| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 21 February 2025 |
| Pathway | Sensitive land - Benefit test |
| Investment | Acquisition of a freehold interest in approximately 812 hectares of land, known as Skyeburn Farm, located at 139 Morris Saddle Road, Owaka Valley, Clutha District. |
| Consideration | $6,840,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands 100% |
| Vendors | Sellars Farming Limited New Zealand 100% |
| Background | The Applicants are two New Zealand incorporated companies which 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. Approximately 643 hectares of the land is currently used as a sheep and beef breeding and finishing station. The Applicants will convert approximately 657 hectares of the land into a commercial plantation forest (predominantly pinus radiata) with planting scheduled to start in winter 2025. The property consists mainly of Land Use Capability (LUC) 6 (approx. 518 hectares) with areas of LUC 3 (approx. 58 hectares) and LUC 5 (approx. 235 hectares). The main benefits to New Zealand were assessed as being increased expenditure and export receipts. Other benefits are likely to include increased jobs and climate change benefits. Consent was granted as the Applicants have met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand |
The assessment report was published in response to an Official Information Act request:
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