A fund managed by Mirvac is readying to sell 20,000ha of forestry land to New Forests Group for more than $50 million. Source: The Australian
The fund, Australian Sustainable Forestry Investments, purchased the portfolio from Timbercorp in 2004 and emerged as its largest landlord after the timber group’s collapse in 2009.
Mirvac, which is also one of three investors in the fund, declined to comment on the deal.
The sale represents the removal of yet another legacy fund from Mirvac’s wholesale platform.
The forestry portfolio comprises 68 parcels of blue gum plantation and farming land in the Green Triangle of Victoria and South Australia and in southwest Western Australia.
Colliers International director of rural and agribusiness Tim Altschwager and executive Jesse Manuel managed the sale.
New Forests managing director David Bland did not respond to requests for comment.
Sydney-based New Forests, which has $2.1 billion of assets under management worldwide, purchased Great Southern’s land bank for $415m in 2010.
New Forests is also eyeing Forest Enterprises Australia, which owns 46,000ha of land in NSW, Queensland and Tasmania and is expected to sell for between $200m and $400m.
US-based Campbell Group, GMO Renewable Resources, Global Forest Partners and Resource Management are also vying for FEA.
