Ikea’s increasing presence in NZ

Friday 16 Feb 2024

 
A sister company to Swedish furniture giant Ikea has quietly bought up more than 23,000 hectares of New Zealand forests and farmland since 2021. Ingka Investments Management NZ and Ingka Investments Forest Assets NZ were registered with the Companies Office in December 2020.

Both companies are described as related to forestry and owned by Ingka Investments, a Dutch-based investment arm of Ingka Group, Ikea’s largest owner-operator. Since August 2021, the Overseas Investment Office (OIO) has granted the companies 20 consents to buy more than 23,100ha of land in plots from Southland to Bay of Plenty.

Because some transaction details have been withheld by the OIO, the total value of Ingka’s investments is not known. However, the nine prices so far made public total NZ$154.2 million and relate to purchases covering an area of 10,488.6ha, an average price of $25,190 per hectare.

Individual purchase prices ranged from NZ$1.6 million for a 161.9ha block at Matau, South Taranaki, to NZ$88 million for Huiarua and Matanui stations near Gisborne. Most recently, Ingka invested NZ$11.3 million in 293ha of commercial forest at Taringatura, Southland, and paid NZ$16.6 million for 1646ha across two properties in Taranaki.

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Source: Stuff

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