The International Forestry Fund, a joint venture between Dublin based IFS Asset Managers and the Swiss asset management firm Helvetia Wealth, has entered the Scottish forestry market with an acquisition in Falkirk, Stirlingshire.
The sum of the investment was not disclosed.
The purchase of the Rashiehill and Shielknowes Forest in Falkirk is the fund’s first UK acquisition.
The fund’s portfolio includes a range of species of differing ages from predominantly Sitka spruce forests in the UK and Ireland to sustainably managed tropical hardwood timbers such as teak, mahogany, and rosewood in Central America.
The International Forestry Fund, created in March 2009, benefits from the experience of IFS which manages in excess of EUR100m of forestry assets on behalf of individual and corporate clients in Ireland.
"Indeed it is that success which led to Bertie Ahern, the former Prime Minister of Ireland, agreeing to becoming chairman of the International Forestry Fund earlier this year," says Paul Brosnan, who co-founded IFS in 1997 and is a director of the International Forestry Fund. "The Scottish Executive’s ongoing commitment to forestry was a key influencer in the Fund’s decision to invest."
The Scottish Executive has a target of 50 per cent of all Scotland’s electricity being produced from renewable resources by 2020.
The fund is also available to self-invested personal pensions in the UK via a unit trust structure.