Applicant
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited
Case number(s)
202200466
Decision date
Type
Decision
Decision

Consent granted
Section 12(1)(a) Overseas Investment Act 2005

Decision maker The Minister for Land Information and the Associate Minister of Finance
Decision date 14 March 2023
Pathway(s) Sensitive land (Special forestry - One-off purchase)
Investment An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 597.4084 hectares of land located at 40 Whyte Road, Happy Valley, Southland (the Land).
Consideration $9,305,000
Applicant

Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited
Netherlands (100%)

Vendors Diane Mary Gill and Neil Thomas Robinson as Trustees of The Gill Family Trust
New Zealand (100%)
Background

The Applicants have been granted consent under the special test relating to forestry activities set out in section 16A(4) of the Act.

The Applicants are two New Zealand incorporated companies who will acquire the Land, and hold a forestry right over the Land, respectively. The Applicants are owned by Ingka Investments B.V., the investment arm of Ingka Group, which is the largest franchisee of IKEA stores internationally.

The Land is currently in use as a sheep, beef and deer farm.

The Applicants plan to establish and maintain a total of approximately 535.2 hectares of rotation forest over the 2024/2025 planting seasons. The trees will be harvested after approximately 27 to 30 years, and replanting will occur following harvest.

The Applicants intend to subdivide and sell 3 hectares of the Land containing two residential dwellings and curtilage.

The remainder of the Land will be unplanted, including native bush (29.5) hectares), buffer land, setbacks, riparian areas, roads and tracks.

The Land is a combination of:

  • LUC Class 3 (12 hectares)
  • LUC Class 4 (1 hectares)
  • LUC Class 6 (586 hectares).
More information

Pavanie Edirisuriya
DLA Piper New Zealand
Level 15, PwC Tower 15 Customs Street West
Auckland 1010
New Zealand