Despite strong interest, Tetra Pak clan takes prime properties off market.

A Swedish packaging dynasty has reversed its decision to sell its New Zealand farms, taking all four off the market before Christmas despite strong interest from potential buyers.

In October the Rausing family, farming as the Ingleby Company, placed its four North Island properties on the market after more than 20 years of ownership.

The properties totalled over 6000 hectares and comprised two in King Country and two on the east coast.

The properties had been marketed by tender through Colliers, with tender offers closing on December 10.

Ingleby’s country manager, Stephen Creese, confirmed the properties were being taken off the market following a board decision to remain committed to farmland ownership in NZ.

“They are good farms, and it is hard to get good farms. We remain very positive about the future of farming in New Zealand,”  he said.

The family also owns land in Australia, including wheat farms in Western Australia, dairy in Tasmania and sheep in the eastern states.

Asked why the board had opted for a wholesale reversal of the decision, he said the land market in NZ was not where the company thought it would be for quality farmland.

“We didn’t need to sell them, and the values were not where we wanted them to be for the quality of the farms we have.”

Colliers national director of rural and agribusiness James Nilsson said there had been considerable interest in the properties, both domestically and internationally.

This had resulted in 150 inquiries and 50 on-farm viewings, with a “good number” of formal tenders submitted by the mid-December closing date.

“After fielding numerous competitive bids, the vendor has chosen to withdraw the farms from the market and they have made a strategic decision to retain the assets,” he said.

A source close to a deal being done on one of the properties said tender parties had been notified by letter, confirming NZ remains a strategic investment for the family.

“I think they overestimated the NZ land market’s value, and had a wide range of quotes for the Puketiti property in King Country.”

The source believed the recent changes to the Emissions Trading System regulations on forestry plantings may also have had some impact on the decision to hold onto the land.

“It may have been a different story 18 months ago.

“There had been a lot of interest in the farms, particularly Riverlea Station.”

Riverlea totals 710ha and is located on prime finishing country near Piopio.

The Ingleby Company is owned by the Sweden-born, Britain-based Rausing family, heirs to the Tetra Pak packaging dynasty established by Ruben Rausing in 1950.

The family were ranked as Britain’s sixth richest in the early 2000s.

Farm operations here and in other offshore operations have been overseen by Lisbet Rausing, Ruben Rausing’s granddaughter, for the past 20 years.

You can now read the most important #news on #eDairyNews #Whatsapp channels!!!

🇺🇸 eDairy News INGLÊS: https://whatsapp.com/channel/0029VaKsjzGDTkJyIN6hcP1K