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  • Canadian timberland sells for millions

    2009 - 08.31

    Montreal-based paper company AbitibiBowater, known for managing the largest area of publicly-owned forestland in Canada, has sold approximately 300,000 acres of private timberlands in Quebec for a multimillion-dollar sum.

    According to reports, the insolvent firm completed the timberland transaction for C$53 million in cash.

    The timberlands are located in the Mauricie, Charlevoix and Saguenay regions of the country and were bought by two newly formed limited partnerships held by Societe de gestion d’actifs forestiers, or Solifor – a fund backed by the Quebec Federation of Labour.

    Further timberlands located in the Cote-Nord region were sold to Amenagements forestiers Portneuf.

    AbitibiBowater, which owns or operates 23 pulp and paper facilities and 29 wood products facilities across the US, Canada, the UK and South Korea, has certified all of its managed woodlands to sustainable forest management standards.

    The sale follows last month’s news that mineral resource and real estate firm the Forrester Group made $51 million in the second quarter of this year as a result of sizeable timberland sales.

    In October, experts in the world of timberland investment will congregate in New York for the sixth annual Timberland Investment World Summit, which is expected to feature a roundtable discussion about this year’s key timberland markets of Brazil, New Zealand, China, Russia and Australia.

    The Timber Investment Blog is sponsored by Greenwood Management. For more information on investing in Forestry please click here

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