Gunns Agrees to Sell Forestland Parcel for $28 Million
July 15, 2010 - Tasmania-based Gunns Limited said that it is selling approximately 28,000 hectares of native forestland in Tasmania, Australia to an undisclosed buyer for AUS $27.5 million.
The land had been managed by Gunns for wood production and conservation purposes.
Gunns said that its "future strategy is the continuing development of its plantation business and hence this native forest land is no longer required."
The company also said it understands that a significant part of this land will continue to provide long term conservation outcomes under its new ownership.
SOURCE: Gunns Limited