Manulife Expands Forest Holdings with Major Acquisition in Michigan’s Upper Peninsula
Learn about Manulife’s Forest Climate Fund Aquiring Key Properties for Carbon and Timber Strategy
As part of its announcement of its $480 million Forest Carbon Fund, Manulife Investment Management announced the fund’s acquisition of Siscowet, a forest property on the Upper Peninsula of Michigan. In the announcement, Manulife described itself as the largest forest manager in the world, with over six million acres under management.
Manulife said the seller of the Michigan forest land had owned the property for 100 years. “As a result of its history, growth rates, and standing timber inventory, Siscowet is expected to provide a strong foundation for the Fund's carbon credit generation strategy and will provide significant optionality for increased timber harvests or carbon credit generation over the hold period,” the carbon fund's announcement said.
Also purchased by the fund were two other properties Eagle Cap in Eastern Oregon and Washington, and Oak Bluff, with land in Mississippi, Louisiana, and Arkansas.
”The Manulife Forest Climate Fund seeks to provide investors with an opportunity to own a diversified portfolio of sustainably-managed forestland assets where carbon is the primary value driver”, the announcement said.
