Canadian super fund boosts CNI forest stake

3rd December 2014

Canadian super fund boosts CNI forest stake

CANADA’S Public Sector Pension Investment Board (PSP Investments) is now the majority shareholder of the assets of Kaingaroa Timberlands. The board is one of Canada’s largest pension investment managers, with over CAD 93 billion of assets under management at 31 March 2014. Their mandate is to invest funds for the pension plans of the Canadian Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.

The investment board completed the purchase of the remainder of the share parcel in Kaingaroa Timberlands from Harvard Management Company in late November. Following their acquisition, PSP Investments now owns 58.75 percent of the assets, with the New Zealand Superannuation Fund holding 38.75 percent and Kokano Investment Partnership owning 2.5 percent.

The 189,000 hectare Kaingaroa Forest on the volcanic plateau of New Zealand’s central North Island makes up the vast majority of Kaingaroa Timberlands’ assets. Other assets include the KPP log processing plant at Webb Road near Kaingaroa, a Murupara log transfer yard and a production forest nursery at Te Ngae, Rotorua.

To read the full story click here: Woodweek.com

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ENDS

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