New investors for Green Triangle's 46,000-ha estateNew Forests announced that it has introduced new investors to make an investment in the Green Triangle Forest Trust. GTFT was established in March 2012 via the acquisition of the plantation assets of Auspine Ltd by New Forests Australia, New Zealand Forest Fund and a co-investor. The AU$80 million transaction will be used to reduce debt and redeem units owned by Gunns Ltd. Gunns will continue to retain a minority interest in the GTFT after this transaction is completed.
The 46,000 hectare radiata pine estate is located in the Green Triangle – the border region of south-eastern South Australia and western Victoria. Under New Forests’ management, the estate will continue to supply the processing mill in Tarpeena for domestic structural timbers through long-term agreements, as well as support local businesses providing property management, harvest, and transport activities.
New Forests manages approximately 375,000 hectares of plantation land and timber plantations across Australia, and the company has over $1.25 billion in assets under management in Australasia, tropical Asia Pacific, and the United States.
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