NZ Super Fund trims stake in Kaingaroa Timberlands as six iwi buy 2.5 percent

Sun, 02 Mar 2014

March 3 (BusinessDesk) - New Zealand Superannuation Fund has sold 2.5 percent of Kaingaroa Timberlands to six central North Island iwi, giving the underlying landowners to some of the profits generated from the nation’s biggest forestry business. Terms of the sale weren’t disclosed. The transaction reduces NZ Super’s holding in the forestry business to 38.75 percent from 41.25 percent. The remaining shareholders are Canada’s Public Sector Pension Investment Board with 30 percent and a fund related to Harvard University on 28.75 percent. Last...

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