Section 12(a) Overseas Investment Act 2005
|Decision Maker||The Minister for Land Information and the Associate Minister of Finance|
|Decision Date||24 January 2019|
|Investment||An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2,411.0360 hectares of land at Manuka Island Forest, State Highway 63, Upper Wairau Valley.|
|Consideration||$46,000,000 (subject to adjustments in accordance with the Sale and Purchase Agreement).|
|Applicant||OneFortyOne Plantations Holdings Pty Ltd and Nelson Forests Limited|
United States of America (33.73255%)
|Vendor||M & R Trust Company Limited|
Various US investors (100%)
OneFortyOne Plantations Holdings Pty Ltd is an Australian incorporated forestry company that owns forestry assets in South Australia and Victoria and has recently acquired Nelson Forests Limited including 25,114.6115 hectares of land in New Zealand.
This Investment relates to the acquisition of an existing forestry block by the Applicant which is planted predominantly in pine.
The Investment is expected to result in substantial and identifiable benefit to New Zealand. The Applicant intends to expand the silvicultural management systems, increase the number of logs processed in New Zealand through making supply commitments to New Zealand processors and implement environmental protection practices in consultation with the Department of Conservation. It will also undertake measures aimed at control of wilding trees.
The Investment is also likely to advance the Government's strategy to plant one billion trees between 2018 and 2027.
|More information||Mark Forman|
Minter Ellison Rudd Watts
PO Box 3798