(Alliance News) - Gresham House PLC on Monday launched a new fund to enable investment into creating greater forest cover across Ireland.
The London-based asset manager said the Irish Strategic Forestry Fund will provide funding of up to EUR200 million to plant new forests, which it said will make a considerable contribution to Ireland's climate action plan.
The company said the fund has already attracted EUR35 million from Irish investors, including a cornerstone investment of EUR25 million from the Ireland Strategic Investment Fund, a sovereign development fund.
The fund will acquire existing forest assets, with a portfolio of around 12,000 hectares of new and existing forest when fully deployed, the company said.
The fund will be managed from Gresham's Dublin office. It has put in place an operational management agreement with Coillte, Ireland's semi-state manager of forestry and timber investments. Gresham House said the fund will benefit from Coillte's "long-term track record operating in the Irish forestry sector.".
Chief Executive Tony Dalwood said: "This initiative marks the latest step in Gresham House's expansion in international forestry, building on our 40 years' experience of commercial forestry management and our position as a global market leader.
"It will create a platform for enhancing Ireland's forestry sector, delivering real change and momentum and make a meaningful contribution to Ireland's crucial afforestation ambitions."
Gresham House shares were up 1.1% trading at 768.00 pence per share on Monday afternoon in London.
By Harvey Dorset, Alliance News reporter
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