A Japanese company has been given permission to buy 730ha of Northland pine forest.
The Overseas Investment Office (OIO) released a decision earlier this week granting permission to Summit Forests New Zealand, which is owned by Sumitomo Corporation of Japan, to buy 566ha of land planted in radiata pine at Maungataniwha Forest, south of Kaitaia.
The company also bought the Baker and Fitzsimmons Forests at Herekino, which together cover 164ha. The vendor was Otangaroa Forest Ltd. The sale price was withheld.
The OIO report stated 491ha would remain in pine and about 240ha in native bush.
The planted area of Maungataniwha Forest would be reduced by 30ha for more tracks, infrastructure and riparian strips.