Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sale of Central North Island forest assets agreed


Sale of Central North Island forest assets agreed.

GMO Renewable Resources ("GMO RR") is pleased to announce that an agreement has been reached with the Receiver of the Central North Island Forest Partnership ("CNIFP") in which the entire forestry estate and certain related assets of the Partnership will be sold to an affiliate of Harvard Management Company ("HMC") for an undisclosed sum. The purchase does not include the underlying land, which is retained by the Crown but the Crown Forest Licences held by the partnership will be transferred to the new owners along with the trees and other assets. The transaction is subject to certain conditions but is expected to be concluded by the end of the year. GMO RR is acting as investment advisor to HMC, which manages the endowment and other financial assets of Harvard University.

Ian Jolly of GMO RR said today:

"Whilst still conditional, the agreement represents a positive resolution to the ownership issues that have surrounded the Central North Island forestry assets for the last two years and provides a significant opportunity for the development of a stable and sustainable management plan for the forest into the future. It also demonstrates our confidence in New Zealand's forestry sector".

GMO RR is an international Timber Investment Management Organisation that acts on behalf of institutional and private investors. It is part of Boston based, Grantham, Mayo, Van Otterloo & Co.LLC, a privately held global investment firm with US$40 billion of funds under management.

Phillips Fox, Auckland and Ropes & Gray, Boston acted as legal advisors to HMC in this acquisition, and ABN AMRO acted as investment banking advisors.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news