An investment fund designed partially to provide for the future cost of New Zealand pensions is to buy its first timber assets.
New Zealand Superannuation Fund (NZSF), which is valued at NZ$7.6bn, will purchase a 12,273ha forestry estate in Auckland from the New Zealand Sustainable Investments Fund (NZSIF).
The land represents half of the assets of Evergreen Forests Ltd, which NZSIF trustee James Fielding Funds Management is in the process of buying. James Fielding has agreed to sell the assets to NZSF on October 31 – the expected completion date for the purchase of Evergreen.
NZSIF will retain 13,444ha of the Evergreen assets around the Gisborne area.
