| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua Land Information New Zealand |
| Decision Date | 22/08/2023 |
| Pathway(s) | Sensitive Land - Special forestry test (one-off) |
| Investment | Acquisition of freehold interest in approximately 1,319 hectares of land at 614 Morea Road, and Tangahoe Valley Road, Hāwera District, Taranaki. |
| Consideration | $44,405,551 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands (100%) |
| Vendor | Various across 58 Records of Title New Zealand (49%) Taiwan (49%) Various (1%) |
| 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 forestry of approximately 1,135 hectares which is managed as a commercial rotational forest. Harvesting of the existing forestry is likely to be within the next eight years and will be replanted. The remainder of the Land will be unplanted due to native bush and infrastructure. Consent was granted as the Applicants 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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