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The Overseas Investment Office has granted consent for private infrastructure company Fulton Hogan to sell almost 5000ha of Otago forestry blocks for an undisclosed sum.
The sale is part of a divestment by Fulton Hogan of non-core assets, including land in Queenstown, after its annual after-tax profit plunged from $73.9 million a year ago to $7.9 million on the back of multiple problems within its Australian division.
The forestry blocks were sold to Forestry Fund 9 NZ Ltd, whose sole shareholder is GMO Forestry Fund 9, LP, of Wilmington, Delaware, the United States, according to Companies Office records.
The blocks sold are at Waitahuna (656ha), Glenore (2019ha), Falla Burn (434ha), Wetherstons Rd (739ha), Nugget Stream (353ha), Scroggs Hill (185ha), Christies Gully (89ha) and Moeraki Bush (343ha).