Section 12(a) Overseas Investment Act 2005
|Decision Date||30 June 2017|
|Investment||An overseas investment in sensitive land, being the Summit Forests New Zealand Limited’s (the “Consent Holder”) acquisition of a freehold interest in 328.3805 hectares of land at Duncan Road Forestry Block, Takahue Survey District.|
|Consideration||Withheld under s(9)(2)(b)(ii) of the Official Information Act|
|Applicant||Summit Forests New Zealand Limited|
Sumitomo Corporation, Japan (100%)
|Vendor||David Leonard Marshall, Alexander John van Crasbeek and Mary-June van Crasbeek as trustees of the Braemar No. 1 Family Trust and Braemar No. 2 Family Trust|
New Zealand (100%)
The Consent Holder is a Japanese-owned forestry company that operates predominantly in Northland and is one of the largest forest owners in the region. The Consent Holder has a track record of supporting local sawmills – since entering the market in 2012, approximately 80% of the wood harvested from its Northland estate has been processed in New Zealand.
The Investment will build upon the Consent Holder’s existing forestry interests and will combat the Consent Holder’s projected wood supply shortage for the years 2020 to 2023.
The key benefits of the Investment include the forest becoming Forest Stewardship Council certified and increased processing of wood in the Northland region.
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
Overseas Investment Regulations 2005
|More information||Andrew Petersen|
PO Box 4199