DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date23 August 2016
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,358.9448 hectares of land in Northland, also known as “Takou Bay Forest Estate” and “Whitehills Forest Estate”.
Consideration$4,869,833
ApplicantSummit Forests New Zealand Limited
Japanese Public (66.7%)
Various overseas persons (33.3%)
VendorTrevor Mark Chiltern-Hunt as Executor of estate of Percy James Chiltern Hunt
United Kingdom (100%)
Background

The Applicant intends to maintain and develop the forests on the relevant land in conjunction with their existing Northland forestry estates, in order to produce timber for domestic processing and export markets (with the main focus being increased supply to Northland sawmills).

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)(iv) – Added market competition/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)(c) – Trout, salmon, wildlife and game
17(2)(e) – Walking access
17(2)(f) – Offer to sell seabed/foreshore/riverbed to the Crown

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