Veon has been the main driver behind the two largest CSR opportunities in Irish forestry over the past decade and is recognised as the primary source for providing Irish forestry investment solutions for institutional, family wealth office and HNWI investors who seek to fulfil their Environmental Social and Governance obligations.
AXA Investment Managers have acquired the entire portfolio of the Irish Forestry Funds and the transaction is the largest private sale of forestry by value in Irish history and Gresham House Asset Management has been appointed by AXA Investment Managers – Real Assets as the exclusive asset manager.
Christophe Lebrun, head of forestry at Axa IM Real Assets, said the portfolio had an attractive income profile for its investors. Veon will continue to provide forestry management services on the portfolio.
Commenting on the transaction, Paul Brosnan, Chairman of the Irish Forestry Funds stated “this is a very positive development for our 12,400 shareholders, with the portfolio’s value and returns serving as a strong endorsement of the Irish forestry and timber sector”.
AXA Investment Managers has acquired the 4,074-hectare forestry portfolio, divided across 185 different estates. The value of the deal with Veon, Irelands largest private forest management company, has not been disclosed. The portfolio was independently advised by Deloitte and marketed in a competitive tender process.
Commenting on the new mandate, GHAM’s managing director of forestry, Olly Hughes, said: “We are thrilled to have brought this landmark transaction together and to support AXA IM – Real Assets’ efforts to offer investors long-term sustainable investments. Environmental, social and governance concerns are becoming increasingly important for investors”.
As a member of Sustainable Nation Ireland, Veon is committed to helping accelerate Ireland’s transition to a low carbon economy and in combatting the effects of climate change.