Forestry stake sold

Last updated 05:00 19/12/2012

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One of Canada's biggest pension investment managers is buying a 30 per cent stake in Kaingaroa Forest for an estimated $700 million.

PSP Investments will buy its stake from Harvard Asset Management Company, which co-owns the 178,000-hectare forest estate with the New Zealand Superannuation Fund.

The United States university's asset management arm will retain a 28.75 per cent stake, and the Super Fund will buy an additional 1.25 per cent, taking its ownership to 41.25 per cent.

Kaingaroa owns the harvesting rights to the plantation, which is mostly on land owned by local iwi.

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