Overseas investment decision for case 202100045 - Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited

The Applicants applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act.

The Applicants have been recently incorporated to 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 in use as a sheep and beef farming operation, as well as 53 hectares of existing forest. 

The Applicants plan to establish and maintain approximately 2,982 hectares of plantation forest (radiata pine) over 5 years.

The Applicants have identified approximately 110 hectares of farm land (including three dwellings) that they intend to subdivide and sell.

The remainder of the Land will be unplanted land including native bush (1,021 hectares), potential regeneration land (892 hectares), buffer land, setbacks, riparian areas etc. (323 hectares), high altitude land (130 hectares), and roads and tracks (28 hectares).

The Land is a combination of LUC Class 3 (417.6 hectares), LUC Class 4 (1,054.3 hectares), LUC Class 5 (2,510.9 hectares), LUC Class 6 (1,538.5 hectares), and LUC Class 7 (16.5 hectares).