| Decision |
Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua LINZ |
| Decision Date | 19 December 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment |
An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in 453.2122 ha at Pukerimu Road, Maxwell, Wanganui District (the Land). |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982. |
| Applicant |
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands (100%) |
| Vendor |
Ian David Harrex and Maldar Limited New Zealand (100%) |
| Background |
The Applicants applied for 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 used for forestry and silvicultural purposes. The Land contains 265 hectares of existing forestry. Most of the existing forest (205 ha) has been harvested, with approximately 55 hectares likely to be harvested by mid-2023. The Applicants plan to continue operating a commercial plantation forest on the parts of the Land suitable for planting. Approximately 238 hectares of forestry will be planted on the Land by the end of 2025. The crop planted will be predominantly Radiata pine. The Land currently contains approximately 27.5 ha of existing native vegetation, mainly kānuka, of which the Applicants intend to retain. This area is also subject to a QEII covenant. |
| More information |
Pavanie Edirisuriya |