comments Christophe Lebrun, Head of Forest Investment at AXA Real Estate. As a sector, forestry is underpinned by robust economic fundamentals and, through being one of the first movers in to this sector within Europe, AXA Real Estate is in a prime position to capitalise on the strong market sentiment and attractive returns. Furthermore, as a real asset, forestry is a safe haven investment and such stability gives it resilience to crisis.

The transaction is AXA Real Estate’s first forest acquisition, on behalf of its clients, outside of France and marks the beginning of its strategy to diversify its portfolio in geographies where forestry-related industries account for a significant proportion of GDP. The acquisition brings AXA Real Estate’s total forestry assets under management to 100 million EUR, comprising over 17,600 hectares in total.

“We are pleased to have concluded this sale and the related service agreement with AXA Real Estate. I am convinced that AXA Real Estate’s professional asset management and UPM’s forestry expertise together will benefit both parties,” states Sauli Brander, Senior Vice President, UPM Wood Sourcing and Forestry.