Phaunos Timber Fund has sold the Cerro Chato plantation, which is part of its Pradera Roja investment and comprises approximately 690 hectares with over 490 hectares planted in various Eucalyptus species, to a private investor.
The company has pocketed $2.9m from the sale, significantly above the $2.0m it was valued at in December last year and more than double the $1.3m the firm paid for it in 2009.
Cerro Chato represents just under 7% of the Pradera Roja estate of 10,354 hectares, which is worth a total of £32.2m, as at the end of 2011.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The sale of Cerro Chato follows the realisation of the Don Chico plantation in July 2012. The buyer of the Cerro Chato plantation is a private investor. After the sale, Phaunos' remaining land ownership in the Pradera Roja estate will be 9,664 hectares, with around 4,500 hectares planted in Eucalyptus plantations.
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
