Sydney-based forestry investment company, New Forests, has completed its acquisition of Gunns’ Tasmanian forestry estate. Source: ABC Rural
The business has purchased 175,000 hectares of freehold land, including 100,600 hectares of plantations for an undisclosed amount from the Receivers of Gunns Ltd, KordaMentha.
The forests and associated assets, including two woodchip mills and a tree nursery, will be managed by New Forests’ subsidiary company, Forico, which is based in Launceston.
New Forests managing director, David Brand, says the deal makes New Forests the largest forestry investor in Australia, with $2.5 billion dollars in assets under management.
“This is a significant expansion of our assets under management,” Mr Brand said. “The scale and international significance of this Forico business is enormous.
“I think it will make us now the largest forestry investor in Australia and probably one of the top 10 in the world.”
