The Coillte-backed Irish Strategic Forestry Fund (ISFF) has, to date acquired more than 5,000ha of forestry, according to latest figures.
An additional 750ha across 30 properties is also “sale agreed”.
It is understood that there were more than 4,500ha “under management” by the end of last year which puts the ISFF ‘ahead’ of its current targets.
Semi-state company, Coillte, attracted a significant amount of criticism last year when it confirmed it had partnered with the Ireland Strategic Investment Fund (ISIF) and UK-listed asset management company, Gresham House to establish the ISFF.
According to Gresham House the aim of ISFF was to “provide up to €200 million capital” needed to create new forests in Ireland.
The total area of new forest planted through the fund was set at around 3,500ha which was expected to take five years.
Gresham House had also detailed that the fund would acquire existing forest assets and “when fully deployed, will represent a portfolio of approximately 12,000ha of new and existing forests”.
Last year Coillte provided an undertaking that it will “not sell any existing, publicly-owned forest to the fund, nor will it seek to purchase any other public land on behalf of the fund”.
Gresham House also outlined that it will act as the fund manager and is not an investor and will “not own the land”.
Coillte
In its 2023 annual report Coillte detailed that ISFF is “actively sourcing land for afforestation”.
It also highlighted that the fund will play a key role in supporting the national target of creating “100,000ha of new forests”.
“This is a long-term target to 2050 and it will require many different initiatives to deliver on it.
“We continue to focus on three key initiatives in this regard which include the use of public lands through our collaboration with Bord na Móna, the use of Environmental, Social and Governance (ESG) investment by the Nature Trust to plant new native woodlands, and the creation of mixed woodlands through the Irish Strategic Forestry Fund,” Coillte stated in its latest annual report.