DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date25 July 2019
InvestmentAn overseas investment in sensitive land, being the acquisition of NZFI Holdings (Singapore) Pte. Ltd (NZFI Sing) which indirectly owns a freehold interest in 1,116 hectares of land (Underwood forest), Tumbledown Bay Road, Port Underwood, Marlborough.
ConsiderationWithheld under s(9)(2)(b)(ii) of the Official Information Act
ApplicantIssoria Offshore Limited
United Kingdom (100%)
VendorAttalus Global Limited
St Kitts and Nevis (100%)
Background

The Applicant has been granted consent under the special test relating to forestry activities set out in section 16A(4) of the Act to acquire NZFI Sing. NZFI Sing’s owned subsidiary, New Zealand Forest Industries Limited (NZFI), which owns Underwood forest (Land) in Marlborough.

The Applicant intends to increase the planted area to approx. 75% with small portions of land used for Manuka planting and native bush.

We are satisfied the Land will be used nearly exclusively for forestry activities, trees will be harvested following harvest; existing conditions of consent will continue to be implemented to protect indigenous flora and fauna, allow walking access, and to protected historic heritage.

The Land does not include any residential land. Following the demolition of a homestead on the Land and construction of the office, the Land will not be used for any residential purposes.

The Land also does not contain special land.

More informationCatherine Reid
Barrister
catherine@catherinereid.co.nz