Kauri Forestry LP Makes Second Purchase Under Fast-Track Forestry Consent
Kauri Forestry LP Swiss (71%) and German (29%) investors through the Craigmore Sustainables Group, has acquired 449.66 hectares of land in Otaua, Far North District, for $9.2 million from vendor Tukurua Forest Limited (New Zealand). The land has been under a 35-year forestry right since 2019 and will remain in forestry use. This is the second acquisition under a standing consent granted in June 2024 via the Special Forestry Test, which permits Craigmore to acquire up to 10,000 hectares without the need for individual OIO approvals.
While this regulatory mechanism aims to facilitate low-risk afforestation, it also enables large-scale foreign land accumulation with minimal scrutiny. Craigmore’s history of acquiring land for horticulture and forestry – including consents in Canterbury and Central Hawke’s Bay – points to a broader consolidation strategy. Though this deal involves no land use change, it reflects the ongoing offshore aggregation of New Zealand’s forestry estate and raises policy questions about long-term control and transparency.
This is part of a wave of overseas acquisitions tied to carbon farming under the Emissions Trading Scheme (ETS). CAFCA has called the trend economic and ecological vandalism – locking land into monoculture pine and driving out rural communities. Previous Craigmore forestry deals include: March 2025: Craigmore affiliate acquired 804ha in Omakere for pine conversion; July 2022: Craigmore-affiliated entity bought 1,300ha near Taihape; November 2021: Craigmore bought 1,058ha in Central Hawke’s Bay. Craigmore has been a repeat player in OIO decisions, steadily acquiring sheep and beef farms for forestry across the North Island.
First Fast-Track Forestry Deal For Craigmore’s Kauri LP in Northland
Kauri Forestry LP, a Swiss-and German-owned vehicle under the Craigmore Sustainables Group, has made its first purchase under the June 2024 standing consent for the Special Forestry Test. The acquisition involves 216 hectares of land in Broadwood, Northland, purchased for $4.5 million from vendor Nelly Forest Limited Partnership (New Zealand). The land has been subject to a forestry right since 2019 and will remain in forestry use. This is the first of up to 40 such acquisitions permitted under the standing consent, which allows Craigmore to bypass full OIO scrutiny for each transaction.
Craigmore already holds significant forestry and horticulture assets across New Zealand. The use of standing consents to facilitate piecemeal but large-scale acquisitions continues to generate concern about foreign influence over rural land and the limitations of public oversight under current regulatory settings. See also: February 2025: Craigmore’s second fast-track deal in Otaua; March 2024: Craigmore bought 804ha in Central Hawke’s Bay.Craigmore is central to the ongoing trend of farmland-to-forestry conversions under the Emissions Trading Scheme.
SP Farming Pty Ltd Granted Exemption From Farm Land Advertising Rules
SP Farming Pty Ltd, an Australian-owned agribusiness, has received an exemption from the Overseas Investment Office from the requirement to advertise several parcels of farmland to New Zealanders prior to acquisition. The properties include land in Canterbury, Waikato, and Otago, and the exemption extends to acquiring up to 100% of shares in SunPork Pty Ltd as part of a corporate restructuring. The exemption was granted on 10 December 2024 and remains valid until 31 December 2025.
The OIO viewed the transaction as an internal restructure with no substantive change in ownership or operational control. While legally consistent with the Overseas Investment Act, such carve-outs sidestep the principle that New Zealand farmland should first be offered to locals. These increasingly common exemptions contribute to the opaque consolidation of agricultural land by foreign-owned entities. See also: January 2022: SP Farming granted OIO consent for prior SunPork-related deal. Exemptions like this have become increasingly common under OIO policy settings, allowing foreign firms to consolidate control over agricultural assets.
