Elworthy-managed fund builds up 9,200ha of forestsCraigmore Forestry Fund, which is managed by Forbes Elworthy's Craigmore Sustainables, paid NZ$2 million for 511 hectares land it wants to convert into forestry, as it looks to build plantations down the east coast of the North Island in New Zealand.
The fund has built up 9,200 hectares of land running from the East Cape to Riversdale, where it plans to either manage existing forestry operations or plant trees on farming land, according to summary decisions from the Overseas Investment Office.
Sales of forestry land through real estate agents went for an average $4,121 per hectare last month, down from $7,762 per hectare, according to figures from the Real Estate Institute of New Zealand.
The fund needed OIO approval as only 40 percent of its investors are New Zealanders, with the remainder made up of British, Americans, Dutch and other foreigners. More >>
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