European Forestry Fund Expands Clutha Holdings Under Special Forestry Consent
Future Forests NZ Limited — a newly established company majority owned by French investors (61%) through the BNP Paribas Future Forest Fund SLP — has received consent to acquire 634.2 hectares of land at 1172 Table Hill Road, Clutha District, for $9.77 million. The purchase was approved under the Special Forestry Test (one-off) pathway of the Overseas Investment Act 2005.
The land includes approximately 465 hectares of existing productive forest, which the applicant intends to retain and manage for ongoing forestry use. According to the OIO, Future Forests NZ met both the investor test and the special forestry test, meaning the acquisition is considered beneficial as it maintains productive forestry land and supports New Zealand’s forestry and climate objectives.
Future Forests NZ represents a new wave of European institutional capital entering New Zealand’s forestry sector, with ownership spread across France (61%), the Netherlands (31%), Germany (7%), and Luxembourg (1%). The BNP Paribas Future Forest Fund has been actively investing in sustainable timberland across the Southern Hemisphere, positioning forestry as a climate-focused asset class aligned with carbon offsetting and ESG strategies.
While framed as sustainable investment, the continued foreign acquisition of forestry land raises serious questions about land control, rural employment, and long-term environmental accountability. When overseas funds purchase large tracts of rural land, local ownership and community benefit are diminished, even if the land remains forested. Moreover, forestry conversions and offshore ownership can undermine diversification in rural economies, leading to depopulation and reduced regional resilience. The Clutha District — already a hotspot for forestry-to-farmland conversions — may face further land concentration in foreign hands, with local profits and decision-making power continuing to flow offshore.
See also: April 2025 – BNP Paribas Future Forest Fund purchases 800 ha in Wairoa District, November 2024 – European forestry investors expand holdings in Otago.
Dutch Flower Bulb Giant Expands NZ Operations With Ashburton Acquisition
PF Onings BV (100% Netherlands) , a family-owned global trader of lily bulbs, has received consent to acquire 100% of the shares in Van Zanten Flowerbulbs NZ Limited (Netherlands 100%), granting it an interest in 8.6 hectares of sensitive land located at 175–189 Rakaia Barhill Methven Road, Ashburton. The decision was made under the Sensitive Land – Benefit Test pathway of the Overseas Investment Act 2005 (Section 12(1)(a))
While the consideration amount was withheld, the acquisition effectively transfers ownership of New Zealand’s key lily bulb processing and export site from one Dutch firm — Van Zanten Flowerbulbs B.V. — to another. PF Onings intends to maintain existing operations at the site, continuing the processing and packaging of lily bulbs for export while investing further in on-site facilities to increase production capacity. According to the OIO, the transaction will likely generate economic benefits through higher export receipts, new capital investment, and potential job creation in the local area.
Although the acquisition is described as a continuation of existing operations, the transfer of ownership between two Dutch companies underscores a broader pattern: foreign investors maintaining intergenerational control over New Zealand’s high-value horticultural land and export infrastructure. This case raises questions about whether such transactions — essentially a reshuffling of ownership among overseas interests — truly bring “substantial and identifiable benefits” to New Zealand, as required under the Benefit Test. The OIO’s approval once again reflects its broad interpretation of “economic benefit”, often equating ongoing or slightly expanded export operations with meaningful national advantage. Yet, in practical terms, little changes for New Zealand workers or local ownership, as profits continue to flow offshore.
See also: October 2024 – Van Zanten Flowerbulbs BV receives consent for land expansion in Ashburton, March 2023 – Dutch horticultural firms consolidate operations across Canterbury.
Malaysian Conglomerate YTL Makes $160M Debut In NZ Hospitality Sector
Malaysian transnational YTL Corporation Berhad has made its first investment in New Zealand, receiving consent to acquire the Hotel Indigo Auckland business and related land assets for $160 million. The decision, made by the OIO under Section 13(1)(c) of the Overseas Investment Act 2005, follows the Significant Business Assets pathway. The acquisition was made through two YTL subsidiaries — YTLHS (Auckland) Pte Ltd and RW Auckland Limited — (80% Malaysia, 20% held by various foreign investors.) The vendors were Australian entities NFF NZ Operations Pty Ltd and NFF New Zealand Pty Ltd (Australia 100%), acting as trustees for their respective unit trusts.
