New Forests has agreed to acquire Hikurangi Forest Farms (HFF), based in Gisborne, New Zealand, on behalf of its investment clients. New Forests anticipates that the purchase, from current owner Samling Group, will be complete by mid-2019, subject to consent from the Overseas Investment Office, with the intention to launch a rebranded business at that time.
New Forests is currently working through an ownership transition plan incorporating continuity of operations and New Forests' forward-looking management plans, and will be undertaking engagement with key stakeholders, including local businesses, Tangata Whenua representatives, councils, and community groups.
New Forests’ objective is to manage investments to ensure long-term sustainability. “New Forests looks forward to engaging with stakeholders during the ownership transition to chart the future for this business and ensure the long-term sustainability of this regionally significant forestry asset,” New Forests’ CEO David Brand said.
HFF is one of the largest forestry estates in the Gisborne region and includes around 25,000 hectares of radiata pine plantation on 35,000 hectares of freehold, forest rights, and leasehold land.
New Forests is an Australian-based international sustainable forestry investment manager that has been operating in New Zealand since 2005.
