Mirvac to sell Green Triangle forestry landFriday 17 May 2013  Mirvac Group is selling one of the last of its legacy funds management assets – more than 20,000 hectares of forestry land held by Australian Sustainable Forestry Investors. The Mirvac managed fund bought the land from the managed investment scheme Timbercorp in 2004. When Timbercorp collapsed, the fund emerged as its biggest single landlord, The Australian Financial Review reports. At 30 June 2012, Australian Sustainable Forestry Investors had three institutional investors, one of which was Mirvac itself, and funds under management of AU$57 million. The Mirvac forestry portfolio consists of 68 parcels of blue gum plantation and farming land – 20,657 ha all up – in the Green Triangle of Victoria and South Australia and in south-west Western Australia. The sale will be managed by Colliers International's director of rural and agribusiness, Tim Altschwager, and executive Jesse Manuel. Mr Altschwager said "since 2010 ownership in this sector has been diversifying and as an asset class, it is now considered a very attractive investment for institutional, private and offshore investors," he said. The Mirvac portfolio is for sale in whole or parts with expressions of interest to close on June 13. Source: Stock and Land |
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