The deal includes: The business and assets of Hotel Indigo Auckland; Leasehold interests in the hotel premises and carparks; and Freehold interests in 51 Albert Street (the hotel’s underlying land) and 76–84 Albert Street (20 carpark lots). The YTL Group — known globally for its luxury hotels, utilities, and infrastructure holdings — operates hospitality brands such as The Majestic Hotel Kuala Lumpur and The Gainsborough Bath Spa (UK). The Auckland investment marks YTL’s entry into New Zealand’s tourism and property market, reinforcing its Asia-Pacific expansion strategy. Consent was granted as the Applicants met the investor test criterion, with no objections noted by the OIO.
This acquisition signals the continuing foreign consolidation of New Zealand’s hospitality and urban property sector, where high-value city-centre assets increasingly fall under overseas corporate ownership. While YTL’s arrival may bring investment and global branding, it also highlights how ownership of key tourism infrastructure continues to move offshore, raising concerns about long-term control of profits, local employment stability, and reinvestment. The case also demonstrates how the OIO’s Significant Business Assets category enables major transfers of domestic economic assets — often exceeding $100 million — with limited public scrutiny or community input.
See also: April 2024 – Singapore’s CDL acquires Pullman Auckland for $110M, November 2023 – Australian funds expand hotel holdings in Queenstown.
Australian Holiday Park Operator Expands In Whakatāne
Hampshire (NZ) Limited, a subsidiary of AZZ Pty Limited (Australia), has received consent to acquire a leasehold interest in 7.995 hectares of land at 163 Thornton Beach Road, Whakatāne, currently operated as Thornton Beach Holiday Park. The OIO granted consent under the Sensitive Land – Benefit to New Zealand pathway of the Overseas Investment Act 2005. The vendor, Thornton Beach Holiday Park (2015) Limited, is a New Zealand–owned company. The consideration for the transaction was withheld under the Official Information Act.
The Australian-owned Applicant is part of a trans-Tasman group that operates multiple holiday parks and caravan resorts across Australia and New Zealand. Under its ownership, Hampshire plans to upgrade the existing park facilities, including modernising cabins, improving infrastructure, and enhancing tourist amenities. The OIO justified the decision on the grounds that the investment is likely to deliver economic benefits, particularly through:
Increased capital expenditure on facility development and refurbishment; job creation within the Whakatāne District, and support for the Government’s tourism strategy, aimed at improving accommodation quality and attracting domestic and international visitors. Consent was therefore granted as the Applicant met the investor test and demonstrated a likely net benefit to New Zealand.
While the investment promises local upgrades and short-term employment, it underscores the steady foreign acquisition of New Zealand’s coastal holiday assets. With Australian groups increasingly dominating the campground and tourism accommodation sector, the shift raises concerns about profit repatriation and reduced local control over prime recreational land. Thornton Beach — a popular family destination for generations — now joins a growing list of New Zealand holiday parks absorbed by offshore operators.
See also: March 2025 – Hampshire (NZ) Ltd expands into South Island holiday parks, July 2024 – NRMA Parks and Resorts (Australia) acquires coastal campgrounds in Northland.
Singapore-Linked Developer Expands Hamilton Subdivision Holdings
CDL Land New Zealand Limited (Singapore 57%, New Zealand 38%, Various 5%) has been granted consent to acquire 0.1434 hectares of sensitive land at 59 Puketaha Road, Puketaha, Hamilton, for $900,000, under the Benefit to New Zealand pathway of the Overseas Investment Act 2005. The vendors, Bronwyn and David Roulston and DMBCR Trustee Limited (NZ 100%), are New Zealand citizens.
A subsidiary of CDL Investments New Zealand Limited, the Applicant is a major residential and industrial property developer with projects across the country. CDL Land plans to integrate the site with adjoining properties it already owns to enable a combined residential and industrial subdivision development. The newly acquired parcel will form part of the arterial roading and stormwater infrastructure and contribute to one industrial lot within the broader subdivision.
