| Decision |
Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 19 December 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of freehold interest in 247.1391 ha of land at 110 Harrison Road, Happy Valley, Tuatapere |
| Asset Value | $2,900,000 |
| Applicant |
Pine Plantations Private Limited Malaysia (100%) |
| Vendor |
Livestock Ventures Limited New Zealand (100%) |
| Background |
The Applicant applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The land to be acquired is currently being used for sheep and beef farming, dairy grazing and fattening of Wagyu cattle. The Applicant intends to establish and maintain approximately 154.38 hectares of commercial plantation forest predominantly consisting of Pinus Radiata. Approximately 4 hectares of land will be subdivided and sold. The residual land contains 88.71 ha of native bush. The Land falls under these Land Use Capability (LUC) classifications: LUC 3 (approx. 44 hectares), LUC 6 (approx. 117 hectares) and LUC 7 (approx. 85 hectares). The Ministers granted consent in this case as they considered the Applicant to have met the criteria for the investor test and the special forestry test. |
| More information |
Rachel Petterson |