Forestry Forestry
Forestry investment with Gresham House offers attractive long-term returns, through a combination of our significant expertise and the robust underlying characteristics of the asset class.
Forestry investment with Gresham House offers attractive long-term returns, through a combination of our significant expertise and the robust underlying characteristics of the asset class.
Commercial forestry is a sustainable real asset that both diversifies an investment portfolio and provides exposure to timber and underlying land value growth opportunities.
Gresham House currently manages nearly 130,000 hectares of forests on behalf of institutions, endowments, family offices and private investors.
Our forestry investments consist of the ownership of freehold land on which commercial timber is grown and harvested in a sustainable manner.
Following the acquisition of FIM Services Limited in 2018, we became the UK’s largest commercial forestry asset manager, harvesting approximately 10% of the country’s softwood annually.
Under current taxation laws in the UK, commercial forestry has the added incentive of being a highly tax-efficient investment: there is 100% relief from inheritance tax (after a two year qualifying period), no income tax payable when selling the timber and no capital gains tax on the increase in value of the trees.
Why invest in Forestry?
Forestry has proven an attractive alternative asset for long-term investors, as it provides the opportunity to benefit from the value of a naturally growing commodity and the security of ownership of the underlying land.
This allows for:
- An income stream from timber harvested from the forest
- Long-term capital appreciation in a sustainable and tax-efficient manner
- Portfolio diversification through uncorrelated returns to more traditional asset classes
- Inflation linkage
- Reduced volatility
Average annual returns from the IPD UK Annual Forestry Index over the past 25 years have been 9.2%, which compares favourably with more mainstream asset classes, even before taking forestry’s significant tax advantages into account. Increasing timber prices and rising land values continue to drive returns.
Historical performance is no guarantee of future performance. You can access further information relating to historic timber prices through the UK IPD Annual Forestry Index. IPD have discontinued the Index, but a new provider will soon issue a 2019 Index.
In addition to contributing to the growing global economy through an investment in real assets, investors are assured of a sustainable, tax-efficient investment.
How can I invest in Forestry?
Investors can access forestry investment in two ways:
Our timber funds are unregulated collective investment schemes (UCIS) and as such are subject to restrictions on their promotion.
In order to be provided with information in relation to such funds you must:
- Be an investment professional authorised to advise on UCIS; or
- Have completed a suitability assessment (CFIF)* and been deemed by Gresham House as suitable and appropriate to invest in these funds due to being either a Certified High Net Worth Investor or a Self-Certified Sophisticated Investor; or
- An Eligible Counterparty or Professional Client as set out in the FCA Handbook.
* Client Financial Information Form


We provide specialist advice on the acquisition of forests to investors who instruct us to act on their behalf.
Our forestry team acts for the purchaser, negotiating the purchase and closing the transaction. We provide investors with detailed reporting and recommended woodland management.
Direct ownership of forestry assets, when outside of a collective investment scheme, is not regulated by the Financial Conduct Authority.
For more details, please contact:
Anthony Crosbie Dawson, Investment Manager
+44 (0)1451 843 096
a.crosbiedawson@greshamhouse.com
Please download our Terms of Business.
By completing and signing this form you grant Gresham House permission to act on your behalf in the acquisition of forestry or renewable properties.
Investment team

Forestry
Olly Hughes has been Managing Director and Investment Committee member of the Forestry division of Gresham House since January 2019. He is responsible for managing the growth and development of Gresham House’s forestry activities including acquisitions, fund and private client management and forestry asset management. Prior to joining Gresham House, he was a Partner and Head of Infrastructure at Oxford Capital for six years where he built and managed a portfolio of over £300m of solar and wind renewable energy assets. He started his career at ING Barings in 1995 focusing on asset backed structuring and since then has focused his career on real asset investment management. Olly has over 20 years of investment experience and holds a Bachelor of Arts and a Master’s degree from the University of Oxford in Biological Science. He also obtained the Investment Management Certificate from the CFA Society in the UK.

