DecisionConsent declined
Section 12(a) Overseas Investment Act 2005
Decision MakerThe Minister for Land Information and the Associate Minister of Finance
Decision Date18 September 2021
Pathway(s)Benefit to New Zealand (Benefit to New Zealand - S&I)
National Interest assessment
InvestmentConsent is declined for the Applicants to acquire 100% of the shares in NZCF (Invest1) Limited that owns a freehold interest in approximately 12,356 hectares of existing forest land across New Zealand
ConsiderationWithheld under s9(2)(b)(ii) of the Official Information Act 1982
ApplicantGresham House Forest Carbon (NZ) Limited and Gresham House Forest Carbon (NZ) LP
United Kingdom (100%) 
VendorNZCF (Invest Holdings) Limited
New Zealand (100%)
Background

The Applicants are part of an investment fund established for the purpose of investing in New Zealand forestry.

The Applicants applied for consent to acquire 100% of the shares in NZCF (Invest1) Limited that owns a freehold interest in approximately 12,356 hectares of land, 8,871 hectares of which is existing forest land, across New Zealand that they intend to continue operating as permanent carbon forestry. 

The Applicants intended to invest additional funds and create new jobs by planting an additional 78 hectares with trees, protect around 704 hectares of indigenous vegetation on the forest land, and offer riverbed back to the Crown. The Vendor intended to reinvest part of the sale proceeds in acquiring land to plant additional trees.

For consent to be granted, Ministers needed to be satisfied that the Investment would result in substantial and identifiable benefit to New Zealand. Both Minister O’Connor and Minister Woods were not satisfied that the Investment would result in a substantial and identifiable benefit to New Zealand.

More informationAndrew Petersen
Bell Gully
PO Box 4199 
Auckland 1140