Australian Bluegum Plantations and Gunns Limited have entered into an agreement for the Portland woodchip export facility, with Gunns to receive $61.8 million for the transaction. Source: Timberbiz, AAP
The transaction provides a tolling arrangement for future access by Gunns to the facility for sale of forest products under its management in the Green Triangle region. Completion of the transaction is subject to customary conditions including regulatory approvals.
Australian Bluegum is not Australian but owned by US company Global Forest Partners through its Cayman Islands-based AIF Properties.
The company manages three plantation forestry investments in Australia: Hume Forests Limited (HFL) in the Tumut and Oberon areas of southern NSW, Murray River Forests (MRF in the Tumbarumba area of southern NSW, and Green Triangle Forest Products (GTFP in the Mount Gambier region of SA.
Gunns has been selling assets to fund its $400m capital raising for construction of a new pulp mill in northern Tasmania.
An unexpected $64m tax bill hit the company earlier this month, which it said it would dispute.