Gresham House Asset Management Limited
Rupert Robinson has been the Managing Director of Gresham House Asset Management Ltd since September 2015. Before joining Gresham House, Rupert was CEO and CIO of Schroders (UK) Private Bank for 11 years and prior to that spent 17 years at Rothschild where he was latterly Head of Private Clients at Rothschild Asset Management. Rupert has a proven track record of delivering significant value to shareholders. He has over 31 years of experience in asset management, private banking and wealth management, focusing on product innovation, investment management, business development, banking and wealth structuring. He is a member of the Group Management and Investment Committees.

Adam joined Gresham House in April 2019 as part of the Forestry asset management team. He assists with all aspects of operational management across several forest portfolios and has varied experience of large scale forest management and of timber harvesting and marketing.
After achieving a first class BA (Hons) in History from the University of Nottingham, Adam started his career with the Forestry Commission at Grizedale Forest, Cumbria, where he first developed an interest in forest management. He went on to gain an MSc in Forestry from the University of Aberdeen and has since worked for seven years in commercial forestry, mainly on the west coast of Scotland.

Anthony’s background is in investment banking, having previously worked for international firms in London, New York and South America, including Macquarie and Merrill Lynch. At Gresham House, he is responsible for business development, marketing and sales for our forestry and new energy assets, also managing one of the funds.
Anthony has a BA (Hons) in History from Newcastle University and is an Investment Management Certificate holder. He is also a registered adviser with the Financial Conduct Authority.

David Gardner has been CIO, Forestry and a member of the Forestry Investment Committee at Gresham House since May 2020. He joined the firm from Global Forest Partners LP, a US based timber management and investment company, where he worked from 2009 to 2019. David is responsible for developing the company’s international growth as well as supporting the management of the existing forestry investments. While at Global Forest Partners, David served as an Investment Director as well as being a partner and serving on the Investment Committee. Prior to that, he worked at the international management consulting firm Pӧyry, based in Singapore. David has over 30 years of experience in the global forest industry, with the last ten years focused on international institutional investment and asset management in forestry. David holds a Bachelor of Science, a Master’s degree in Forestry and is an MBA graduate from Cranfield University.

Ed works on the origination, appraisal, execution and management of renewable energy investments. Prior to joining Gresham House, Ed worked with KPMG, qualifying as a Chartered Accountant, before moving into commercial finance with Siemens L&A and then corporate finance with MacIntyre Hudson LLP, where he specialised in business start-ups and mid-market transactions.
Ed holds both a first class BSc in Economics from the University of Manchester and the Investment Management Certificate, and is a registered adviser with the Financial Conduct Authority.

Edward Latter has been a Fund Manager at Gresham House since May 2018. He manages Gresham House Forest Fund I LP and FIM Sustainable Timber and Energy LP, and is primarily responsible for implementing the fund’s strategy, operational oversight and investor reporting. His role also involves the valuation of UK forestry assets and overseeing fund deal flows. Prior to joining Gresham House, he worked at FIM Services Ltd as an Assistant Fund Manager from 2012 and was appointed Fund Manager of Gresham House Forest Fund I LP in 2016 and FIM Sustainable Timber and Energy LP in 2019. Prior to this, Ed worked as a graduate surveyor for Cluttons LLP for three years where he dealt with UK commercial property portfolios for institutional and high net worth individuals. Ed is a Chartered Surveyor and a RICS Registered Valuer. He has 11 years of experience and holds a postgraduate diploma (PG Dip) in Financial Strategy from Saïd Business School, University of Oxford, and a RICS accredited BA (Hons) degree in Real Estate from Oxford Brookes University. He also obtained the Investment Management Certificate.

Graham is an experienced forestry professional, responsible for all operational aspects of the Gresham House forestry funds. After a short period of practical experience in the UK, Sweden and New Zealand, he joined UA Forestry Ltd (a division of United Auctions Group) as a forest manager, progressing to become their managing director in 1997.
In 2001, he left UA to found his own forestry management company, Aspen Forestry Ltd, which specialised in providing forest management services across Scotland. Following the successful sale of Aspen, Graham joined Gresham House in 2007. His specialism is in developing, negotiating and managing non-forestry ‘higher and better use’ investments on behalf of client funds, particularly renewable energy developments, telecom rentals, power line access and compensation and residential developments.

