$55m timber deal opens new chapter for Kangaroo Island forestry

Kangaroo Island Plantation Timbers (KIPT) has signed a $55 million deal to buy the entire Forestry Investment Trust (FIT) estate managed by New Forests Asset Management on Kangaroo Island.
The purchase includes all of the plantation land, standing timber and the Ballast Head site proposed by New Forests as an export facility: assets previously owned by Great Southern and then Gunns Limited.
A Heads of Agreement was signed on Friday, October 21, with the final contract to be signed by the end of this month. KIPT anticipates the financial transaction will be finalised by April 28 next year.
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