UPM and United Bankers have signed a contract on forest estate transaction and long-term partnership, as the company says in the press release received by Lesprom Network.
UPM sells over 21,000 hectares of land, located mainly in Kainuu region, Finland, to United Bankers forest funds UB Timberland and UB Nordic Forest Fund III. In the long-term partnership UPM commits to manage United Bankers forest property and United Bankers commits to sell a significant amount of wood to UPM annually.
Target of the partnership is to increase the area and yield of forests owned by United Bankers subsidiary UB Fund Management Company Ltd's forest funds.
UPM is one of the biggest forest owners in Finland. The group owns 514,000 hectares of forest land in Finland, 75,000 in the US and 225,000 hectares of plantations in Uruguay.
