DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date18 February 2016
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately:
  • 259.8789 hectares of land at Haurangi Road, Ruakokoputuna, Wairarapa; and
  • 2,748.0421 hectares of land at Craigie Lea and Te Wharau Roads, Te Wharau, Wairarapa; and
  • 215.8444 hectares of land at Kaiwhata Road, Masterton; and
  • 340.7556 hectares of land at Mangapurupuru Road, Bideford, Wairarapa; and
  • 276.7950 hectares of land at 3442 Ngahape Road, Ngahape, Wairarapa.
Consideration$5,508,000
ApplicantWairarapa Estate Limited
The Trust Company (Australia) Limited as trustee for the New Forests Australia New Zealand Forest Operating Fund 2 (100%) which is wholly owned by certain overseas investment Funds. The New Forests Australia New Zealand Forest Operating Fund 2 is managed by New Forests Asset Management Pty Limited
VendorForest Growth Holdings Limited
IFS Growth Limited, New Zealand (51.0%)
Invercargill City Forests Limited, New Zealand (49.0%)
Background

The Applicant is acquiring a portfolio of commercial forestry plantations in the Wairarapa. The Applicant will implement mechanisms to protect indigenous vegetation and habitats of indigenous fauna on the land. The Investment will also result in the fencing off of saline springs on the land and the establishment of a forestry scholarship.

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)(b) – Indigenous vegetation/fauna
17(2)(c) – Trout, salmon, wildlife and game
17(2)(e) – Walking access
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments

More informationAlan Paterson
Russell McVeagh
PO Box 8
AUCKLAND
Last Updated: 8 March 2017