Forestry stake sold

JASON KRUPP
Last updated 05:00 19/12/2012

Relevant offers

Industries

MEA Vertigo combines digital and print business in Wellingon MBIE warning for licensed building practitioners Finance diary Molly Malone’s rent arrears claim in Wellington High Court Spark predicts Super Rugby final will smash data use record Two new housing areas in south Auckland to provide 1800 homes Pumpkin Patch gets new chief, warns of lower earnings BullionBuyer gold trader sentenced to prison Wellington-based Open Polytechnic to sell its online education platform iQualify Roam drives hard for success

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.

Ad Feedback

- BusinessDay.com.au

Special offers

Featured Promotions

Sponsored Content