| Decision | Approved Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 17 August 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of 1038.1477 ha at 465 Tourere Road, Flemington, Central Hawke’s Bay (Te Maire Farm) |
| Consideration | $15,800,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands (100%) |
| Vendor | Penelope Anne Robinson, Samuel Amuri Robinson and Francis Anthony Von Dadelszen (trustees of S.A. Robinson Family Trust) 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, currently known as “Te Maire Farm”, is currently in use as a sheep and beef farm, also with 63.4 hectares of existing forest. The Applicants plan to establish and maintain a total of approximately 567.6 hectares of rotation forest over the 2023 and 2024 planting seasons. The trees will be harvested after approximately 27 to 30 years, and replanting will occur following harvest. The Applicants intend to subdivide and sell the part of the Land containing the residential dwelling and approximately 280 hectares of land suitable for farming. The remainder of the Land will be unplanted, including native bush (147.6 hectares), buffer land, setbacks, riparian areas, roads and tracks. The Land is a combination of:
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| More information | Pavanie Edirisuriya DLA Piper New Zealand Level 15, PwC Tower 15 Customs Street West Auckland 1010 New Zealand |
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