New primary industry ventures revealed for foreign investors in New Zealand
Tens of billions of dollars of foreign capital entered New Zealand last year, led by forestry.
Overseas investment in primary industries like forestry and farming continues to contribute to New Zealand's economy, with tens of billions of dollars in foreign capital entering the economy last year, according to the Overseas Investment Office. Notable investors include furniture giant Ikea, a Church of Jesus Christ of Latter-day Saints subsidiary, German insurer HDI Haftpflichtverband der Deutschen Industrie V.a.G., Japanese-owned ANZCO Foods, and North American-owned Oceana Gold.
Ikea's Ingka Investments Forest Assets of the Netherlands purchased the 350-hectare Taringatura Forest in Southland, adding to its 43,000 hectare forest portfolio in Aotearoa. Similarly, Benmore Two and Benmore Two Forest Partnership acquired the land to hold a forestry right. Sustainable Forestry, a subsidiary of HDI Haftpflichtverband der Deutschen Industrie V.a.G., bought the 893-hectare Mangapapa Forest at Tangarakau near Stratford, which will also be used for forestry purposes.
ANZCO Foods, a majority Japanese-owned company, bought a property neighboring its Eltham beef plant in Taranaki for staff accommodation. Oceana Gold, the country's largest gold producer, acquired freehold interest in sensitive land for its open pit and underground gold mine, likely at either Waihi or Macraes sites. Farmland Reserve, owned by the Mormon Church, purchased its second kiwifruit orchard in Bay of Plenty, along with a large dairy farm named Koromiko Dairies, which will be run by Craigmore Sustainables.
Overall, over $24 billion in transactions occurred through the Overseas Investment Office last year, with the logging and forestry sectors leading in consent applications, followed by accommodation and electricity supply.
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