Gunns gunning for Great Southern forestry assets
Gunns Limited is hoping to add to its managed investment scheme portfolio by taking on some of collapsed agribusiness Great Southern’s projects.
Gunns is developing a proposal for consideration by growers it hopes will win it the right to replace Great Southern Managers Australia as the responsible entity of some of the latter’s forestry managed investment schemes (MISs).
Gunns already has 15 managed investment schemes in wood, wine grapes and walnuts with around $620 million of funds under management. The group also manages over 300,000 hectares of forestry assets, which includes more than 100,000 hectares of MIS projects, a statement by the group to the Australian Securities Exchange said.
Great Southern’s receivers, McGrathNicol, is looking for groups to take on responsible entity status for each of the MISs of the Great Southern Group, which include olives, almonds, vineyards, timber and tea tree operations.
Earlier this week Gunns’ bid for Timbercorp’s forestry assets was knocked back in favour of a US company that will trade in Australia under the name Australian Bluegum Plantations.
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