The OIO approved the transaction on the grounds that it will deliver benefits to New Zealand, including: increased capital expenditure from subdivision development; improved infrastructure efficiency through coordinated stormwater and transport planning; and more productive land use in the growing Hamilton fringe area. Consent was granted as CDL Land met the investor test criterion, and the investment was deemed likely to benefit New Zealand.
This latest approval marks yet another small but strategic land consolidation by Singapore-linked CDL Investments, which continues to assemble sites around Hamilton and other growth centres for large-scale subdivision projects. While framed as “beneficial” due to infrastructure improvements, the trend reveals how foreign-controlled developers are quietly deepening control over peri-urban land essential to New Zealand’s housing and industrial expansion. The increasing concentration of local development capacity in offshore hands raises long-term questions about who profits from urban growth and how much local autonomy remains in shaping it.
See also: August 2025 – CDL Land NZ acquires 0.7178 ha for residential subdivision, Hamilton, March 2024 – CDL Land NZ adds 2.1 ha to Auckland subdivision.
Singapore-Linked Developer Adds Second Hamilton Property For Subdivision Integration
CDL Land New Zealand Limited (Singapore 57%, New Zealand 38%, Various 5%) has been granted consent to acquire approximately 0.76 hectares of sensitive land at 57B Puketaha Road, Puketaha, Hamilton, under the Sensitive Land – Benefit to New Zealand pathway of the Overseas Investment Act 2005. The vendors, Rajan Cherumala Varghese and Cristi Thomas (NZ,100%), are New Zealand citizens.
A subsidiary of NZX-listed CDL Investments New Zealand Limited, the Applicant is a residential and industrial property developer with projects across New Zealand. The land, currently used as a residential property, will be combined with CDL Land’s adjoining holdings—including the neighbouring site at 59 Puketaha Road acquired on the same date
— to enable an integrated subdivision. Part of the property will form one industrial lot, while the remainder will accommodate arterial roading and stormwater infrastructure for the broader development.
The OIO approved the transaction on the grounds that it will benefit New Zealand through: increased capital expenditure from subdivision and infrastructure investment; enhanced infrastructure efficiency through coordinated road and stormwater planning; and more productive and efficient land use within the Hamilton fringe growth area. Consent was granted as CDL Land met the investor test criterion, and the investment was deemed likely to benefit New Zealand.
This approval represents CDL Land’s second acquisition on Puketaha Road approved on the same day, consolidating its control over a growing block of peri-urban land in Hamilton. The pattern fits CDL’s broader strategy of incremental land banking for large-scale subdivisions — a strategy largely enabled by the OIO’s permissive interpretation of “benefit to New Zealand”. While such developments are presented as supporting housing and industrial growth, the reality is a deepening reliance on foreign-controlled property developers whose profits and long-term interests lie offshore. The steady expansion of Singapore-linked ownership in strategic growth corridors highlights New Zealand’s ongoing loss of control over urban planning and local land value gains.
See also: September 2025 – CDL Land NZ acquires 0.1434 ha, 59 Puketaha Road, Hamilton, August 2025 – CDL Land NZ acquires 0.7178 ha for residential subdivision, Hamilton, March 2024 – CDL Land NZ adds 2.1 ha to Auckland subdivision.
Oceana Gold Expands Waihi Buffer Zone To Support Mining Operations
Oceana Gold New Zealand Limited (United States 48%, Canada 16%, United Kingdom 8%, Various 28%) has been granted consent to acquire four properties at 111 Willows Road (1.0638 ha), 112 Willows Road (0.8483 ha), 122 Willows Road (1.927 ha), and 131 Trig Road North (1.29 ha) in Waihi, for $5,762,450, under the Sensitive Land – Benefit to New Zealand pathway of the Overseas Investment Act 2005. The vendors are New Zealand citizens Phillip William Sanderson, Catherine-Ann Sanderson, Owen Fred Bullock, Susan Patricia Peachey, Rex David Harper, Wendy Dawson Harper, and Glenn Maxwell Tinsley, alongside G&A Home Trustee 2018 Limited and Susan Marie Varnham Tinsley as trustees of the Willow Rock Trust (NZ,100%).
