Australian timber group Forester Gunns is to sell some of its softwood forests for AU$107 million (£69 million).
The sale to a US-based timber investment management organisation includes 46,000ha with pine trees in the Green Triangle region of South Australia, with Forester Gunns retaining some harvesting rights to the plantations.
It is understood that the deal is subject to the buyer securing finance and other customary approvals. Forester Gunns has declined to provide further details about the agreement or the buyer.
