There are 14 forest in Scotland and two in Wales, covering around 7,100ha. The sale of one of the forests is subject to third-party approval and the transaction is expected to be completed at a later date.
UPM Tilhill will continue to provide forest management and timber harvesting services.
“The Church Commissioners for England are already a signficant forest owner and an existing client of UPM Tilhill. The agreement consolidates the church’s forest holdings in the UK and ensures continuity of professional forestry practice for these forests," said UPM Tilhill managing director George McRobbie.
The sale will provide a capital gain of around €46m as a special item for the fourth quarter.
UPM also plans to sell some of the 800,000ha of forestry land it owns in Finland as part of its “land use management rationalisation”.
The Church Commissioners of England manage an investment portfolio for the Church of England.
