| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 3 May 2023 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 954.6 ha at 4127 and 3837 Tiniroto Road, Tiniroto, Gisborne. (the Land) |
| Consideration | $18,017,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited (Netherlands 100%) |
| Vendor | Glen Alva Limited and Mark David Reeves, Deborah Jane Barwick and Richard James Ralston Smith as Trustees of Mark Reeves Family Trust (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 is currently in use as a sheep, beef and deer farm. The Applicants plan to establish and maintain a total of approximately 688.6 hectares of rotation forest over the 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 up to a maximum of 40.2 hectares of the Land containing two residential dwellings, curtilage and farm land. The remainder of the Land will be unplanted, including native bush (66.9) hectares), buffer land, setbacks, riparian areas, roads and tracks. The Land is a combination of LUC Class 6 (638 hectares), LUC Class 7 (263 hectares) and LUC Class 8 (13 hectares). Consent was granted as the Applicant has met the investor test criterion and the special forestry test criteria. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand PO Box 160 Auckland |
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