Section 12(a) Overseas Investment Act 2005
|Decision Maker||The Minister for Land Information and the Associate Minister of Finance|
|Decision Date||18 September 2021|
|Pathway(s)||Benefit to New Zealand (Benefit to New Zealand - S&I)|
National Interest assessment
|Investment||Consent 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|
|Consideration||Withheld under s9(2)(b)(ii) of the Official Information Act 1982|
|Applicant||Gresham House Forest Carbon (NZ) Limited and Gresham House Forest Carbon (NZ) LP|
United Kingdom (100%)
|Vendor||NZCF (Invest Holdings) Limited|
New Zealand (100%)
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 information||Andrew Petersen|
PO Box 4199