Industry super fund Unisuper has taken a 15 per cent stake in a New Zealand forestry asset.
The industry fund was part of a consortium led by the Boston based investment company Hancock Timber Resource Group (HTRG).
Perpetual's Diversified Infrastructure Fund was the other investor in the transaction.
"This is in fact the single largest direct 'equity' investment made by Unisuper to date," Unisuper chief investment officer David St John said.
Under the deal, the consortium has bought about 200,000 hectares of timberland and forestry rights from forestry producer Carter Holt Harvey.
The forests are located in the Central North Island, the Northland and Nelson region of New Zealand.
The deal pushes Unisuper's portfolio exposure in unlisted timberland to over $250 million. These forestry investments are located in both Australia and New Zealand. The fund also has exposure in emerging markets forestry through an investment with Global Merging Markets Forestry Fund.
"This acquisition is particularly pleasing as it was completed directly by the consortium in a competitive environment without the involvement of intermediaries," Unisuper chief executive Ann Byrne said.
HTRG invests on behalf of corporate and public pension funds as well as foundations and endowments. The company now manages about 296,000 hectares of plantation timber in New Zealand and made its first investment in that market in 2004.
