The sale of 1000ha of forest for $4.26 million by the Waimate District Council is another step closer after the Overseas Investment Office gave Blakely Pacific approval to buy.
The Overseas Investment Office (OIO) granted consent for Blakely Pacific, which already owns forests in both the South and North Islands, to buy the freehold 783ha Athlone forest from the council.
It already has approval to buy the forest on 229.7ha at Charnwood, also owned by the council.
The Athlone forest is predominantly planted in pinus radiata forestry, with some other species. It adjoins Waimate forest, which has been owned by the company since 1999.
The OIO said the acquisition of the land was consistent with the company's continuing forestry investment strategy in New Zealand.
It employs more than 80 people in New Zealand, including about 25 in the Canterbury region.
The council decided last year to sell the two forest holdings, calling for tenders and also undertaking public consultation in May.
The $4.26 million price is exclusive of GST.
