OneFortyOne (OFO) has received confirmation that the Overseas Investment Office has approved Nelson Forests’ acquisition of Manuka Island estate in New Zealand. The completion date for the purchase will be mid-late February.
The Manuka Island estate, currently owned by Merrill and Ring, is approximately 2000 hectares of forest in the Wairau Valley near Blenheim.
“The Manuka Island acquisition reflects our intention to continue to invest in the regions where we have an established presence. The acquisition complements our recent purchase of Nelson Forests and is a great fit for their estate,” says OFO’s Chief Executive Officer, Linda Sewell.
“Manuka Island will be a natural extension of our existing operation,” says Lees Seymour, Managing Director of Nelson Forests. “We are excited about the employment and regional economic development opportunities that the purchase will provide for Marlborough, in addition to our strong presence at Kaituna sawmill and through our forest activities in the region.”