New Forests’ clients to acquire stake in Green Triangle Pine Estate
New Forests has introduced new investors to make an investment in the Green Triangle Forest Trust (GTFT).
GTFT was established in March 2012 via the acquisition of the plantation assets of Auspine Ltd by New Forests Australia New Zealand Forest Fund and a co-investor.
The USD80m transaction will be used to reduce debt and redeem units owned by Gunns Ltd. Gunns will continue to retain a minority interest in the GTFT after this transaction is completed.
The 46,000 hectare radiata pine estate is located in the Green Triangle – the border region of south-eastern South Australia and western Victoria. Under New Forests’ management, the estate will continue to supply the processing mill in Tarpeena for domestic structural timbers through long-term agreements, as well as support local businesses providing property management, harvest, and transport activities.
“The GTFT pine plantations are a high-quality forestry estate and an important part of the Green Triangle region’s forest industry,” says David Brand, managing director for New Forests. “New Forests aims to create stable ownership and sustainable management of these forests; this approach aligns with the long-term perspective of our institutional investor clients.”
New Forests manages approximately 375,000 hectares of plantation land and timber plantations across Australia.
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