Applicant
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited
Case number(s)
202200038
Decision date
Type
Decision
DecisionConsent granted
Section 12(1)(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date21 April 2022
Pathway(s)Special forestry (One-off purchase)
InvestmentAcquisition of approximately 1,118 hectares of sensitive land at 86 Koneburn Road, Waimumu, Gore (the Land)
Consideration$14,384,000
ApplicantIngka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited
Netherlands (100%)
VendorWithholding under section 9(2)(a) of the Official Information Act
Background

The Applicant, a repeat investor, has been granted consent to acquire the Land under the special test relating to forestry activities set out in section 16A(4) of the Act. 

The Applicants are incorporated for the purpose of acquiring the Land, and to 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 used primarily as a sheep and beef farm. The Applicant intends to convert the Land to forestry, establishing and maintaining plantation forest (predominantly Pinus Radiata) over parts of the Land assessed as being best suited to forestry. 

The Applicant has estimated new planting of approximately 977 hectares of the Land which is best suited to planting after allowing for infrastructure (4.9 ha), native plantings (52.5 ha), unplantable (43.3 ha) and various setbacks (31.3 ha).

The Applicant proposes to subdivide and sell a total area of approximately 9 hectares including one dwelling and three sheds. 

By way of background, the Land Use Class (LUC) details for the Land are LUC Class 3 (approx. 194 ha) and LUC Class 6 (approx. 921 ha). 

More informationPavanie Edirisuriya
DLA Piper New Zealand
Level 15, PwC Tower 15 Customs Street West 
Auckland 1010
New Zealand  
Last updated