Section 12(1)(a) Overseas Investment Act 2005
|The Minister for Land Information and the Associate Minister of Finance
|03 May 2023
Special forestry (One-off purchase)
National interest assessment
|Acquisition of a freehold interest in approximately 186.2949 hectares located off Galloway Road, Clutha, Otago (the Land known as Bell's Block)
Wenita Forest Products Limited
ANZFF2 NZ Limited is 100% owned by ANZFOF2 NZ Pty Limited (ANZFOF2 NZ). ANZFOF2 NZ is wholly owned by The Trust Company (Australia) Limited in its capacity as the trustee of New Forests Australia New Zealand Forest Operating Fund 2. This fund and New Forests Australia New Zealand Forest Investment Fund 2 form a stapled entity known as New Forests Australia New Zealand Forest Fund 2 (A2). A2 is owned by certain overseas investment funds. A2 is managed by New Forests Asset Management Pty Limited.
|Howard Mansfield Bell and Maurice James Bell
(New Zealand: 100%)
The Applicant is a New Zealand company involved in establishing, managing, and harvesting timber for sale in domestic and international markets. The Applicant is part of the New Forests Group (New Forests) which is well known to LINZ.
The Land is currently being used as a mixture of farm land (72.2 hectares) and forestry land (74.1 hectares).
The Applicant intends to maintain the existing forestry activity, whilst converting the farm land into plantation forest (predominantly radiata pine). This would increase the extent of plantation forestry activities on the Land from approximately 74 to 144 hectares.
Approximately 41.7 hectares will remain unplanted. This area includes 40 hectares of existing native bush and a further 1.7 hectares to accommodate infrastructure such as roads and tracks.
The Land is a combination of LUC 4 (approximately 26 ha) and LUC 6 (approximately 160 ha).
This is a transaction of national interest under the mandatory criteria in the Overseas Investment Act 2005. This is because the investment involves non-NZ government investors. The Applicant falls within the definition of 'non-NZ government investor' due to an indirect ultimate beneficial interest by the UK and Dutch governments through pension funds (including Pension Protection Fund and Stichting Pensioenfonds ABP).
Consent was granted as the Applicant has met the investor test criterion and the special forestry test criteria. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest.
Anderson Lloyd (Auckland)
P O Box 399
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