An Austrian prince has been granted approval to buy land from one of New Zealand’s leading forestry investment companies. Prince Tassilo Metternich-Sandor will buy 1148 hectares of land in Napier in a deal worth $3.4 million. Source: NZ City
The land is being sold by Roger Dickie NZ Ltd, which has established more than 88 farms for investors, including those from the United States, Europe and Asia.
The Overseas Investment Office (OIO), which approved the transaction last month, said Prince Tassilo intended to develop a sustainable plantation forest for timber and carbon-capture on the block at Te Pohue.
The OIO said the deal would create jobs, boost exports and see additional investment for development. It will also “advance significant government policy or strategy”, according to the OIO’s criteria.
It has also approved a second sale by Roger Dickie, with three properties totalling 443 hectares near Gisborne to be bought by Canadian Mary Ellen Marziale, in a deal worth nearly $2.5m.
Marziale intends to establish and develop a commercial forest to generate carbon credits and timber from the properties at Kotare Road (Woodend), Tiniroto Road (Pine Farm 47) and Mangaoae Road (Te Karaka), which are collectively known as the Three Ridges Forest, the OIO said.
The OIO also approved two other forestry-related purchases in September.
Malaysian company Timbergrow was approved to buy 1330 hectares of land in Marlborough for $2.1m, which the company plans to convert to forestry.
The other deal will see a joint US-NZ partnership between Rosebank Forest Products and Southern Cross Forest Products to buy 9.2 hectares of land in Balclutha from Chinese company Wenita Lumber. The companies plan to continue operating the existing sawmill and processing plant on the site.
