The combined properties represent 32% of the total 2,193 net planted hectares of teak on the estate and the sale involves an initial payment of $0.5 million with the remaining $2 million paid in stage payments between 2016 and 2018.
The discounted value of these payments represents a 41% premium to the $1.6 million NAV allocated to these properties.
Stephen Addicott of Stafford Timberland, the manager of Phaunos, said: "Stafford is delighted to announce the opportunistic sale of two of the four Eucateca teak properties. The two remaining properties represent, from a timber perspective, the better quality Eucateca teak stands. The sale price, at a premium to NAV, reflects the underlying agricultural value of the farms and is an excellent result for Phaunos".
