| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 12 December 2022 |
| Pathway(s) | Sensitive land (Special forestry - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of freehold interest in:
(the Land) |
| Consideration | $3,974,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited |
| Vendors | Lindsay John Wilson and Glenda Elizabeth Wilson as trustees of the Hollyburn Family Trust (Wilson) New Zealand (100%) Paul David Marshall and Peter Robert Jordan (Marshall) 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 in use as a sheep, beef and deer farm. The Applicants plan to establish and maintain a total of approximately 271.3 hectares of rotation forest over the 2023 and 2024/2025 planting seasons. The trees will be harvested after approximately 27 to 30 years, and replanting will occur following harvest. The Applicants intend to subdivide and sell part of the Land better suited to farming, being approximately 48 hectares of land suitable for farming. The remainder of the Land will be unplanted, including native bush (54.4 hectares), buffer land, setbacks, riparian areas, roads and tracks. The Land is a combination of LUC Class 3 (77 hectares), LUC Class 5 (38 hectares), LUC Class 6 (284 hectares) and LUC Class 7 (8 hectares). |
| More information | Pavanie Edirisuriya DLA Piper New Zealand Level 15, PwC Tower 15 Customs Street West Auckland 1010 New Zealand |
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