| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 12 March 2025 |
| Pathway | Sensitive land - Benefit test |
| Investment | Acquisition of a freehold interest in approximately 783 hectares of land located at 558 Douglas North Road, Stratford, Taranaki. |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicants | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands 100% |
| Vendor | Allan James Clothier 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 295 hectares of the land is currently used as a calf rearing, beef trading and finishing farm and approximately 103 hectares as commercial forest. The Applicants will use approximately 302 hectares of the land as a commercial plantation forest (being a mix of Pinus radiata and Redwoods) with new plantings scheduled to start in winter 2026. The property consists mainly of Land Use Capability (LUC) 6 (approximately 506 hectares) with areas of LUC 3 (approximately 32 hectares) and LUC 7 (approximately 239 hectares). The main benefits to New Zealand were assessed as being increased expenditure, revenue and export receipts. Other benefits are likely to include increased jobs, domestic processing 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 |