The Rohatyn Group(“TRG”), a global asset manager specializing in emerging markets and real assets, has announced the sale of over 40,000 hectares of forest plantation in the Tacuarembó and Rivera departments in the northern part of Uruguay to Oji Uruguay Forest Company S.A.S. (“OUFC”), a subsidiary of Japanese pulp and paper products manufacturer Oji Holdings Corporation (“Oji”). Oji is one of the largest forest, paper, and packaging companies in the world.
The forestry assets, consisting of pine and eucalyptus plantation forests, were acquired by the TRG Forestry & Agriculture (“TRG F&A”) team in 2013.1 In December 2023, TRG entered into an asset transfer agreement with OUFC and subsequently closed the transaction on July 9th, 2024.
During TRG’s ownership of the asset, the plantations were managed for solid wood production, developing commercial thinning operations with logs mainly destined for the export markets of China and India. The TRG F&A team was among the first to export logs from Uruguay via break bulk shipping. After closing, TRG will continue providing transitional management services to OUFC. TRG’s continued involvement in the management of the property aims to maximize value, develop domestic processing in Uruguay, and help meet Oji’s environmental targets.
TRG Partner Ian Jolly commented, “TRG remains an enthusiastic investor in Uruguay plantations. This sale comes at the end of a planned investment period, during which we have been proud of the contributions we have made to helping the softwood industry develop, including the introduction of state-of-the-art softwood timber processing. TRG is honored to be assisting Oji with its move into Uruguay. The acquisition by such a well-respected global forestry company highlights the value of this resource and reinforces Uruguay's status as a prime forestry investment destination. TRG looks forward to continuing its work in this country’s forestry sector.”
About TRG
Founded in 2002, TR specializes in emerging markets and real assets. Headquartered in New York, the firm is comprised of 160 professionals based in 17 countries across North and South America, Europe, the Middle East, Africa, India, Southeast Asia, and Oceania.
TRG Forestry & Agriculture (formerly the business of GMO Renewable Resources) is comprised of a seasoned team of land investment professionals and is dedicated to the acquisition and management of diversified portfolios of timberland and/or farmland for the benefit of its clients. Employing a value-oriented approach, TRG seeks to invest in assets at prices reflecting biological yield potential. The team focuses on properties in lower-risk geographies where commercial forestry and agriculture is well-developed and good title, high-quality management, and adequate infrastructure are available.
About Oji Uruguay Forest Company S.A.S.
Oji Uruguay Forest Company S.A.S. (“OUFC”) has ahead office based in Uruguay and is a subsidiary of the Japanese pulp and paper products manufacturer Oji Holdings Corporation. OUFC has received approval for the investment from the Ministry of Livestock, Agriculture and Fisheries (Ministerio de Ganadería, Agricultura y Pesca) and the President’s Office of Uruguay.
1 On December15, 2017, TRG Management LP acquired the business of GMO Renewable Resources, LLC. Please contact TRG for additional information about the transaction.
Contacts
The Rohatyn Group
+1 (212) 984-2900
trg@rohatyngroup.com