DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date8 September 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 308.577 hectares of land at 599 Awaroa Road, Broadwood.
Consideration$1,880,000
ApplicantSummit Northern Plantation Limited
Sumitomo Corporation, Japan (100%)
VendorRobert Hugh Buchanan
New Zealand (100%)
Background

The Applicant is acquiring a 308.577 hectare forestry block in Northland in order to achieve a better age class spread within its existing forestry portfolio and ensure that it can continue to meet its supply commitments to local mills.

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)(vi) – Increased processing of primary products
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationAndrew Petersen
Bell Gully
PO Box 4199
AUCKLAND 1140