Word: hmc
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Dates: during 2000-2009
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After over a year of bidding and negotiations, the Harvard Management Company (HMC) has finally closed a deal with New Zealand’s Central North Island Forestry Partnership, purchasing the 468,000-acre Kaingaroa forestry estate...
...Although HMC President Jack E. Meyer declined comment on the final purchase price, the New Zealand Herald stated that the estate has an estimated value of 820 million New Zealand Dollars—approximately $540 million...
Under the terms of the arrangement, HMC does not own the land on which the timber is located. Instead, the land is retained by the New Zealand Government...
Following the close of the deal, timber accounted for approximately 10 percent of Harvard’s $19.3 billion endowment, Meyer said. HMC also has positions in timber throughout the U.S. and Brazil and is considering purchasing other timber assets around world...
According to Meyer, HMC chose to work with GMO Renewable Resources because of their familiarity with the New Zealand timber industry...