IKEA Coming to SC? Not so fast...
Original article credited to and located here: abc News 4 by Christian Galvano
CHARLESTON, S.C. (WCIV) — An IKEA parent firm bought over 17,000 acres for just under $58.5 million dollars in Georgetown, Clarendon, and Williamsburg Counties.
The purchase was made by the Ingka group, which is a Dutch holding company that controls over 350 IKEA retailers.
Public deeds show IRI Forest Investments spent $5.8 million dollars on land in Clarendon County, $11.6 million dollars in Georgetown County and $40.9 million in Williamsburg County. The purchase across all three counties grand totaled to $58,495,850. The seller was listed as Sustainable Growth LLC, which is associated with Forest Investment Associates. The company provides management services for timberland investors.
“This new acquisition marks a strong foundation for us to invest in the lower coastal plain of South Carolina, where the forestland offers both quality wood and good regeneration capacities”, Krister Mattsson, Managing Director Ingka Investments, said in a press release.
The company owns 64,000 acres across the country, with 25,000 acres in Alabama and 22,000 in Texas.
The land will be used for planting and maintaining trees, and will add to the company’s forest holding for use of wood.
“We are actively looking to increase our portfolio in the US, as we see a good match between what the market has to offer and our high standards related to responsible forest management.”