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Foreign investment in Aotearoa/New Zealand

Overseas Investment Office – January 2019 Decisions

OneFortyOne (Australia) Buys More NZ Forests

The Minister for Land Information and the Associate Minister of Finance have granted consent to OneFortyOne Plantations Holdings Pty Ltd and Nelson Forests Ltd (Australia 63.5%; USA 33.7%; Switzerland 1.7%; Luxembourg 1 %) to acquire approximately 2,411 hectares at Manuka Island Forest, State Highway 63, Upper Wairau Valley. The vendor is M&ampR Trust Co Ltd (various US investors 100%) and the price $46,000,000, subject to purchase agreement adjustments. The OIO states that OneFortyOne Plantations Holdings is an Australian incorporated forestry company that owns forestry assets in South Australia and Victoria and has recently acquired Nelson Forests Ltd with 25,115 ha.

A NZ company, OneFortyOne NZ Holdings, was registered on 29/6/18, wholly owned by OneFortyOne Plantations Holdings Pty, Melbourne. The name comes from the meridian line between South Australia and Victoria, where the company supplies local processors for timber and chip board. Lower quality logs and surplus are exported through a partnership with US log marketer Rayonier (USA) and log marshaller ISO Ltd. Rayonier/Matariki Forests (NZ) Ltd is given as the contact for export sales. Rayonier is now NZ’s third largest forestry company. For more on this relationship see our commentary of August 2018 on OneFortyOne’s OIO consent to buy 100% of Nelson Forests Ltd.

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