| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 1 February 2024 |
| Pathway(s) | Sensitive land - Special forestry test (one off) |
| Investment | Acquisition of a freehold interest in 305.5 hectares of land on Carruth Road, Poroti, Northland (known as Totara Forest) |
| Consideration | $4,800,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands 100% |
| Vendor | Totara Properties Whangarei Limited New Zealand 100% |
| Background | The Applicants are two New Zealand incorporated companies who will acquire the land, and hold a forestry right over it, 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 262 hectares which is managed as a commercial rotational forest. The Applicant is likely to harvest the existing forestry within the next three years and replant. The remainder of the land will be unplanted due to native bush and infrastructure. Consent was granted as the Applicants met the investor test and the special forestry test. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand |