Forest acquisition – West Coast
Ngāi Tahu Property through its wholly owned subsidiary Ngāi Tahu Forest Estates is pleased to announce the purchase of exotic forest cutting rights located on the West Coast.
The cutting rights consist of 22,800 hectares of forests located on 49,300 hectares of land currently owned and managed by Ngāi Tahu Forest Estates over the last 14 years.
Ngāi Tahu Property Board Chair Barry Bragg says combining the forest and land investments under single ownership and management makes sense. “We wish to continue the work initiated by Crown Forestry to create and maintain a profitable commercial forestry business.”
“We also see this investment as providing a number of opportunities to optimise the value of our West Coast land holdings.”
Settlement is expected to occur on 30 April 2014.
General Manager of Ngāi Tahu Forest Estates Edwin Jansen says, “We are looking forward to establishing relationships with existing customers and suppliers to ensure continuity for all parties and the West Coast community. We anticipate harvest will increase by at least 10% in the coming years.”
Mr Bragg says, “The maintenance of a viable and sustainable West Coast forest and wood processing industry is aligned with the commercial and social interests of Ngāi Tahu. However, our long term ownership of these assets will depend on the performance of this investment against the wider cultural, social, economic and values framework held by the iwi.”
Poutini (West Coast) Ngāi Tahu chairs Paul Madgwick and Francois Tumahai welcomed the announcement.
“We are pleased Ngāi Tahu Forest Estates has decided to expand their investment here,” says Te Rūnanga o Makaawhio Chair Paul Madgwick. “It’s good news for the region.”
“It is a commitment to the West Coast, its people and its business,” added Francois Tumahai, chairman of Te Rūnanga o Ngāti Waewae.