| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 09 March 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | As overseas investment in sensitive land, being the Applicant’s acquisition of approximately 264ha of land located at 563 Happy Valley Road, Tuatapere (Land). |
| Consideration | $2,000,000 |
| Applicant | Pine Plantations Private Limited Malaysia (100%) |
| Vendor | Boundary Creek Limited New Zealand (100%) |
| Background | The Applicant has been granted consent to acquire the Land under the special test relating to forestry activities set out in section 16A(4) of the Act. The Land is currently mostly farm land (approximately 160ha) with the remainder being mostly pockets of native bush. There are no dwellings on the Land. The Applicant will convert approximately 160ha of the Land into commercial forestry (pinus radiata) with the new forest to be planted by the end of 2024. Harvesting of the new forest is due to commence in 2048 when the trees are 26 years old, and replanting of a second rotation will commence once the first rotation of trees is harvested. By way of background, the Land that is the subject of this application is Land Use Capability (LUC) classifications: LUC 4 (2 ha) and LUC 6 (262ha). |
| More information | Rachel Petterson rachel@rurallaw.co.nz |
See the attached assessment report linked below, which was published in response to an Official Information Act request:
Pine Plantations’ applications for consent to acquire land in Southland