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The parent company of Sweden-based retailer based in the Netherlands, Ikea, now owns much of South Carolina's forests.
A subsidiary of the Ingka Group recently purchased approximately 17,000 acres in Georgetown, Williamsburg and Clarendon counties, on the northern outskirts of the Greater Charleston area.
Deposits from each county indicate that IRI Forest Investments LLC paid $ 58.5 million, or approximately $ 3,441 per acre. The seller was Sustainable Growth LLC, an affiliate of Forest Investment Associates LP, based in Atlanta.
The land will be used for growing and harvesting trees, and will complement the company's forest holdings in the United States.
Ingka also owns 25,000 acres in Alabama and another 22,000 in Texas.
"This new acquisition provides a solid base for investing in the Lower Coastal Plain of South Carolina, where the forest offers both quality timber and good regeneration capabilities," said Krister Mattsson, general manager of the South Carolina Coastal Park. Ingka Investments.
Ikea's parent company recently purchased 17,000 acres of forest land in eastern South Carolina. Provided
"We are actively looking to expand our portfolio in the US as we find a good fit between what the market has to offer and our high standards for responsible forest management," added Mattsson.
Ingka said his forest practices require more trees than harvest as part of his commitment to maintaining a positive impact on people and the planet.
Ingka has about 85,000 acres worldwide, of which about 21,000 are in Eastern Europe – Estonia, Latvia, Lithuania and Romania.
The Ingka Group operates 50 Ikea stores, 10 distribution and distribution centers and a planning studio in the United States. These stores are renowned for their furniture, kitchen appliances and household products ready to assemble.
The closest Ikea store in Charleston is in Charlotte. The Lowcountry does not have the population required to support the business model of the business for a store in the area.
reach Warren L. Wise 843-937-5524. Follow him on Twitter @warrenlancewise.
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