12 Nov 2008

Call for Super Fund to buy timber holding

2:30 pm on 12 November 2008

A forestry lobby group says the Superannuation Fund should take advantage of the financial crisis to buy another timber holding.

Foreign owners are selling Matariki Forests, which has more than 130,000 hectares throughout New Zealand valued at up to $1 billion.

The Government's Super Fund already holds 30% of Kaingaroa Forest in the central North Island.

Forest Industry Contractors Association chief executive John Stulen says the National Party is moving to have 40% of the fund's investments in New Zealand and this is the ideal way to make that target.

Mr Stulen says Matariki would be a smart investment while credit is tight and would give an equivalent return to shares or farming over the long term.

The Superannuation Fund says it does not comment on individual investment decisions.