Carter Holt Harvey has agreed to sell 94,600ha of its New Zealand forest estate for NZ$441m.
Most of the forest is being sold to wood supplier Rayonier and RREEF Infrastructure, a division of Deutsche Asset Management, for NZ$435m. The remaining NZ$6m is being raised from the sale of about 300ha to private buyers.
Carter Holt Harvey will retain about 220,000ha of plantation forest.
Industry sources predict that more of Carter Holt Harvey’s assets could soon be up for sale as its 50.5% owner, International Paper, is looking at “strategic alternatives” for its stake.
International Paper has already sold US$1.25bn of assets since the start of the year in a bid to improve poor performance.
