"The transaction has beenconcluded recently," said Zoltan A. Kosy, country manager ofTornator's Romanian division.
He did not provide detailson the value of the transaction, but one hectare of forest costs3,000 euros on average, so the deal involving the over 500 hectaresbought by Tornator in Buzău can be put at over 1.5 millioneuros.
The Finns started buyingforests on the Romanian market in 2008 and in just one year endedup holding 12,000 hectares. In 2010 the company did not buyanything because they said they could not find suitable areas. Oneof the criteria they consider when making acquisitions is the area,which needs to be in excess of 500 hectares.
Tornator is one of thebiggest foreign forest owners, alongside German investment fundNordcapital and Austrian-held Holzindustrie Schweighofer. Foreigninvestors have come to own around 100,000 hectares of forest on theRomanian market, i.e. 1.5% of Romania's total forest area,according to ZF estimates based on data from marketplayers.
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