Overseas investment decision for case 202300424 - Matariki Forests & Matariki Forests Trading Limited

The Applicants are one of New Zealand's largest forestry companies, with a total of approximately 120,000 hectares of net productive area.

The Applicants previously held an earlier standing consent for forestry activities which has recently expired, and have been granted this new standing consent which enables them to acquire existing forests to continue to replenish and grow their forestry assets.

The Ministers placed the following limits on the standing consent:

• existing production forests, excluding farm land and residential land only;
• no more than 10,000 hectares of land;
• no more than 2,500 hectares per transaction;
• up to 12 transactions;
• land located in the North Auckland, South Auckland, Hawkes Bay, Wellington, Canterbury, Westland, Otago and Southland land registration districts, but excluding land in the Gisborne region and Wairoa district;
• the standing consent cannot be used to acquire an investment in a strategically important business; and
• transactions must be entered into by 25 January 2027, and be completed by 25 January 2028.

Consent was granted as the Applicant met the investor test criterion, the Applicant has demonstrated the conditions of the standing consent were likely to be met, the Applicant has adequate processes in place to meet the requirements of the special forestry test and the Applicant has a strong track record of compliance.