Phaunos Timber Fund Ltd (LSE: PTF) said its Uruguayan unit Pradera Roja has acquired 'Tupambae I,' a property encompassing 454 hectares in Treinta y Tres, for an undisclosed figure.
The land will be developed as a eucalyptus plantation for both the fiber and sawn wood markets.
Tupambae I forms part of Phaunos' previously announced US$30 million commitment to Pradera Roja. This further investment brings the total land held by Pradera Roja to approximately 6,600 hectares. The acquisition follows the unit’s purchase in October 2008 of La Yeguada, a property in Treinta y Tres being planted with eucalyptus.
Phaunos Timber Fund is a closed-ended investment scheme managed by FourWinds Capital Management established to invest in timberland and timber related assets on a global basis.www.proactiveinvestors.co.uk
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