The Whanganui District Council has banked close to $13 million with the sale of four forestry blocks finally getting approval from the Overseas Investment Office (OIO).
The forests, Te Ara To Waka, Tauwhare, McNabs and Siceleys, have been purchased by Summit Forests New Zealand Ltd which is a subsidiary of Japanese multi-national Sumitomo Corporation.
The $13 million sale includes the land and tree crops.
The Whanganui council owned 95 per cent of the portfolio with Ruapehu and South Taranaki district councils sharing the rest.
Its share of the money will be put towards paying off debt for the city's new wastewater treatment plant.