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Timber asset manager Gresham House has made the first close on a forestry fund that intends to buy five sites in the west of Scotland for £12.1million.
Gresham House said it has £15 million of commitments including from family offices, private individuals and college endowment funds. A final close is pencilled in for the second half of next year at about £50 million. Richard Davidson, the fund’s manager, said: “A looming supply shortfall of timber in the UK will, we believe, push up timber prices.”