Henrietta Russell has been a Forestry Asset Manager at Gresham House since October 2016. She manages existing assets on behalf of Gresham House private clients. She joined Gresham House from Butler Sherborn where she worked as a Rural Chartered Surveyor for private clients. She was responsible for managing rural estates and property in the UK. Henrietta has over 14 years of experience in rural property. She has been a member of Royal Institution of Chartered Surveyors (RICS) (MRICS) for 11 years and is a retired Fellow of Central Association of Agricultural Valuers (FAAV). She holds a BSc (Hons) in Land Management from the University of Reading graduating in 2006.

Izzy is an Investment Manager at Gresham House leading on commercial and carbon forestry investment appraisals in the UK and internationally. Izzy joined Gresham House in May 2018 following the acquisition of FIM Services Ltd. Prior to joining Gresham House, Izzy worked for over six years in commercial real estate advisory, building out investment and agency team platforms at Cushman & Wakefield, Knight Frank, and Strutt and Parker, forming and executing strategic and complex projects. Prior to this Izzy worked as an Investment Analyst at European equity hedge fund Libra Equity. Izzy is the youngest visiting professor at the prestigious IEB University in Madrid, teaching the CFA curriculum. Izzy has over 10 years of experience, is a CFA charterholder and has an MSc in Finance from the University of Exeter. He is also fluent in Spanish and Dutch.

James Armstrong is an Investment Associate, working across both forestry and renewables at Gresham House. He joined in May 2018 following the acquisition of FIM Services Ltd. James is focused on the acquisition of new assets and takes an active role in the day to day management of the portfolio. Prior to joining Gresham House, he worked at J.P. Morgan, RWE Supply and Trading and most recently spent four years at Computershare Investor Services as an equity dealer, managing a range of global share plans and option schemes on behalf of corporate clients. James has ten years of experience in financial services with a BA in Business Administration, he is a holder of the Investment Management Certificate and is enrolled as a Level II candidate in the CFA program.

Jason Sinden is an Investment Director in Gresham House Forestry, where he primarily focuses on acquisitions. Jason was the Forestry Director for FIM Services Ltd which was acquired by Gresham House in May 2018. Jason began working in forestry investment with FIM Services Ltd as an Investment Manager in 2000, before leaving to join Tilhill Forestry in 2005. At Tilhill Forestry, he developed the forestry investment business, and was promoted to Investment and Property Director in 2015 before re-joining FIM Services Ltd in 2017 as a Forestry Director. Jason has over 20 years of experience in the financial services industry, together with a further five years in the forestry and timber processing industry. During his career, he has worked on many high-profile forestry acquisitions and woodland creation projects in the UK, as well as investment projects in Scandinavia and eastern Europe. He graduated from the University of Aberdeen with an Honours Degree in Forest Management, before completing an MBA from the Open University. This was followed by the Senior Management Development Programme at IMD (Lausanne). Jason is also a Fellow of the Institute of Chartered Foresters and a Chartered Surveyor.

Josh is an Investment Associate focusing on forestry acquisitions and the fund management of the Forestry Limited Partnerships. He holds a BA (Hons) from Reading University, is an ACA chartered accountant and is currently studying towards the Investment Management Certificate.
Previously, Josh was awarded a place on PricewaterhouseCoopers’ prestigious Flying Start degree programme before joining the firm full time as a Senior Associate, specialising in financial services. He then moved onto Hazlewoods LLP to focus on mergers and acquisitions concentrating on corporate due diligence.

