| 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 | 12 February 2024 |
| Pathway(s) | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 1559.4998 hectares of land located at 887 Te Akau Road, 1075 Te Akau Road & 1251 Ruakiwi Road, Waikato |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Ponga Silva Limited Germany 49% United Kingdom 18% United States of America 8% Ireland 7% Luxembourg 6% Various 12% |
| Vendor | Piquet Hill Holdings Limited New Zealand 100% |
| Background | The Applicant is a forestry company, ultimately owned by Munich Re, a German publicly listed company. The land is currently used as a beef and sheep stud operation with 67ha planted in crops. The land is LUC 6 (88%), LUC 4 (7%) and LUC 3 (5%). The Applicant intends to convert the land to be used nearly exclusively for forestry activities by planting approximately 1,121.62ha of radiata pine trees, exporting the majority of logs (approximately 60% on current modelling), with the remaining to be processed locally. The Applicant intends to subdivide 204.45ha to divest land better suited to farming. The main benefits to New Zealand include increased revenue and export receipts from the land, increased employment, increased capital expenditure and increased domestic processing of primary products. The Investment is also likely to advance significant Government policies, and result in environmental benefits from the protection of waterways and vegetation, historic heritage site protection and enhanced public access. Consent was granted to this Investment as the Applicant met the investor test and the benefit likely to occur as a result of the Investment is likely to result in benefit to New Zealand. |
| More information | Sarah Blackmore Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |