Americans toast Kaingaroa buy

The sale of the Central North Island Forest Partnership is complete and the Harvard Management Company is now the proud owner of 162,000ha of prime New Zealand trees.

Receiver Michael Stiassny said all sale conditions had been met and he was "delighted" to say the deal, first announced in late October, had been concluded.

"It is a great result for the New Zealand forest industry and for all those involved with this massive estate - customers, suppliers, staff and the local economy," Stiassny said. Harvard and their representatives, GMO RR, were "very experienced timberland investors".

GMO spokesman Ian Jolly said the company was looking forward to representing Harvard's interests from its base in Rotorua.

"We look forward to managing the renowned Kaingaroa estate to its full potential," he said.

Neither Stiassny nor the buyers would disclose the price.

The estate had been on the market for $1 billion - the money owed to a syndicate of 12 banks. Bankers had put the value at $820 million.