| Decision | Consent Granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 16 April 2024 |
| Pathway(s) | Sensitive land – Benefit test |
| Investment | Acquisition of freehold interest in approximately 506 hectares of land at Te Mai Forest, 2164 Tinui Valley Road, Tinui, Wairarapa. |
| Consideration / Asset value | $4,300,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited |
| Vendor | Hodgins Land Company Limited |
| Background | The Applicants are two New Zealand incorporated companies which 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. Approximately 331 hectares of the Land is used for low value pastoral farming, predominately for grazing sheep and 94.3 hectares is currently operated as commercial forestry. The remaining land is planted in native bush and scrub in miscellaneous setbacks. The Applicants intend to continue the existing forestry operations and establish a commercial production forest on the Land currently used for low value pastoral farming. The main benefits to New Zealand were assessed as being increased expenditure and export receipts. Other benefits are likely to include increased domestic processing, jobs, and advancement of significant government policy through emissions reductions. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Pavanie Edirisuriya |