| 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 | 20 February 2024 |
| Pathway(s) | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 1,343 ha located at 16451 Route 52, 424 Daggs Road and 145 Mangarei Road, Masterton |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Cerberus Forestry Limited Austria 100% |
| Vendor | Hamish Malcolm Kyle and John Scott Kyle as trustees of the Hamish Kyle Trust New Zealand 100% |
| Background | The Applicant is ultimately majority owned by Wolfgang Leitner (Austrian). The Applicant is acquiring a sheep and beef farm in Masterton to convert into production forestry and is likely to export the logs at maturity. The land is located close to two of the Applicant’s existing forestry blocks. The Land consists of 45ha of LUC 3, 998ha of LUC 6 and 300ha of LUC 7. The key benefits likely to occur as a result of the investment include the creation of jobs, increased revenue from timber sales, increased investment in the land and a reduction in net carbon emissions. Consent was granted as Ministers were satisfied that the Applicant has met the investor test criterion and that the Investment is likely to result in benefit to New Zealand. |
| More information | Catherine Reid Catherine Reid Barrister |