New Zealand Weekend Herald
28 June 2003
By Pam Graham
Listed forestry companies are giving up control of their forest estates and timber investors are willing buyers.
"I think it would be reasonable to say, subject to the quality of assets meeting our investment grade criteria, we'll continue to look for opportunities in the Australasian region," said Michael Edgar, Asia Pacific regional director of UBS Timber Investors.
That is about as good as it gets in teasing out the intentions of a so-called timber investment management organisation, or Timo, in New Zealand, where there are about $2 billion of plantation forests - Americans call them timberlands - for sale.
Hancock Timber Resource Group, another large Timo, has declined interviews but UBS Timber Investors agreed to explain at least what Timos are and why they like New Zealand.