The New Zealand Superannuation Fund is in discussions with the US multibillion-dollar Harvard Management Company over buying its 60% stake of the central North Island Kaingaroa forest estate.
The super fund already owns 40% of the 170,000ha forest estate, which will continue to be managed by Timberland Ltd.
The Harvard endowment fund, which purchased its forest share for about $1 billion in late 2003, also has large dairying interests in the Maniototo in Otago.
It purchased the Big Sky farms out of receivership in October 2010 for about $32 million, and from a "super herd" of more than 6000 cows turned an after-tax profit of $4.87 million for the year to June 2011.
The super fund, which confirmed the discussions yesterday in a statement, said no further comment would be made by either party.
