US firm Hancock buys forest in central North Island

United States forest investor Hancock Timber Resource Group (HTRG) today announced it had bought the cutting rights to the 6075ha Teal forests in the central North Island for an undisclosed sum.

Earlier this week, Hancock announced it had bought Prudential Timber Investments Inc, a timberland investment management unit, for an undisclosed sum.

The earlier purchase includes advisory rights over 60,734ha of central North Island forests.

Boston-based HTRG said that in all it had agreed to buy ownership interests in 376,500ha of timberland or timber rights managed by the Harvard Management Company, the investment manager for Harvard University.

The transaction is expected to close in the fourth quarter and entities managed by HTRG will acquire Harvard University-owned entities in New Zealand and the United States, HTRG said in a statement.

Dan Christensen, HTRG's president said the forests acquired with highly productive timberlands and timber rights that will be excellent additions to our investors' portfolios.

"Beyond that, however, this acquisition represents an important step forward for us and for our current and future investors who rely on HTRG to build high quality, geographically diversified timberland portfolios for them."

HTRG, a division of Hancock Natural Resource Group, Inc, an operating company of MFC Global Investment Management, manages timberland in the Pacific Northwest and the Southeast United States as well as Canada, New Zealand and Australia.

- NZPA