Billionaire gets OK to buy NZ farm
Austrian billionaire Wolfgang Leitner has been given permission by the Overseas Investment Office (OIO) for an $8 million purchase of land near Wairoa under a rule that fasttracks forestry deals.
Leitner applied for consent under the special forestry test to buy Ponui Station, which includes 14 hectares of commercial forestry and just over 700 hectares grazed by sheep and beef stock.
According to Forbes, Leitner’s fortune is worth US$1.5 billion (NZ$2.4b). He is the CEO of one of Austria’s largest companies, plant and equipment manufacturer Andritz.
In his application, approved on January 28, Leitner said he would plant 640 hectares more as a commercial forest, as well as harvesting and replanting the existing trees.
An advertisement by real estate firm Bayleys last year described the property as ‘‘clean hill country’’ offering ‘‘extensive scale in Northern Hawke’s Bay’’.
‘‘Currently run in conjunction with a neighbouring farm, a robust fertiliser history combined with sound fencing provide the opportune platform to add to one’s farming operation or begin a new project. Clean, healthy country, sought after scale, and opportunity to extend farm capability.’’
For fast-track approval, which costs $34,100 to apply for, overseas buyers must promise to plant a new crop of trees, in line with the Government’s aim of planting 1 billion trees by 2028.
The owner is also required to introduce and maintain arrangements such as public access, protection of habitat for indigenous plants and animals, and historic places, as well as log supply arrangements, according to Land Information NZ.
Last year, an Austrian countess breached New Zealand’s overseas investment rules while buying an iconic farm station to convert to pine trees under the special forestry test, but was allowed to keep the property and was fined a fraction of the purchase price.
The OIO approved nine purchases in January worth a total of $467 million, compared with one approval in January 2019.
Gold Miner Oceana Gold (NZ) has been given permission for a $1.5m purchase of 19.5 hectares of land to create a ‘‘noise buffer’’ for its operations at Waihi. The land will still be leased to neighbouring farmers for grazing.
The OIO has also given the nod to Japanese-owned Opal Packaging to buy Orora Packaging NZ for $426m.
Australian-owned Orora is selling its Australasian fibre business, a major recycler of cardboard and manufacturer of corrugated boxes, to Nippon Paper, the owner of Opal Packaging.