The sales of another six farms have been approved for conversion to forestry under the special forestry test by the Overseas Investment Office (OIO).
While the Government is currently reviewing the test (introduced in 2018 to encourage more tree planting), sales are continuing.
The majority of the farm will be planted in rotation forest in the next two years with harvest taking place in 27 to 30 years.
The sales include Gisborne's Maunga-O-Rangi Station which went on the market last year after being owned by the same family for 30 years. Kauri Forestry LP, a German and Swiss company, has bought the 1275-hectare sheep and beef breeding farm for an undisclosed amount. The OIO decision said the buyer intended to convert about 920 hectares of the land to commercial forestry.
Another recent sale was Earlyhurst, a 944-hectare sheep and beef farm near Masterton, which sold to Austrian company Cerberus Vermögensverwaltung for more $15 million. About 812 hectares of the farm will be planted into commercial forestry.
Nearly 550 hectares of farmland near Tuatapere in Southland known as Barclay Trust Farm has also recently sold under the special forestry test. Ponga Silva Limited bought the beef and dairy grazing unit and plans to plant approximately 300 hectares of the farm into commercial forestry.
Also in Tuatapere, a 264-hectare farm on Happy Valley Road has been sold to Malaysian company Pine Plantations Private for $2m - 160 hectares has been identified for commercial forestry.
A beef breeding and finishing block in Kaipara near Whangārei has been sold to Totara Forestry LP, a majority Germany owned company, with just over 500 hectares will be converted into commercial forestry.
Dutch company, Ingka Investments Forest Assets NZ, has bought Stoneridge Farm, a sheep and beef breeding operation, which also has 41 hectares of existing forest.