| Decision |
Consent approved |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 24 March 2023 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of 6 Tinui Valley Road, Tinui Valley, Masterton, Wairarapa (the Land). |
| Consideration | $2,800,000 |
| Applicant |
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited |
| Vendor | Tunakino Forestry Limited New Zealand (100%) |
| Background |
The Applicants were 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 used for forestry and silvicultural purposes. The Land contains approximately 379.7 hectares of existing forestry. This is a second rotation forest and was established between 2012 and 2015. The Applicants plan to continue operating a commercial plantation forest on the parts of the Land suitable for planting. Once harvesting has been completed, the Applicants intend to replant approximately 379.7 hectares (more or less) of the plantable area in Pinus radiata or similar species. |
| More information |
Pavanie Edirisuriya |