Section 12(a) Overseas Investment Act 2005
|Decision Maker||Overseas Investment Office|
|Decision Date||25 July 2019|
|Investment||An 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.|
|Consideration||Withheld under s(9)(2)(b)(ii) of the Official Information Act|
|Applicant||Issoria Offshore Limited|
United Kingdom (100%)
|Vendor||Attalus Global Limited|
St Kitts and Nevis (100%)
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 information||Catherine Reid|