Lagardère Travel Retail Clears Investor Test
Lagardère Travel Retail New Zealand Limited (France 74% Qatar 12% Various 14%) and associated investors have received OIO approval under the standalone investor test, allowing them to engage in sensitive transactions without immediate scrutiny of individual deals. The French-based conglomerate operates duty-free and retail stores at major New Zealand airports and is part of the larger Louis Hachette Group. While no specific investment has yet been disclosed, this pre-clearance facilitates future acquisitions and expansions.
Such approvals reflect a shift in the regulatory framework toward enabling early clearance for transnational companies, potentially limiting public awareness or engagement in decisions involving significant land or infrastructure assets. See also: April 2025: Lagardère granted 8-year concession to operate duty-free retail at Auckland Airport 2022–2023: Lagardère received OIO clearance for duty-free store rollouts at Wellington and Christchurch airports. This pre-clearance reflects a trend of foreign retail chains entrenching control in strategic transit hubs.
EBOS Group Expands Pet And Veterinary Portfolio
EBOS Group Ltd (New Zealand 39%, Hong Kong 19%, Australia 14%, United States of America 12%, Various 16%.), a transnational pharmaceutical and healthcare company, has acquired 100% of SVS Veterinary Supplies Ltd and PPD Ltd, both New Zealand-owned businesses. The vendors are HMG Investments Limited and Beef Limited (New Zealand 100%). The transaction was approved under the Significant Business Assets pathway, with the price withheld.
The purchase consolidates EBOS’s growing footprint in the animal care sector, building on its dominant position in pharmaceuticals. Although land is not involved, the acquisition underscores broader concerns about the concentration of health-related services in the hands of foreign conglomerates, particularly where transparency and competition may be compromised. See also: June 2023: EBOS acquired a majority stake in NZ-based vet diagnostics firm. EBOS’s acquisition strategy mirrors wider concerns about foreign control of essential services, including human and animal health.
Canadian Firms Take Control Of Orion Health In $200m Deal
Orion Health Holdings Ltd, a prominent New Zealand health IT company, has been acquired by Canadian-based HEALWELL AI Inc (Canada 70%, United States of America 20%, Other 10%) and WELL Health Technologies Corp (Canada 55%, United States of America 20%, Hong Kong 20%, Other 10%) in a $200 million deal. The shares were purchased from McCrae Ltd (New Zealand 100%). The investors passed the OIO’s investor test, but no assessment of public benefit was required.
Orion Health provides digital infrastructure to New Zealand’s hospitals, clinics, and Government agencies. This transfer of ownership raises concerns about digital sovereignty, privacy, and the implications of offshoring decision-making on public health data systems. See also: August 2023: WELL Health took a minority stake in another NZ health tech firm. This is part of a broader trend of Canadian tech investors acquiring digital and health infrastructure across Aotearoa.
IKEA Franchisee Buys 812ha Clutha Farm For Pine Plantation
Ingka Investments BV (Netherlands 100%), the investment arm of the IKEA franchisee group, has acquired 812 hectares of farmland in the Clutha District for afforestation, with 657 hectares planned for pine plantation from vendor Sellars Farming Limited (New Zealand 100%). The land, previously used for sheep and beef farming, will be converted to forestry beginning in winter 2025. The deal was approved under the Benefit to New Zealand test, with cited benefits including capital investment, job creation, timber export revenue, and climate change mitigation.
This is at least Ingka’s fourth purchase since 2023. While aligned with sustainability goals, the acquisition contributes to a trend of foreign-owned carbon forestry projects replacing productive farmland, prompting questions about rural land use priorities and national control. This isn’t investment – it’s acquisition. See also: March 2025: Ingka bought 783ha in Stratford; April 2025: Ingka acquired 1,282ha in Marlborough. Ingka is now among the largest foreign landowners involved in afforestation for carbon credits.
