Future generations are set to benefit from more than 500 acres of woodland for the long-term following a deal by a firm of property and regeneration specialists.
As part of its work to rationalise its land portfolio, Hargreaves Land has sold two areas of woodland to Gresham House, which already manages £1.2 billion of forests on behalf of institutions, endowments, family offices and private investors.
The land, at Glentaggart near Glespin in South Lanarkshire, will now join Gresham House’s extensive and tax efficient commercial portfolio, which provides around 10 per cent of the UK’s annual softwood harvest.
Davidson & Robertson managed the informal tender on behalf of Hargreaves Land, whose land portfolio extends to 15,000 acres.
Andrew Johnson, Head of Asset Management at Hargreaves Land, which is headquartered in Durham with offices in Lanarkshire, Edinburgh and Barnsley, said: “The market for woodland continues to be strong and these plots attracted a great deal of interest.
“These 25-year-old plantations of mostly sitka spruce, larch and hardwood species are great examples of sustainable assets offering long-term returns, and we’re pleased with the outcome as we continue to dispose of non-operational assets that no longer align with our long-term strategy.”
Jason Sinden, Investment Director at Gresham House, added: “UK forestry is a great investment and we’ve been actively seeking new opportunities in the area, so it was fantastic to work with the team at Hargreaves Land to agree this deal. Any other forest owners contemplating a sale are most welcome to get in touch on 07469 159446.”