| Decision | Consent Granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 20 June 2024 |
| Pathway(s) | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 1,053 hectares of land known as Waikareao Station, located at 2413 Porangahau Road, Wanstead, Hawke's Bay. |
| Consideration | $13,025,000 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited |
| Vendor | Okapua Partnership |
| 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 1,024 hectares of the land is currently used as a sheep, beef and deer breeding and finishing station. The land sustained significant damage because of Cyclone Gabrielle. Approximately 87 hectares of the land is being subdivided and that land will be retained by the vendor. The Applicants intend to continue the existing forestry operations and establish a commercial production forest on the land currently used for 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 Applicants have met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Pavanie Edirisuriya |