Ingka Group has acquired 5,500 hectares/55 million square metres of land in New Zealand’s South Island, as part of its long-term commitment to responsible forest management. The land - the Group's first investment in New Zealand - will be used for a 30 plus year afforestation scheme to plant new forests.
The property, Wisp Hill, is located in Otago, a region with a history of forest development. This year 330 hectares will be planted with radiata pine, with the long-term plan of planting 3,000 hectares – over 3 million seedlings - within the next five years. At the same time, the remaining 2,200 hectares are to naturally revert into native bush, helping to regenerate the local ecosystem.
Ingka Group currently owns and responsibly manages around 248,000 hectares (approx. 613,000 acres) of forestland in the U.S. and Europe (Estonia, Latvia, Lithuania and Romania).
Ingka Group is a strategic partner in the IKEA franchise system, operating 389 IKEA stores in 32 countries.
