| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua LINZ |
| Decision Date | 12 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 259.2550 hectares of forestry land at Cook Forest at 2073 Beaumont Highway, Beaumont, Otago |
| Consideration | $1,200,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands (100%) |
| Vendor | Simon Anthony Cook 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 that 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 194.1 hectares of existing forestry. Most of the existing forest has been harvested, with 25.2 hectares to be harvested by March 2023. The Applicants plan to continue operating a commercial plantation forest on the Land. Approximately 194.1 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 31.65 ha of existing native vegetation, mainly kānuka, of which the Applicants intend to retain. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand PO Box 160 Auckland |
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