State sells off Forestry Plantations Queensland for $603 million to Hancock Queensland Plantations
The Courier Mail, May 18 2010
The Queensland government has announced the sale of Forestry Plantations Queensland - the first transaction in its controversial asset sales.
Treasurer Andrew Fraser said the 99-year licence for the timber plantation business would be sold for $603 million to Hancock Queensland Plantations.
The sale price is well in excess of the $500 million that had been anticipated.
Mr Fraser said he signed the contract on Tuesday morning.
"By reaching agreement on a price of $603 million, this exceeds original expectations and is great news for Queensland taxpayers,'' Mr Fraser told state parliament on Tuesday.
"This is the first of the five commercial businesses to be sold, licensed or leased to the private sector, as the government reforms the state balance sheet and builds a stronger Queensland economy.''
He said award staff would have their jobs guaranteed for three years.
Mr Fraser said Hancock Queensland Plantations, a company managed by Hancock Timber Resource Group on behalf of institutional investors, had won the right to grow and harvest the trees.
Crown plantation land on which the majority of the business sits will remain in government ownership.
The sale includes about 35,000 hectares of freehold land, which is about 10 per cent of the total estate.
Hancock Timber Resource Group manages more than two million hectares of timberlands worth approximately
$US8.5 billion ($A9.7 billion) across the United States, Brazil, Canada, New Zealand and Australia.
The government also plans to float Queensland Rail's coal and bulk freight business and lease the Port of Brisbane, the Abbott Point coal terminal and Queensland Motorways.
MORE ABOUT HANCOCK from their Web Page
BACKGROUND AND OVERVIEW
Hancock Timber Resource Group (HTRG) was founded in 1985 and is based in Boston, Massachusetts, USA. We develop and manage globally diversified timberland portfolios for public and corporate pension plans, high net-worth individuals, and foundations and endowments. As of December 31, 2014, assets under management totalled $11.7 billion. These assets are located in the United States, Canada, Australia, New Zealand, Brazil, and Chile.
We are the world's largest timberland investment manager for institutional investors, serving both domestic and non-US clients. We offer several investment vehicles including individually managed accounts and pooled funds. Timberland investments provide institutional investors with a number of benefits including a history of attractive returns, excellent capital preservation, portfolio diversification and low to moderate risk.
HTRG actively seeks and acquires large tracts of timberland in the major timber-growing regions of the world, and maintains regional asset management offices in Charlotte, North Carolina; Vancouver, Washington; Sydney, Australia; Rotorua,
New Zealand; and Curitiba, Brazil. We also employ a full-time team of research professionals whose work is published on a regular basis.
HTRG is a division of Hancock Natural Resource Group, Inc., a registered investment adviser and wholly owned subsidiary of Manulife Financial Corporation. Hancock Forest Management, Inc., is a subsidiary of Hancock Natural Resource Group, Inc.