OceanaGold, New Zealand’s largest gold producer, plans to acquire the land to create a buffer zone around its ongoing mining operations in Waihi. The land will initially be leased back for residential use while mining activities continue. This buffer zone will ensure smoother and more efficient mining processes in the area. The OIO approved the transaction on the grounds that:
It would benefit New Zealand through improved miningefficiency and viability of the existing mining operations in Waihi; continued economic benefits through stable residential leasing during ongoing mining activities; and increased economic contributions from Oceana Gold’s expanded operations. Consent was granted as Oceana Gold met the investor test criterion, and the investment was deemed likely to benefit New Zealand.
This acquisition reflects OceanaGold’s ongoing consolidation of land in the Waihi region, aimed at strengthening its mining operations. While the company’s claim that the buffer zone will “improve mining efficiency” is framed as beneficial, it’s worth questioning whether such land consolidation by foreign-controlled entities is truly in New Zealand’s long-term interest. The increase in foreign-controlled mining zones raises concerns over the continued export of New Zealand’s natural resources without corresponding long-term local ownership or control. This deal highlights the delicate balance between economic benefit from resource extraction and the risk of diminished local autonomy over land critical to our natural heritage.
See also: July 2025 – Oceana Gold acquires land for expansion of Waihi operations, January 2025 – Oceana Gold expands Waihi mine area with new purchase.
Irish Meat Processor Expands New Zealand Operations With Alliance Group Acquisition
Delmec Unlimited (Ireland 89%, Various 11%) has been granted consent to acquire 65% of the shares in Alliance Group Limited for $250,000,000, under both the Sensitive Land – Farm Land Benefit and Significant Business Assets pathways of the Overseas Investment Act 2005. The vendor, Alliance Group Limited (NZ,100%), is a cooperative that processes sheep, deer, and beef for over 4,300 farmer-shareholders. The transaction will provide Delmec Unlimited, part of the Dawn Meats Group, with an indirect freehold interest in approximately 1,285.471 hectares of land and a leasehold interest in an additional 387 hectares. The transaction is conditional on approval from 75% of Alliance shareholders.
Delmec, an Irish-based red meat processor, plans to enhance the viability of Alliance’s meat processing plants, which include six facilities across New Zealand. The primary benefits to New Zealand include: increased capital expenditure to improve plant operations; retention of employment at Alliance facilities; and improved viability of Alliance’s processing plants, ensuring continued operation in rural areas. The OIO granted consent as Delmec met the investor test criterion, and the investment was deemed likely to benefit New Zealand by supporting the local meat processing industry and preserving jobs.
Delmec’s acquisition represents another instance of foreign consolidation in New Zealand’s primary industries. While this deal is framed as beneficial for the retention of jobs and increased capital investment, it’s another example of foreign ownership of key industries critical to New Zealand’s rural economy. The growing presence of Irish-owned Delmec in the New Zealand meat sector raises important questions about the long-term implications of foreign control over our agricultural processing capacity. While the company’s promises of improving plant operations are welcome, the deal reinforces the trend of foreign ownership becoming increasingly dominant in strategic areas of New Zealand’s agricultural industry.
See also: February 2025 – O’Brien Farms Limited acquires 70% of meat processing facilities, April 2025 – JBS New Zealand expands operations with new processing plant purchase.
IKEA’s Investment Arm Expands Forestry Holdings In Whakatane
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited (Netherlands 100%) have been granted consent to acquire a freehold interest in approximately 219 hectares of land at 700 Burma Road, Maraetotara, Whakatane, for an undisclosed amount, under the Special Forestry pathway of the Overseas Investment Act 2005. The vendor is Rawhiti Forest Farm Limited (NZ,100%).
