Like all foreign purchases of large blocks of land, Ingka’s purchases require government approval. Public records published by the Overseas Investment Office show Ingka has purchased 23,700ha of farmland for conversion to forestry and 18,600ha of existing forests – including the Greenheart Group forests.
Ingka’s first application was approved in August 2021 for the $24.5 million purchase of the 5500 ha Wisp Hill Station near Owaka in the remote Catlins region of Otago.
Wisp Hill was a sheep and beef operation with a small 53ha existing forest. Ingka planned to plant nearly 3000ha of pine over five years, while 110ha was subdivided and sold. The application stated, “The remainder of the land will be unplanted land including native bush [1021ha], potential regeneration land [892ha], buffer land, setbacks, riparian areas etc. [323ha], high altitude land [130ha], and roads and tracks [28ha].”
Use our interactive to explore Ingka Investments’ 31 purchases.
Once the Greenheart purchase is complete, Ingka’s forestry holdings will be made up of about 30,000ha of production forests and about 11,000ha of land set aside for biodiversity, conservation, and other environmental purposes.
Farm-to-forest conversions have sparked opposition from farming communities and groups.
The farming lobby has long blamed the growth of forestry for the decline in pastoral farming, but the forest sector maintains its claims have been exaggerated. In June 2025, a ‘farm-to-forest Ban’ bill passed its first reading in Parliament.
When asked what Ingka’s future plans were, Kelvin Meredith, Forestland Country Manager New Zealand at Ingka Investments told the Herald, “We are currently in a growth phase and continue to assess opportunities to expand our forest portfolio in Aotearoa New Zealand.
“Our preference is to acquire existing forests where this aligns with our long‑term goals and values.”
Meredith added, “It’s important to know that Ingka Group, which Ingka Investment as well as Ikea New Zealand are part of, is owned by a foundation with a charitable purpose.
“This means that no one else owns our assets, and there is no dividend going to any private shareholder. Our ownership ensures our independence, long-term view and purpose-driven approach, and we can take a different approach to forestry than many others.
“Our aim is to reach our climate targets without the use of carbon offsetting. We don’t participate in carbon farming and selling carbon credits.”
Chris Knox is a scientist turned data-journalist who investigates the stories behind the numbers, and creates interactives for Herald readers to explore them.