DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision date30 November 2010
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 105.5300 hectares of land at Dun Road, Kaingaroa.
Consideration$837,902
ApplicantKaingaroa Timberlands
President and Fellows of Harvard College, United States of America (60.0%)
Guardians of New Zealand Superannuation (40.0%)
VendorCNI Iwi Holdings Limited
New Zealand (100%)
Background

The Applicant currently owns certain assets acquired from the Central North Island Forest Partnership including the Kaingaroa Forest and the Kaingaroa Processing Plant (KPP) which is situated on land the subject of the Kaingaroa Headquarters Crown Forestry Licence (KH CFL). The Applicant is the licensee under the KH CFL.

The Applicant intends to lease the land on which the KPP is located. This will ensure it is able to continue using the KPP to process stem length radiata pine from the Kaingaroa Forest into a wide range of high value forest products.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationMartin Thomson
DLA Phillips Fox (Auckland)
PO Box 160
AUCKLAND