| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Overseas Investment Office |
| Decision date | 18 August 2022 |
| Pathway(s) | Special forestry test (One-off purchase) |
| Investment | An overseas investment in sensitive land, being the acquisition of freehold interests in approximately 285.5802 hectares of land at 420 Hiranui Road, Waipukurau, Central Hawke’s Bay (the Land). |
| Asset value | $3,700,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands (100%) |
| Vendors | Anne Frances Anstis, Patricia Merle Anstis, Stephen Alec Anstis and Richard Lyell Moore 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 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 as a sheep and beef farm in Central Hawkes Bay and approximately 53.5 ha of the Land is covered in native vegetation. The Applicants plan to establish and maintain approximately 233.5 ha of rotation forest during the 2023 to 2024 planting seasons. The crop planted will be predominantly radiata pine. The Land currently contains approximately 53.5 ha of existing native vegetation, mainly Kānuka, of which the Applicants intend to retain 45 ha. The Land is a combination of LUC Class 6 (126 ha) and LUC Class 7 (165 ha). |
| More information | Martin Thomson DLA Piper (Auckland) PO Box 160 Auckland |
- Last updated