An Austrian company has received permission to purchase 2018 hectares of land previously used for agriculture in New Zealand. The farm has until now been used for sheep and cattle rearing.
The company plans to develop commercial forestry on approximately 1524 hectares by planting pines. Work is scheduled to begin in 2022, with timber being harvested from 26-32 year old trees.
This is one of five transactions in which forest or agricultural land in New Zealand has been sold to overseas companies.