| Decision |
Consent granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 28 September 2023 |
| Pathway(s) | Sensitive Land - Special forestry (one off) |
| Investment | Acquisition of freehold interest in approximately 364 hectares of land located at 357A Taneatua Road, Taneatua, Whakatane |
| Consideration | $10,650,000 |
| Applicant |
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited |
| Vendor | Ohiwa Forest Partnership New Zealand (97.6%) Various (2.4%) |
| Background |
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 nearly exclusively for forestry, including approximately 246 hectares of pinus radiata forest. The remainder of the Land includes native bush and unplantable areas such as ridges, gullies, steep land and buffer land. The forest will be harvested and replanted within the next few years. Consent was granted as the Applicants met the investor test criterion and the special forestry test criteria. |
| More information |
Pavanie Edirisuriya |