Phaunos Timber Fund has sold the Cerro Chato plantation, part of Phaunos' Pradera Roja investment, for $2.9m, payable in cash in US dollars.
Cerro Chato is located in eastern Uruguay and comprises approximately 690 hectares with over 490 hectares planted in various Eucalyptus species. The Cerro Chato land was purchased by Pradera Roja in December 2009 for $1.3m. It represents just under 7% of the Pradera Roja estate of 10,354 hectares.
The sale of Cerro Chato follows the realisation of the Don Chico plantation in July 2012. The buyer of the Cerro Chato plantation is a private investor. After the sale, Phaunos' remaining land ownership in the Pradera Roja estate will be 9,664 hectares, with approximately 4,500 hectares planted in Eucalyptus plantations.