Dutch companies linked to global home furnishing franchise IKEA have bought a forestry block in Central Southland. Land Information New Zealand granted a consent for Dutch-owned companies Ingka Investments Forest Assets NZ Ltd and Ingka Investment Managements NZ Ltd to buy 350.9ha in Dipton Flat Rd, Taringatura. The intent was to continue the land for forestry, the overseas investment decision states. About 296ha of the land would be production forestry. Both companies are owned by Ingka Investments B.V., the investment arm of Ingka Group — the largest franchisee of IKEA stores internationally. The vendors were New Zealand-owned companies Benmore Two Ltd and Benmore Two Forest Partnership. Consent was granted as the national interest test was met. Last month, Ingka Investments Forestland country manager Kelvin Meredith told RNZ that IKEA owns more than 42,700ha of land in New Zealand. More than 23,800ha was converted from farmland to forestry and more than 17,000ha was existing forestry. shawn.mcavinue@alliedmedia.co.nz
