Timbercorp liquidators KordaMentha have sold the beleaguered agribusiness company's forestry assets to Australian Bluegum Plantations (ABP) for $345 million.
Of the proceeds, $198 million will go to the 10,500 investor growers involved in the managed investment scheme (MIS).
"This is a good outcome for investor growers, creditors, staff, customers, landlords, local communities and the Australian timber industry. The business will be in the hands of first-rate, experienced plantation forestry managers who are committed to long-term excellence," KordaMentha liquidator Mark Korda said.
Korda said the liquidators would contact investor growers soon about the process for reconciliations and payments for individual growers.
ABP beat six other bidders, including Gunns, and is advised by the US-based international plantation forestry investment manager Global Forest Partners (GFP).
Funds managed by GFP already own more than 40,000 hectares of pine plantation in southern NSW and the green triangle region in Victoria and South Australia.
GFP began investing in Australia 10 years ago and the total value of its global plantation assets exceeds $2500 million.
Timbercorp's forestry assets include 92,000 hectares of plantations, 39,000 hectares of freehold land, leasehold rights to 53,000 hectares and the business infrastructure.
