A shortlist of prospective buyers is being drawn up as part of the sale of a portfolio of eight forests located in Northland, Waikato, Gisborne/East Coast and Canterbury.
The eight forests, collectively held under the Project Tapuwae Forest Estate, total around 2503 hectares of mostly Radiata Pine, all ready for harvesting or currently being harvested.
The sales process was divided into two stages, with a campaign to bring in expressions of interest by the end of April, which are now being evaluated and a short list of prospects selected to begin the final negotiations.
Colliers International, which is handling the sale, says 55% of the estate is freehold land and crop, with the remaining 45% being forestry rights only.
“All eight forests, owned by the Australasian Timberland Fund II and NZFIT Limited, are in regions renowned in the forestry industry for the quality of their crops,” according to Warwick Searle, forestry specialist with Colliers International.
“The estate has been expertly managed by forestry services provider PF Olsen, which has maintained an extensive network of harvest infrastructure across many of the forests.”
“With a substantial portion of the crop available to harvest now, investors have the opportunity to draw income from these timber assets almost immediately.”
About 1,496ha is unpruned and the balance is pruned, with a small area only partly pruned.
The Northland forests in the estate, Waima and Tapuwae, are located on either side of Hokianga Harbour and have a total crop area of 487ha.
Tapuwae Forest, on the northern side of Hokianga Harbour, has a 26-year single rotation forestry right that started in November 2006. The 246ha crop, planted between 1991 and 2002, is mostly pruned Radiata along with 41ha of Cypress.
Waima Forest, on the opposite side of the harbour, is a freehold land and crop with a net stocked area of 240ha. The Radiata was largely planted in 1993 and 1994, with a small area planted in 1998. Just under half is pruned.
In the Waikato, Stoneleigh Forest is freehold land and crop with the 127ha landholding sited just south of Te Kuiti, directly off State Highway 30.
Rangikohua Forest, northeast of Gisborne, is a 35-year single rotation forestry right that started in July 2008. The forest comprises 48ha of Radiata planted in 1998 and a further 341ha planted in 2008, the vast majority being unpruned...
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