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Australian Timbercorp forestry assets sold to fund for millions
07/10/2009
A major forestry investment fund, owned by US based Global Forest Partners, has spent AUS$345 million on the forestry assets owned by failed Australian agribusiness firm Timbercorp.
The sale includes Timbercorp’s entire plantation assets in the Green Triangle and in Western Australia, according to the firm’s liquidators, KordaMentha.
Existing staff working on the forests are being invited to stay in their roles as the forest is going to be managed locally, much to the relief of the nearby communities.
The purchase was made through Global ForestPartners’ Australian Bluegum Plantations arm.
A spokesperson for Timbercorp’s liquidators stated, "Almost all the timber, about 93,000 hectares of it, and all the freehold land and the leasehold land that's been used by Timbercorp [has been bought up].” He went on to explain, “they bought just about the whole box and dice, which made it a very simple transaction."
The spokesman continued, "this is a good outcome for investor growers, creditors, staff, customers, landlords, local communities and the Australian timber industry.”
Global Forests Partners is responsible for international plantation assets worth hundreds of millions of dollars.
The sale includes Timbercorp’s entire plantation assets in the Green Triangle and in Western Australia, according to the firm’s liquidators, KordaMentha.
Existing staff working on the forests are being invited to stay in their roles as the forest is going to be managed locally, much to the relief of the nearby communities.
The purchase was made through Global ForestPartners’ Australian Bluegum Plantations arm.
A spokesperson for Timbercorp’s liquidators stated, "Almost all the timber, about 93,000 hectares of it, and all the freehold land and the leasehold land that's been used by Timbercorp [has been bought up].” He went on to explain, “they bought just about the whole box and dice, which made it a very simple transaction."
The spokesman continued, "this is a good outcome for investor growers, creditors, staff, customers, landlords, local communities and the Australian timber industry.”
Global Forests Partners is responsible for international plantation assets worth hundreds of millions of dollars.
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