Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ Super Fund trims stake in Kaingaroa as six iwi buy 2.5%

NZ Super Fund trims stake in Kaingaroa Timberlands as six iwi buy 2.5%

March 3 (BusinessDesk) - New Zealand Superannuation Fund has sold 2.5 percent of Kaingaroa Timberlands to six central North Island iwi, giving the underlying landowners to some of the profits generated from the nation’s biggest forestry business.

Terms of the sale weren’t disclosed. The transaction reduces NZ Super’s holding in the forestry business to 38.75 percent from 41.25 percent. The remaining shareholders are Canada’s Public Sector Pension Investment Board with 30 percent and a fund related to Harvard University on 28.75 percent.

Last year, NZ Super had put a value of $945.1 million on its Kaingaroa investment, which includes 190,000 hectares in the central North Island.

The iwi organisations - Ngati Rangitihi, Ngati Whakaue Assets and Te Arawa River Iwi Limited Partnership, Ngati Whare, Raukawa, Te Arawa Group Holdings and Tuwharetoa – have set up a vehicle called Kakano Investment Limited Partnership to buy the Kaingaroa stake.

They are among the eight iwi that make up the Central North Island Iwi Collective that received the Kaingaroa forestry land, accumulated rentals and other assets as part of their settlement with the Crown. Two chose not to invest – Ngai Tuhoe and Ngati Manawa.

Jon Stokes, a communications adviser for Kakano, said each iwi made its own investment decision. The reasons two decided against were complex though may include already having timber assets among their investments, he said.

Raukawa chair Vanessa Eparaima, who has been appointed chair of Kakano, said that because of the size and maturity of Kaingaroa Timberlands’ forestry operations, they would generate immediate cash returns for Kakano.

Harvard beat out China's Citic to buy the Kaingaroa cutting rights from receivership in 2004. The price was not disclosed but was believed to be near US$650 million. The same forest was sold by the Crown in 1996 for $2.2 billion. NZ Super first acquired 20 percent in 2006, a further 10 percent in each of 2007 and 2008 and a final 2.5 percent in 2012.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news