$700m forestry stake sold

18:33, Dec 18 2012

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.

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