Word: meyers
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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, Harvard owns a greater number of timber assets than its Ivy League counterparts. He cited Harvard’s timber assets as a partial contributor to the success of the endowment and said he hopes for “greater growth [in timber assets] in the future...
...think that timber as an asset class may be mis-priced. We believe we can get an 8-9 percent real rate of return from this investment,” Meyer said...
According to Meyer, HMC chose to work with GMO Renewable Resources because of their familiarity with the New Zealand timber industry...
...negotiations lasted over a year due to a number of technical difficulties, according to Meyer. The estate, previously owned by the joint venture of Fletcher Challenge Forests Ltd. and China International Trust and Investment Corp., had gone into receivership. It was placed on the market at 1 billion New Zealand Dollars, an amount owed to a syndicate of 12 banks...