| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 28 May 2021 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 464.7710 hectares of land at Bennett Road, Te Mata, Coromandel (the Land). |
| Consideration | $8,450,000 |
| Applicant | Pointer Investment (NZ) Limited Chinese Public (62.6%) Chinese Government, China, People's Republic of (36.7%) Hong Kong Public (0.7%) |
| Vendor | Te Mata Forestry Limited New Zealand Public (94.6%); United Kingdom Public (5.4%) |
| Background | The Applicant was granted consent to acquire the Land under the special test relating to forestry activities that is set out in section 16A(4) of the Act. The Applicant is developing its forestry business and operations in New Zealand, with its focus being on acquiring log supply. The Land (known as Te Mata forest) is currently used for commercial forestry and the Applicant intends to continue its existing use as a commercial forestry estate. The Applicant plans to engage a local forestry management company to manage the Land. The existing tree crop on the Land is pinus radiata. Upon harvest, the Applicant plans to replant the tree crops on the Land. The majority of the Land is planted in exotic forestry (267 ha), with the remaining area of the Land being native bush (188 ha) and areas that are unplantable or infrastructure (10 ha). In addition to the areas of the Land containing forestry, the current title includes a small unadjoining parcel of 0.763 ha of land near the coast that is a historic pā site known as Te Rauwhitiora Pā and is registered as wahi tapu. The Applicant plans to separate this 0.763 ha lot from the title and gift it to Ngāti Tamaterā. |
| More information | Paul Schmidt-Uili / Roger Kennedy Cooper Rapley (Palmerston North) PO Box 1945 PALMERSTON NORTH |