| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 30 March 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment |
Acquisition of 715.8825 hectares of sensitive forestry land located at Mangaiti Forest, Tokomaru Bay, Gisborne (the Land). |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Ponga Silva Limited Germany (45.4%) UK (17.2%) USA (17.2%) France (6.7%) Various (13.5%) |
| Vendor | George Bogiatto, Polyidus Partners (NZ) Limited and Mangaiti Forest Pacifica Limited NZ (80.51%) US (19.49%) |
| 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 Applicant is a subsidiary of an experienced forestry investor who holds existing forestry assets in New Zealand. The Applicant intends to acquire the Land as an investment in commercial forestry. The Land is currently used as a commercial forestry plantation, with existing forestry on the Land comprising 549 ha., while unplantable land comprises 166 ha. Unplantable land is comprised of indigenous vegetation, setback and riparian areas, roads, streams, slips and powerline corridors. The Land will be used nearly exclusively for forestry activities, and trees on the Land will be replanted after harvesting. |
| More information | Sarah Blackmore Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |