
| More information | Christina Lefever Lefever Law PO Box 33064 Christchurch 8244 |