Phaunos Timber Fund To Grow In Brazil

Phaunos Timber Fund, a closed end investment company incorporated in Guernsey which invests in timberland and timber related assets, announced on September 8 that it has acquired land in Brazil. The investment is the fund's first in the state of Mato Grosso and consists of a 2,100 hectare area of farmland called Fazenda Paraiso. The price has not been disclosed. However, the acquisition is part of Phaunos' US$150mn commitment to its Eucateca subsidiary, which Lindsay Noton, a spokesperson for Phaunos, told CFW is a joint venture with Nemus, a Brazilian timber company, for the purchase of teak and eucalyptus plantations.

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