Woolworths NZ Expands Christchurch Logistics Hub For $213m
General Distributors Ltd (Australia 99%, Various 1%), the NZ subsidiary of Australian-owned Woolworths, has received OIO consent to extend its leasehold over 10.54 hectares of non-sensitive commercial land in Hornby South, Christchurch. Said vendor was Shands Road Nominees Limited as custodian of the Shands Road Limited Partnership New Zealand 100%. The land is used for a warehouse and distribution centre supporting Woolworths’ operations. The $213 million transaction was approved under the Significant Business Assets pathway. Although the land is not classified as sensitive, the long-term lease reinforces Woolworths’ operational control over critical food supply infrastructure.
The decision exemplifies how foreign supermarket chains entrench dominance over essential services via strategic leasing, with limited scrutiny or public input. Woolworths is one half of New Zealand’s supermarket duopoly, which has faced intense criticism over its land banking practices and food pricing. The Commerce Commission has flagged their tactics as anti-competitive. See RNZ, May 2023 — “NZ’s Supermarket Duopoly Still Failing Consumers, Commerce Commission Finds”.
Australian-Owned Firm To Reopen Former Juken Mill In Gisborne
Millari Assets Limited (Australia 100%), an Australian-owned company controlled by an Iranian-Australian businessman with timber wholesaling interests, has received OIO consent to purchase the former Juken Mill site in Gisborne for $21.5 million. The site spans 25 hectares of sensitive land and was previously owned by Japanese company Juken New Zealand Ltd (Japan 100%), which closed operations in March 2024. The new owner plans to recommission the mill and resume wood processing, offering potential employment recovery in a region hit hard by job losses.
The OIO approved the application under the Benefit to New Zealand test, citing job creation, capital investment, and increased timber production for export. While the development contrasts favourably with the passive afforestation trend, it still reflects the continued foreign control of industrial infrastructure – this time shifting from Japanese to Australian ownership. There are no binding commitments for long-term community or environmental benefits, but the reactivation of dormant industry is a positive outcome.
Craigmore-Linked Kauri Forestry LP Secures 1,518ha Farm For Large-Scale Pine Conversion
Kauri Forestry LP (Switzerland 69% Germany 31%), a foreign-owned investment vehicle within the Craigmore Sustainables Group, has received OIO consent to acquire from vendor Waipuna New Zealand Limited (New Zealand 100%) 1,518 hectares of sheep and beef farmland in Elsthorpe, Hawke’s Bay. Approximately 832 hectares will be converted to Pinus radiata starting in winter 2026. The rest includes land already forested, native bush, or infrastructure. The consent was granted under the Benefit to New Zealand test, citing capital investment, employment, and export growth.
Craigmore has made similar acquisitions, such as 804 hectares in Central Hawke’s Bay, as part of a quiet transformation of New Zealand farmland into carbon forestry estates. While proponents emphasise economic and environmental benefits, concerns persist over the reduction of local food production and limited public consultation. These transactions increasingly raise issues about land access, democratic oversight, and alignment with Te Tiriti o Waitangi.
UK Carbon Fund Acquires 1,446ha Of Forest Land Across Central New Zealand
SCOOF Taonga Investments Ltd UK (United Kingdom 100%), linked to the UK’s Stafford Carbon Offset Opportunity Fund, has acquired 1,446 hectares of forestry land across Waipukurau, Eketahuna, and Pongaroa. Said vendor was CQuest Limited Partnership (New Zealand 86%, Belgium 6% , China 4%, Various 4%). The land includes around 1,218 hectares of productive pine and will remain in forestry under the Special Forestry Test. The buyer is backed by UK local authority pension funds and previously registered under an OIO case.
While the land use will remain unchanged, this reflects a broader trend of foreign carbon funds using New Zealand forests for offsetting emissions generated abroad. Profits from timber and carbon credits will benefit UK stakeholders with minimal obligations to local communities. This commodification of land within global carbon markets reduces New Zealand’s influence over rural strategy and climate responses, even where land use remains stable.
