Norton Rose Fulbright advises UniSuper, Pension Protection Fund and APG on one of Australia’s largest forestry deals
Australia | Press release - Firm | October 2023
Global law firm Norton Rose Fulbright has advised a consortium consisting of Australian superannuation fund UniSuper, the UK’s Pension Protection Fund (PPF), and APG Asset Management N.V (APG) on behalf of its Dutch pension fund client ABP, on the acquisition of Forico and a 170,000-hectare plantation forestry estate in Tasmania, held by a New Forests managed fund - Tasmanian Forest Trust (TFT).
The TFT Group is one of the largest plantation forestry operations in Australia. It also owns key infrastructure along the supply chain consisting of two wood processing mills, a seedling nursery, fibre technology laboratory, and port access via a freehold facility at Long Reach, Tasmania.
As part of the deal, each buying consortium member now owns 33 per cent of the TFT Group, which owns the forestry estate and Forico. New Forests has been retained and continues to provide investment management services. The estates will continue to be managed at an operational level by Forico, Tasmania’s largest private forest management company.
The Norton Rose Fulbright team advised on all aspects of the transaction, including structuring, conducting due diligence, negotiating transaction and management documents, the warranty and indemnity underwriting process, regulatory approvals and implementation.
Norton Rose Fulbright corporate M&A partner Ben Smits commented:
“This transaction shows that forestry is an attractive asset class and a promising avenue for long-term capital growth for institutional investors. Australia with its reputation for strong governance and innovation in the industry, is well positioned to entice increased inbound investment.”
Norton Rose Fulbright real estate partner Will Webster commented:
“We are proud to have advised the buying consortium on this historic transaction which involved complex structuring and governance, several coordinated legal disciplines, and navigation across multiple parties’ interests within tight timeframes. From start to finish, our team was dedicated to helping our clients achieve the best possible outcomes on a very technically challenging deal.”
The Norton Rose Fulbright team was co-led by partners Ben Smits and Will Webster, and supported by partners Greg Reinhardt and Claire Forster; special counsels Vanessa Ward, Marcia Vlahovic and Sonia Chee; senior associates Igor Kungurov and Natalia Starostenko; and associates Gabriel Bowes-Whitton and Amelia Martin.
Norton Rose Fulbright routinely advises on significant forestry investments in Australia and internationally, including Resource Management Service, LLC (RMS) on the competitive sale of its Tasmanian hardwood plantations to investment funds advised by Global Forest Partners.
The TFT Group is one of the largest plantation forestry operations in Australia. It also owns key infrastructure along the supply chain consisting of two wood processing mills, a seedling nursery, fibre technology laboratory, and port access via a freehold facility at Long Reach, Tasmania.
As part of the deal, each buying consortium member now owns 33 per cent of the TFT Group, which owns the forestry estate and Forico. New Forests has been retained and continues to provide investment management services. The estates will continue to be managed at an operational level by Forico, Tasmania’s largest private forest management company.
The Norton Rose Fulbright team advised on all aspects of the transaction, including structuring, conducting due diligence, negotiating transaction and management documents, the warranty and indemnity underwriting process, regulatory approvals and implementation.
Norton Rose Fulbright corporate M&A partner Ben Smits commented:
“This transaction shows that forestry is an attractive asset class and a promising avenue for long-term capital growth for institutional investors. Australia with its reputation for strong governance and innovation in the industry, is well positioned to entice increased inbound investment.”
Norton Rose Fulbright real estate partner Will Webster commented:
“We are proud to have advised the buying consortium on this historic transaction which involved complex structuring and governance, several coordinated legal disciplines, and navigation across multiple parties’ interests within tight timeframes. From start to finish, our team was dedicated to helping our clients achieve the best possible outcomes on a very technically challenging deal.”
The Norton Rose Fulbright team was co-led by partners Ben Smits and Will Webster, and supported by partners Greg Reinhardt and Claire Forster; special counsels Vanessa Ward, Marcia Vlahovic and Sonia Chee; senior associates Igor Kungurov and Natalia Starostenko; and associates Gabriel Bowes-Whitton and Amelia Martin.
Norton Rose Fulbright routinely advises on significant forestry investments in Australia and internationally, including Resource Management Service, LLC (RMS) on the competitive sale of its Tasmanian hardwood plantations to investment funds advised by Global Forest Partners.
For further information please contact:
Alex Boxsell, Head of Digital, Communications & Experience, Norton Rose Fulbright in Australia
Tel: +61 (0)2 9330 8165 Cell: +61 (0)414 985 556
