Three large Canadian pension funds are conglomerating their long-term investments in timber.
The Alberta Investment Management Corp., the British Columbia Investment Management Corp. and the Public Sector Pension Investment Board have entered into an agreement to affiliate their long-term timber investments, TimberWest Forest Corp. and Island Timberlands Ltd. Partnership.
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Under the agreement, both British Columbia-based timber companies will continue to operate independently while sharing certain services that will realize economic and environmental benefits, according to a press release. The BCI and investment vehicles managed by the AIMCo have been limited partners in Island Timberlands since 2005, while the BCI and the PSP Investment Board acquired TimberWest for $1.03 billion in 2011.