$700m forestry stake sold
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.
Taranaki Daily News