The initiative is the largest Ikea has made to secure the supply of wood in its furniture production.
The transaction must be approved by the authorities to be completed.
Ingka Investments, the unit that handles Ingka's investments, is buying the forest land from Södra.
The plan is to collaborate with Baltic sawmills and panel manufacturers when the wood products are to be produced.
Ingka Group operates Ikea stores in 31 countries and accounts for 87 percent of Ikea's total store sales in the world.
Ingka Group has previously owned 331,000 hectares of forest land in seven countries.
