DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date16 March 2015
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a freehold interest in approximately 818.0217 hectares of land at Purunui Forest, Wairarapa; and
  • a freehold interest in approximately 815.9732 hectares of land at Maringi Forest, Wairarapa; and
  • a freehold interest in approximately 732.4000 hectares of land at Putinka Forest, Wairarapa.
Consideration$17,000,000
ApplicantKiwi Forests Investment Limited
Golden World International Limited, Hong Kong (SAR) (100%)
VendorSchools Amalgamated Forest Trust
Christ's College Canterbury, New Zealand (70.0%)
Samuel Marsden Collegiate School Trust Board, New Zealand (15.0%)
Wellington Diocesan School for Girls (Nga Tawa) Marton Board of Trustees, New Zealand (4.5%)
St Mark's Parish Property Trust, New Zealand (3.9%)
St Hilda's Collegiate Endowment Trust Board, New Zealand (2.7%)
Huntly School Endowment Trust Board, New Zealand (2.1%)
St Margaret's College Trust Board, New Zealand (1.5%)
Waihi School Association Inc., New Zealand (0.3%)
Background

The Applicant is acquiring a number of forestry plantations in the Wairarapa, which it has committed to replanting once harvested.

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) – Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to sell seabed/foreshore/riverbed to the Crown

Overseas Investment Regulations 2005
28(d) – Owner to undertake other significant investment
28(i) – Economic interests

More informationGerald Fitzgerald
Kensington Swan
PO Box 10246
WELLINGTON 6143

 

Last Updated: 3 May 2018