Phaunos Timber Fund sells Cerro Chato plantations

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.

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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.

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