DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date6 July 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 152.9000 hectares of land at Rangitatau East Road, Wanganui.
Consideration$1,150,000
ApplicantRangitatau NZ Limited
Joel Leston Reed and Ann Denise Reed as trustees of The Joel and Ann Reed Family Trust, United States of America (97.381%)
Benjamin Joel Reed, United States of America (1.725%)
Peter David Reed, United States of America (0.894%)
VendorRangitatau Forestry Partnership No. 2
New Zealand (100%)
Background

The land is a pinus radiata forestry block. The Applicant intends to harvest and replant the forest in around 10 years time. The acquisition is intended to enhance the Applicant's existing investment in New Zealand forestry and further build the capital value of its assets.

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 Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes
17(2)(e) – Walking Access

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationAndrew Petersen
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140