Reports have confirmed that Matariki Forests has signed a deal with the American Phanous Timber Fund, under which the latter will be investing a whopping $167 Million in the former, subject to the approval of the Overseas Investment Office.
Matariki Forests is currently the sole owner of New Zealand's third largest forest estate, which comprises an area of 140,000 ha.
According to Paul Nicholls, Managing Director of Rayonier New Zealand, the owner and operator Matariki Forests, the deal was more than welcome as it "underlined a positive outlook for the company".
A top ranked American group, Phanous Timber Fund is an investor in timberland and timber related assets which are managed by the Boston based FourWinds Capital Management.
Once the investment deal gets through and successfully closes, a development which is expected to happen in 2010's first quarter, Phanous will be the biggest shareholder in Matariki.
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