| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 17 October 2023 |
| Pathway(s) | Sensitive land – Special forestry (one off) |
| Investment | Acquisition of freehold interest in approximately 359.803 hectares of land at Westwood Forest, 324 Waikana Road, Taringatura, Southland. |
| Consideration | $11,339,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investment Managements NZ Limited Netherlands 100% |
| Vendor | Westwood Timber Company Limited and Westwood Timber Partnership New Zealand 100% |
| 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 comprises existing forestry of approximately 293.1 hectares which is managed as a commercial rotational forest. Harvesting of the existing forestry is likely to be within the next three years and will be replanted. The remainder of the Land will be unplanted due to native bush and infrastructure. Consent was granted as the Applicants met the investor test criterion and the special forestry test criteria. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand |