Invercargill City Council's holding company Holdco has found a buyer for its forestry assets. The Invercargill City Council has a buyer for its forestry estate and the sale now sits with the Overseas Investment Office. Invercargill City Forests Limited – a subsidiary of the council’s holding company, Invercargill City Holdings Limited – owns 14 forests in Southland, Otago, and Nelson/Marlborough. Those forestry assets were put on the market in February and New Forests has emerged as a buyer. For the 2019 year, Invercargill City Forests Limited recorded a loss of $2.6m compared to a profit of $733,000 the year before.

Source: Stuff September 18, 2020 04:42 UTC