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The New Zealand Superannuation Fund (NZSF) announced today that it has entered into an agreement with James Fielding Funds Management (JFFM), as trustee of the New Zealand Sustainable Investments Fund (NZSIF), to purchase a 12,273 hectare forestry estate in the Auckland region from NZSIF.      

JFFM was recently confirmed as the unconditional purchaser of land and forestry assets of Evergreen Forests Limited (Evergreen) with settlement expected to occur on 31 October 2005. JFFM has agreed to sell NZSF approximately half of these assets with settlement on the same date.        

NZSF will acquire the ex-Evergreen land and forestry estates around the Auckland area (including the Coroglen, Endean, Kopu, Patetonga, Putawa and Rototuna forests) while James Fielding's NZSIF will retain 13,344 hectares around the Gisborne region.  

NZSF also advises that it has appointed GMO Renewable Resources (GMO) as a manager of New Zealand timber assets. These assets will form part of that mandate.

This transaction represents the first purchase of timber assets for the Fund. In March 2005 it announced that it was planning to allocate up to 5% of assets to timber by June 2007, with a targeted mid-point of 2% by that date.  As a long term investor, with no requirement for regular cash flows from investments, NZSF is well suited to hold timber as an asset class.     

The value of the New Zealand Superannuation Fund as at 30 September 2005 was $7.6 billion.   

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For more information please contact       
Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 or 021 661 014 Adrian Harrington, CEO, James Fielding Funds Management or Alan O'Sullivan, CEO, James Fielding Infrastructure, +61 2 9080 8200

Notes for Editors:    
About James Fielding Funds Management

James Fielding Funds Management is the funds management division of Mirvac Group, a leading diversified property group. The Australian Sustainable Investments Fund are wholesale infrastructure funds focused on foresty-based income streams which are enhanced through sustainable value-adding such as carbon credit sales, renewable energy development, biodiversity and salinity credits.

www.jfg.com.au

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