| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 8 November 2019 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 489.365 hectares of land at 1949 George King Memorial Drive, Hindon. |
| Consideration | $3,250,000 |
| Applicant | Corisol New Zealand Limited Switzerland (100%) |
| Vendor | Dochroyle Farming Limited New Zealand (100%) |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant is a subsidiary of a family-owned Swiss company. The Applicant has previously invested in New Zealand and has overseen forestry investments here since 2011. Currently the land is used for a combination of forestry and sheep farming. Approximately 185 hectares of the land is subject to a forestry right that has been granted to the Ministry for Primary Industries and will carry on after the proposed transaction. The Applicant plans to develop the remainder of the land into a commercial forest. The Applicant plans to plant the land by winter 2021, and replant after harvest as part of normal commercial forestry operations. The investment aligns with the Applicant’s broader plans to create an appropriately scaled forestry business. |
| More information | Ranui Calman Greenwood Roche PO Box 139 Christchurch 8140 |