30th Mar 2023 15:53
(Alliance News) - Foresight Sustainable Forestry Co PLC on Thursday said that it has deployed a further GBP9.9 million into three properties in Scotland.
Foresight Sustainable Forestry is a London-based investment company focused on standing forests and afforestation assets.
The firm has bought Newnoth Farm, an asset directly adjacent to Newnoth Forest, an existing mature forestry property within its portfolio. Together, these properties create a combined area of around 234 hectares, around 2.3 square kilometres.
Foresight has also bought Balnagowan, a mature forest neighbouring its existing Coull Woodlands asset, and High Auldgirth, a sizeable property with existing forestry on around 60% of the land.
The acquisitions have been funded from cash on the balance sheet, and to date the company has not used its revolving credit facility, although it expects to draw on the facility soon for planned capital expenditure.
Foresight Sustainable Forestry shares were trading 1.5% higher at 107.58 pence each in London on Thursday afternoon.
By Holly Beveridge, Alliance News reporter
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