THE largest private owner of forestry land in Australia is now a Canadian pension fund.
Alberta Investment Management Corp (AIMCo) has paid $415 million for 252,000 hectares of timber land. The land was offloaded by collapsed managed investment scheme operator, Great Southern.
The price paid is 60 per cent of the land’s value three years ago, and before legislative changes triggered the collapse of two large industry players, including Timbercorp as well as Great Southern.
AIMCo chief executive Leo de Bever told the AFR the group had been working to buy the site for more than a year.