Indian-Australian Joint Venture To Develop 476 Lifestyle Homes In Masterton and Ashburton
Assetz NZ LL Property pte Ltd (India 61% Australia 39%), has acquired 20 hectares of land in Masterton and Ashburton from vendor Assetz NZ Freedom LL Limited in consideration of $40,000,000. The land will host two large-scale retirement villages comprising 476 units. Approved under the Increased Housing test, these developments are expected to open between 2027 and 2030. While technically expanding housing supply, such lifestyle villages are often gated, serving asset-rich retirees and offering limited affordability or integration into broader housing strategies. These developments illustrate the trend of offshore funds targeting demographic-specific real estate, with long-term implications for elder care policy, housing equity, and public benefit.
Kauri Forestry LP Expands Again, Acquiring 496ha Farm In Kaipara For Pine Conversion
Kauri Forestry LP (Switzerland 69%, Germany 31%) has received OIO consent to acquire 496 hectares of sheep and beef farmland in Kaipara District, with 290 hectares to be converted to Pinus radiata from vendor Maungarata Trust (NZ 100%). The land is 97% LUC (Land Use Capability) Class 6 hill country, suitable for forestry. Approved under the Benefit to New Zealand test, this is another in a series of Craigmore-linked land acquisitions aimed at afforestation. The transaction adds to concerns about foreign accumulation of productive rural land, minimal community benefit guarantees, and increasing detachment between land use and domestic processing. The deal complies with regulations but fits a larger narrative of rural transformation driven by offshore capital.
SCOOF Poumahaka Investments Ltd Acquires 395ha For Carbon Forestry Joint Venture
SCOOF Poumahaka Investments Ltd (United Kingdom 100%), backed by UK local government pension funds and a real estate investor, has acquired 395 hectares of forestry land in Glen Murray, Waikato from vendor Otorohaea Limited (New Zealand 100%). With 327 hectares already planted, the land will be co-managed with Matariki Forests. The deal qualified under the Special Forestry Test, bypassing the national interest test due to its public sector-linked ownership. Despite being considered low-risk, these investments raise transparency concerns and challenge the accountability of foreign institutional ownership over strategic land and environmental assets. The growing role of offshore funds in climate finance highlights the need for greater scrutiny and Treaty-aligned policy.
Canadian Public Pension Fund Acquires $909M Stake In NZ Telecom Infrastructure
Canada’s State-owned pension fund Caisse de dépôt et placement du Québec Canada 100% has acquired a 50% stake in Frodoco Holdings Ltd, gaining indirect control over Connexa Ltd and its 2,350 mobile towers – key infrastructure for vendors and 2degrees. The $909 million transaction was approved under the Benefit to New Zealand and Significant Business Assets tests. Despite the Minister of Finance finding no national interest concerns, the deal raises questions about long-term control of critical infrastructure. Said vendors are Spark New Zealand Trading Limited (New Zealand 38%, Australia 12%, United Kingdom 7%, Various 43%) and 1000243587 Ontario Limited (Canada 100%).
In an era of digital sovereignty, placing national telecoms infrastructure in the hands of a foreign Government fund necessitates more than procedural compliance. It calls for public debate about ownership, oversight, and resilience. Foreign capital may bring money, but not accountability. First Samco, now Frodoco. If a Gollum Capital pops up next year, we’ll know someone in Canadian finance has a sense of humour and a shelf full of Tolkien.
Australian Pork Giant Secures Full Ownership Of Pig Genetics And Farming Operations
Sunpork Pty Ltd (Australia 100%), owned by Australia’s Cameron family, has acquired the remaining 67% of SunPork Pty Ltd, giving it full ownership of 393 hectares of New Zealand farmland and control over key subsidiaries like PIC NZ Ltd. Said vendor was Campastco Pty Limited as trustee for Campastco Trurst, Doug Hall Poultry Pty Ltd as trustee for DA Hall Family Trust and Alpair Pty Limited. Australia 100%. The deal was approved under the Benefit to New Zealand test.
While the investor has been involved since 2007, the move from minority to full control marks a significant governance shift. SunPork’s position as a top pork producer and genetics provider makes this a strategic asset. Consent based on continuity and track record risks overlooking the broader implications of foreign consolidation within New Zealand’s food system.
