| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 21 April 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of approximately 1,118 hectares of sensitive land at 86 Koneburn Road, Waimumu, Gore (the Land) |
| Consideration | $14,384,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands (100%) |
| Vendor | Withholding under section 9(2)(a) of the Official Information Act |
| Background | The Applicant, a repeat investor, has been granted consent to acquire the Land under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicants are incorporated for the purpose of acquiring the Land, and to 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 primarily as a sheep and beef farm. The Applicant intends to convert the Land to forestry, establishing and maintaining plantation forest (predominantly Pinus Radiata) over parts of the Land assessed as being best suited to forestry. The Applicant has estimated new planting of approximately 977 hectares of the Land which is best suited to planting after allowing for infrastructure (4.9 ha), native plantings (52.5 ha), unplantable (43.3 ha) and various setbacks (31.3 ha). The Applicant proposes to subdivide and sell a total area of approximately 9 hectares including one dwelling and three sheds. By way of background, the Land Use Class (LUC) details for the Land are LUC Class 3 (approx. 194 ha) and LUC Class 6 (approx. 921 ha). |
| More information | Pavanie Edirisuriya DLA Piper New Zealand Level 15, PwC Tower 15 Customs Street West Auckland 1010 New Zealand |
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