31 October 2019
A forestry joint venture between Rayonier’s Matariki Forests and Hawke’s Bay’s Maungaharuru-Tangitū Trust has been approved by the Overseas Investment Office (OIO).
The Maungaharuru-Tangitū Trust is a post-settlement governance entity and representative body for its hapū.
The innovative Kaiwaka Joint Venture will see the Trust partnering with Matariki Forests, a company that specialises in forestry management and is part of the overseas-owned Rayonier group.
Matariki Forests will introduce capital and expertise to help manage the commercial forestry operations in parts of Hawke’s Bay’s Esk forest.
The Maungaharuru-Tangitū Trust will retain ownership of the land on behalf of its hapū and will keep control of decisions about the land.
This is the first overseas forestry investment in partnership with Māori since the new special forestry test was introduced in October 2018. It is also the first consent granted for forestry rights.
There will be no change in ownership of the land. However, OIO consent was required because the Kaiwaka Joint Venture will acquire forestry rights and Matariki Forests is overseas owned.
Overseas investment in forestry rights requires consent under the Overseas Investment Act following the changes made to the legislation last year.
More information about this application is available here.
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