| Decision | Consent granted |
|---|---|
| Decision Maker | Toitū Te Whenua Land Information New Zealand |
| Decision Date | 15 August 2023 |
| Pathway(s) | Sensitive land – Special forestry (one off) |
| Investment | Acquisition of a freehold interest in approximately 161.8742 hectares of land at Purangi Forest property at corner of Junction and Mangaoapa Roads, Matau, Taranaki. |
| Consideration | $1,581,775 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands (100%) |
| Vendor | Kenneth Charles Green and KC & SA Green Trust Co. Limited as to a ½ share and Sandra Anne Green and KC & SA Green Trust Co. L 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 comprises existing forest of approximately 105 hectares. This comprises approximately 75.9 hectares of second rotation forest established in 2022 as well as approximately 29.5 hectares of cutover which the Applicant expects to replant in the first year following consent. Harvesting of these areas is likely to be completed approximately 28 years following the planting date. The remainder of the Land will be unplanted, including native bush, buffer land, setbacks, riparian areas, roads and tracks of approximately 56 hectares. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand PO Box 160 Auckland |