Word: zealand
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...which manages Harvard’s $21.1-billion endowment, purchased three estates in New Zealand in 2003. The most recent acquisition—468,000 acres of the Kaingaroa forest—was made...
...President Jack E. Meyer said Harvard now owns “cutting rights”—the right to harvest or seed the land—in a total of 485,000 acres of forest in New Zealand...
While the New Zealand government maintains ownership over the property, Harvard can cultivate and harvest its non-exotic forests consisting of ponderosa pines, douglass firs and other varieties of softwood trees...
Meyer described a plan that would allow Harvard to reap maximum reward from its New Zealand property by waiting for the forest to recuperate for a number of years before harvesting the timber...
Last December, Harvard purchased the 468,000-acre parcel of the Kaingaroa forest in the center of the North Island from Tenon Ltd., a New Zealand-based corporation that focuses on wood processing, marketing and distribution of timber...