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Deal cut in timber sale

Deal cut in timber sale

Ashurst and Clayton Utz have acted on the sale of softwood timber saw-milling operations at the Tarpeena and Bell Bay sawmills.

Firms: Ashurst (Auspine Limited, Gunns Consolidated Investments Pty Ltd and Gunns Limited); Clayton Utz (New Forests Timber Products Pty Limited)

Deal: The sale of Bell Bay and Tarpeena sawmills

Area: Corporate

Value: Undisclosed

Key players: Ashurst acted for Bryan Webster and Mark Korda of KordaMentha, the receivers and managers appointed in respect of the sellers: Auspine Limited, Gunns Consolidated Investments Pty Ltd and Gunns Limited. Arthur Apos, Con Tzerefos, Geoff Mann, Bill Reid, Lionel Meehan, Jason Cornwall-Jones, Jeff Lyn and Steven Amendola led the Ashurst team

Deal significance: New Forests Timber Products Pty Limited has acquired the softwood timber saw-milling and distribution operations at the Tarpeena sawmill and the Bell Bay sawmill (including related distribution sales, marketing and administration activities) from the sellers, Auspine Limited, Gunns Consolidated Investments Pty Ltd and Gunns Limited.

"This deal sees the continuation of a large business in Tasmania and South Australia that employs hundreds of people and demonstrates the confidence of institutional investors in Australian forestry and timber-processing assets,” said Apos.

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Deal cut in timber sale
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