The land in question is currently used for forestry purposes, with approximately 83 hectares of productive forestry land (Pinus radiata and mixed exotics). The remaining area comprises native vegetation and unplantable zones. Ingka Investments plans to continue using the land for production forestry, with harvesting expected to commence in 2026. Ingka Investments is the investment arm of Ingka Group, the largest franchisee of IKEA stores globally. The acquisition of this land will expand Ingka’s footprint in New Zealand’s forestry sector, continuing its strategy of securing land for sustainable resource management.
The OIO granted consent based on the following expected benefits to New Zealand: ongoing capital investment in forestry operations; sustainable resource management through continued forestry use; and increased harvesting capacity with expected benefits to the forestry and wood processing industries. While this acquisition is framed as an investment in sustainable forestry, it underscores the growing foreign presence in New Zealand’s primary industries.
Ingka Group’s entry into the forestry sector is a strategic move that aligns with its global resource management initiatives. However, the continued acquisition of large swathes of productive land by transnational corporations like Ingka raises concerns about the long-term control of vital natural resources. As foreign-owned entities continue to consolidate land in New Zealand, questions persist about the future of local land use and ownership in critical industries such as forestry.
See also: June 2025 – Fletcher Building Limited acquires forestry land in the South Island, March 2025 – UPM-Kymmene Corporation (Finland) expands pulp production facilities.
EQT-Backed Retirement Village Operator Secures Standing Consent For Land Acquisitions
Metlifecare Limited (100% owned by EQT Partners Infrastructure Fund IV, fully overseas owned) has been granted standing consent under the Residential Land Development pathway of the Overseas Investment Act 2005 to acquire up to 300 hectares of residential (non-sensitive) land across New Zealand by 30 September 2028. The Applicant, a major retirement village operator with 36 villages nationwide, has applied for this standing consent to facilitate the development of new retirement villages and the expansion of existing ones. This marks the third standing consent granted to Metlifecare for similar purposes.
The land acquired under this consent may also be used for non-residential or incidental residential purposes that support retirement village developments. Vendors are yet to be determined. The OIO granted consent on the grounds that the investment meets the investor test criterion and is likely to benefit New Zealand through: expansion of retirement living infrastructure to meet growing demographic demand; development of new residential dwellings integrated into retirement village planning; and potential employment and capital investment associated with construction and operations of new villages.
Standing consents for foreign-owned operators like EQT-backed Metlifecare highlight how overseas investment increasingly drives New Zealand’s aged-care and residential infrastructure. While the expansion of retirement villages meets social needs, the accumulation of large tracts of residential land under foreign ownership raises questions about long-term control over housing and development patterns in the country. The consent also illustrates the broader trend of private equity funds using standing consents to quietly consolidate strategic land holdings across New Zealand.
See also: September 2023 – Metlifecare granted standing consent for 200 hectares of residential land.
Commonwealth Bank–Owned ASB Expands North Wharf Office Holdings
ASB Bank Limited (Australia 75%, North America 15%, UK 4%, Europe 3%, Asia Pacific 3%) has been granted consent under the Significant Business Assets pathway of the Overseas Investment Act 2005 to acquire a leasehold interest in office space at 12 Jellicoe Street, North Wharf, Auckland, for $566 million. The vendor, Kiwi Property Holdings No. 4 Limited, is majority New Zealand-owned (65%) with additional international stakeholders.
ASB, New Zealand’s commercial bank founded in 1847 and ultimately owned by the Commonwealth Bank of Australia, is expanding its Auckland office footprint. The lease qualifies as an overseas investment in significant business assets because of the scale of the rental commitment. The OIO approved the transaction on the basis that ASB meets the investor test criterion, ensuring compliance with the statutory requirements for overseas investment.
While framed as a routine commercial transaction, this approval highlights the ongoing influence of foreign-owned banking institutions in New Zealand’s core financial and commercial infrastructure. ASB’s expansion under Commonwealth Bank ownership demonstrates how offshore capital continues to underpin critical office and commercial assets in central Auckland. The investment underscores the broader trend of international financial control over domestic business operations, raising questions about local autonomy in strategic business sectors.
See also: July 2025 – Commonwealth Bank-owned ASB acquires office space at Wynyard Quarter, Auckland.