Singapore-Backed Developer Secures Havelock North Site For Residential Subdivision
CDL Land NZ Ltd (Singapore 57% New Zealand 38% Various 5%), a 57% foreign-owned subsidiary of NZX-listed CDL Investments, has received consent to acquire three hectares of sensitive residential land in Havelock North from vendors Pentad Trust (New Zealand 100%). The site will be merged with adjacent holdings for a 34-lot subdivision. Consent was granted under the Benefit to New Zealand test. While adding to housing supply, the case illustrates the ongoing transfer of high-demand residential land to offshore investors. Even small-scale developments reflect the cumulative impact of foreign capital on housing access, urban planning, and land use autonomy.
Multi-National Fund Acquires $120M Commercial Property In Auckland Via SPV
NZ Legacy Ltd Partnership (United Arab Emirates 20%, Singapore 18%, Canada 14%, South Korea 11%, United States of America 11%, Hong Kong (SAR China) 6%, Azerbaijan 5%, Cayman Islands 5%, Various 10%), managed by Asia-Pacific equity firm PAG, has acquired nine hectares of industrial land in South Auckland for $120 million. The land is leased to third parties and was sold by NZ-owned Gasoline Properties Ltd (New Zealand 100%).
Though not sensitive land, a national interest assessment was triggered by the complex, multi-jurisdictional ownership structure, which includes investors from the UAE, Singapore, and Canada. The Minister of Finance found no national interest concerns. However, the case demonstrates how non-sensitive commercial assets can still hold strategic value. The opaque ownership web and lack of transparency raise wider questions about governance and accountability.
Private Equity-Owned Egg Producer Converts 126ha Central Otago Sheep Farm
Mainland Poultry Ltd (New Zealand 27%, United States of America 21%, United Kingdom 10%, Channel Islands 6%, Cayman Islands 6%, Various 30%), majority-owned by global private equity firm Navis Capital Partners, has acquired 126 hectares in Ranfurly, Central Otago, for conversion to a free-range egg farm. The consideration is approximately $1,524,000. The vendor, Springfield Trust (New Zealand 100%). The OIO approved the purchase under the Benefit to New Zealand test, citing job creation and investment. This case highlights how foreign capital increasingly drives changes in land use for food production, often favouring efficiency over local food resilience. Community influence over land management remains limited when investment priorities are shaped by offshore firms.
US-Controlled Infrastructure Fund Gains Control Over Retirement Housing Units
Arvida Ltd (Asia 38%, Middle East 38%, North America 16%, Various 13%) has received consent to acquire up to 38 residential units in Rotorua and Palmerston North across two of its retirement villages from Various landowners New Zealand 100%. Arvida is ultimately owned by US-based Stonepeak Partners through its Asia Infrastructure Fund. The transaction allows unit titles to be converted into occupation licences and was approved under the Benefit to New Zealand test. Though administratively minor, the deal reflects the broader financialisation of elder care infrastructure. Offshore ownership of retirement assets raises issues around housing affordability, care quality, and democratic oversight. See also: October 2024, “Retirement Village Chain Bought For $2 Billion”
Institutional Investors Commit $1.1b to FNZ, Increasing Foreign Control Of Financial Infrastructure
Canadian and Singaporean institutional investors have injected $1.19 billion into FNZ Group Ltd, a major fintech platform. The transaction involves Falcon Newco Ltd (Canada 54%, Singapore 34%, Guernsey 12%) and Acacia Holdings LP (Canada 67%, United States 17%, Australia 16%), giving them greater control over FNZ’s equity and governance. The vendor is FNZ Group Limited (Cayman Islands 96% Various 4%). A national interest assessment found no concerns. However, the shift of control over digital and financial infrastructure to foreign institutions raises strategic issues. These include data sovereignty, governance risks, and the need to future-proof public interest in financial platforms.