The Invercargill City Council has a buyer for its forestry estate and the sale now sits with the Overseas Investment Office. Invercargill City Forests Limited – a subsidiary of the council’s holding company, Invercargill City Holdings Limited – owns 14 forests in the South Island of New Zealand.
The forests located in Southland, Otago, and Nelson/Marlborough have a combined area of 3599ha and a total productive area of 3058ha, predominantly stocked with radiata pine. Those forestry assets were put on the market in February and New Forests has emerged as a buyer.
Australian-based forestry investor New Forests confirmed investment funds managed by the firm have agreed to purchase the softwood plantation assets of Invercargill City Forests Limited from the council.