Decision

 

Consent granted

Section 12(a) Overseas Investment Act 2005

Decision Maker

The Minister for Land Information and the Associate Minister of Finance

Decision Date

27 November 2019

Pathway(s)

Sensitive land – substantial and identifiable benefit to New Zealand

Investment

An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,594.4614 hectares of land at 2775 Mangapoike Road, Wairoa

Consideration

$5,290,000

Applicant

Drylandcarbon One Limited Partnership
New Zealand Public (59.2838%)
Australian Public (14.3639%)
United States Public (14.1321%)
Various (12.22%)

Vendor

Craigmore (Te Puna) Limited
United Kingdom Public (59.4%)
Asian/Pacific Public (17.4%)
European Public (15.1%)
New Zealand (6.6%)
Various overseas persons (1.5%)

Background

The Applicant is a limited partnership established for the purposed of developing a diverse forestry portfolio and plans to acquire sufficient land to plant 20 million trees in the next 5 years.

The Applicant intends to plant up to 1,065 hectares in permanent forest to generate carbon credits for the New Zealand Emissions Trading Scheme.

The land being acquired is currently run as a sheep and beef cattle farm, with small plantings of radiata pine and manuka. However the land is erosion prone and is better suited to forestry.  

The Applicant will retain the 80 hectares of manuka plantation and will allow no less than 271 hectares of the land to regenerate into indigenous vegetation and forest cover. The Applicants plans for the land align with the Government’s climate change policy and the One Billion Trees strategy.

The Applicant has a significant level of New Zealand ownership including Crown ownership and the New Zealand public through shareholdings in the limited partners which include Air New Zealand, Z Energy, Contact Energy and Genesis Energy.

More information

Susie Kilty
Buddle Findlay
PO Box 2694
WELLINGTON 6140

 

Attachments

Overseas Investment Office’s Assessment Report: Drylandcarbon One Limited Partnership