Tilhill Economic Forestry is behind the purchase of a 6,500-hectare forestry portfolio in Scotland and northern England owned by Michelin pension fund.
TEF bought ahead of Savills’ marketing campaign for an undisclosed price. More than 70% of the trees were Sitka spruce and 70% of these were aged 20 years or more, part of which would fall into the top end of the market at a value of £8,650 to £10,000 per hectare.
Long-term manager of the forests, TEF is understood to have a significant number of clients interested in parts of the portfolio. “There is so little else of such quality on the market that it was bound to sell as a whole if we did not step in,” said TEF’s Len Yull.
