| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 25 July 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 71 hectares of land (Hakahaka forest), Tumbledown Bay Road, Port Underwood, Marlborough. |
| Consideration | $850,000 |
| Applicant | New Zealand Forest Industries Limited United Kingdom (100%) |
| Vendor | Marlborough Country Limited New Zealand (52.1%) Various overseas persons (47.9%) |
| Background | Issoria Offshore Limited has been granted consent to acquire the parent company of the Applicant under consent 201900014. The Applicant has been granted consent under the special test relating to forestry activities set out in section 16A(4) of the Act, to acquire Hakahaka forest (Land), a small forestry block adjacent to Underwood forest. The Applicant intends to continue to use the Land as it currently is and to extend the existing pine tree forest from 56% to 70-77% of the Land. Where commercial forest is unable to be planted, the Applicant may plant Manuka trees over a minor portion of the Land. There are otherwise no other features relevant to the special forestry test. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |
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