Launch of Irish forestry fund
RNS REACH 09 January 2023
Gresham House plc
("Gresham House", the "Company" or the "Group")
Launch of Irish forestry fund
Gresham House, the specialist alternative asset manager with a significant presence in Ireland, has launched a major new fund to enable Irish and international investors to fund greater forest cover across Ireland.
The "Irish Strategic Forestry Fund" will provide up to €200mn to create new forests, making a significant contribution to Ireland's Climate Action Plan. It has already attracted €35mn from Irish investors, including a €25mn cornerstone investment from the Ireland Strategic Investment Fund ("ISIF"), Ireland's sovereign development fund.
ISIF's capital will complement other Irish and international capital sourced by Gresham House to promote sustainable investments in a sector that is key to addressing the climate crisis.
The new fund will also acquire existing forest assets and wh en fully deployed will represent a portfolio of approximately 12,000 hectares of new and existing forests.
The fund will be managed from Gresham House's Dublin office, with Joe O'Carroll acting as Investment Director. Gresham House h as the scale and experience of managing large-scale privately funded forestry assets across the world.
The new fund has put in place an operational management agreement with Coillte, Ireland's semi-state manager of forestry and timber investments. The development of the fund will therefore benefit from Coillte's long-term track record operating in the Irish forestry sector.
Tony Dalwood, Chief Executive, Gresham House plc, says:
"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."
ENDS
About Gresham House
Gresham House is a specialist alternative asset management group, dedicated to sustainable investments across a range of strategies, with expertise across forestry, housing, infrastructure, renewable energy and battery storage, public and private equity.
The fund is Gresham House's third major initiative in Ireland over the past year, following its acquisitions of leading investment manager Appian Asset Management and Burlington Real Estate, a specialist property manager and real estate investment advisor, in 2021 and early 2022, respectively. It also forms part of Gresham House's aim to expand its existing capability in real assets in Ireland, including in battery energy storage, solar, and sustainable infrastructure
Our origins stretch back to 1857, while our focus is on the future and the long term. Quoted on the London Stock Exchange (GHE:LN) we actively manage c.£7.5bn of assets (unaudited as at 30 September 2022) on behalf of institutions, family offices, charities and endowments, private individuals, and their advisers. We act responsibly within a culture of empowerment that encourages individual flair and entrepreneurial thinking.
As a signatory to the UN-supported Principles for Responsible Investment (PRI), our vision is to always make a positive social or environmental impact, while delivering on our commitments to shareholders, employees, and investors.
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For more information contact: |
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Gresham House plc Kevin Acton, Chief Financial Officer |
+44 (0)20 3837 6270 |
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Houston - media and analysts Kay Larsen Kelsey Traynor |
+44 (0) 20 4529 0549 |
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Canaccord Genuity Limited - Nominated Adviser and Joint Broker Bobbie Hilliam Harry Pardoe |
+44 (0)20 7523 8000
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Jefferies International Limited - Joint Broker and Financial Adviser Paul Nicholls Max Jones |
+44 (0)20 7029 8000 |
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