The Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investment managers, has recently entered into an agreement to purchase a 30% participation in the Kaingaroa Forest from Harvard Management Company, the endowment fund of Harvard University. Harvard will retain a 28.75% stake in Kaingaroa Forest after completion of the transaction, which remains subject to regulatory approval and other customary closing conditions.

As part of the transaction, the New Zealand Superannuation Fund has also agreed to purchase an additional 1.25% stake, taking its total shareholding to 41.25%.

The 178,000 hectare forest estate, located in the central North Island of New Zealand, is widely recognised as one of the world’s premier softwood plantations. Operational forest management will continue to be provided by Rotorua-based Timberlands Limited.

The partners in Kaingaroa own the harvesting rights to the plantation with most of the underlying land owned by local Iwi.

ENDS

Media contact: Catherine Etheredge, Head of Communications, New Zealand Superannuation Fund, [email protected], 0274 777 501.