Bell Gully advised Nelson Properties Limited (NPL), an investment fund advised by Global Forest Partners LP (GFP), on the sale of shares in Nelson Forests Limited to Australian forestry company OneFortyOne Plantations Holdings Pty Limited (OFO), which received regulatory approval to proceed in late August.
In a decision released by the Overseas Investment Office on August 20, the sale of 100 per cent of the shares in Nelson Forests to OFO was approved, and the sale completed on September 4. Nelson Forests owns more than 60,000 productive hectares of pine forests across Nelson and Marlborough, and Kaituna Sawmill in Marlborough.
U.S.-based GFP is one of the world’s oldest and largest forestry investment management organisations. Investment funds advised by GFP held the shares in Nelson Forests through NPL.
Bell Gully acted as New Zealand counsel for GFP and NPL – led by Bell Gully senior legal counsel Clive Taylor and senior associate Philip Leightley.
Foley Hoag acted as U.S. counsel to GFP and NPL in the transaction and UBS served as financial adviser. Campbell Global, Gresham Partners and MinterEllisonRuddWatts advised OFO on the transaction.