Matthew Giles has been an Investment Director and the Head of the Forestry Asset Management Team at Gresham House since November 2015 following the successful acquisition of Aitchesse by Gresham House. The team oversees the management of Gresham house clients’ forestry investments where he has the primary responsibility of managing two major portfolios in both the UK and Ireland and leading the ESG initiatives for forestry. Prior to joining Gresham House, Matthew was a Senior Forest Manager for 12 years covering all aspects of forest management across the UK for family offices and high net worth individuals. He previous experience includes the responsibility for FSC (Forestry Stewardship Council) audits on all the forest areas. He has over 20 years’ experience in forestry and qualified as a Professional Member of the Institute of Chartered Foresters (MICFor) in 2004. He holds a Bachelor of Science (Honours) in Forestry from Newton Rigg, graduating in 2000.

Matt is a chartered surveyor with over 13 years’ experience in investment management. He is responsible for the asset management of Gresham House’s forestry portfolio and for family office and high net worth individuals’ forestry and renewable portfolios worth over £571m. Matt is also responsible for the valuation and acquisition of investment opportunities.
Prior to Gresham House and FIM, Matt worked for Smiths Gore as a rural estate manager, advising a number of private clients on the management of their diverse property portfolios. Before this, he worked for Jones Lang LaSalle in their financial services team advising on the formation of joint venture property development companies. Matt holds the Certificate in Investments and is a registered adviser with the Financial Conduct Authority.

Richard is a Chartered Surveyor whose experience covers all property issues. His expertise includes: complex documentation and due diligence matters, developing and implementing investment schemes – particularly those based on tax-efficient structures – and managing a wide range of investor contacts established through FIM’s investment business. Richard is a registered adviser with the Financial Conduct Authority.

Rob Carlow has been an Investment Director and a member of the Forestry Investment Committee at Gresham House since November 2015, primarily focusing on asset acquisitions. Rob joined the group from Aitchesse Ltd where he was a Company Director for two years and Head of Acquisitions for three years. Prior to joining Aitchesse Ltd, Rob spent five years at CNBC Europe as a technical analyst covering financial news. Following this, he was managing his own consultancy business specialising in carbon management and commercial forestry for two years. Rob has ten years of investment experience in the commercial forestry sector, investing in the UK and globally. He holds a Master’s degree in environmental economics from Glasgow University and a Bachelor of Art in engineering from Southampton Solent University.

Simon is a Chartered Forester with over ten years of private and public sector experience. He has a BSc in Forestry from Bangor University, graduating in 2008. He specialises in woodland creation and general forest management.

Stephen Ramage has been a Timber Marketing Manager at Gresham House since November 2015. He joined Gresham House from Aitchesse Ltd where he had worked as an Assistant Forester Manager since September 2010, before being promoted to Timber Marketing Manager in 2014. Stephen is a specialist in marketing and harvesting of client timber and has responsibility for the marketing and management of timber sales. Prior to joining Aitchesse Ltd, he worked for three years at Smiths Gore (now Savills) managing woodlands on behalf of private clients as well as undertaking tree safety surveys.
Stephen has over 13 years of experience in UK forestry and has been a Professional Member of the Institute of Chartered Foresters for 10 years. He holds a Bachelor of Science (Honours) in Forestry from the University of Wales, Bangor, graduating in 2007.

Prior to joining Gresham House, Tom worked for Polar Capital for 5 years on both the investment and operational side, during which time he completed the IMC. Following a sustainability direction, he designed and built a rural indoor farm, selling the produce to local restaurants and farmers markets. He graduated in 2010 from the University of Edinburgh with a BSc (Hons) in Scientific Geography.

Fund Manager; responsible for management of in-forest operations and fund reporting. Post qualification, he worked as a forest manager on the full spectrum of forest activities, with a particular emphasis on adding value through bare land planting. In 2004, he moved to the Forestry Commission where he held various responsibilities including regulatory compliance role over the industry’s private sector. Latterly he was project manager of an IT project, and represented the Forestry Commission on the SEARS (Scotland’s Environmental & Rural Services) programme of organisational change. In 2012 he joined Gresham House Forestry and is one of the teams qualified chartered foresters.
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This website is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this website has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
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In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this website place investors’ capital at risk and could result in a total loss of capital.
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Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
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To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this website or for any decision based on it.
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VCTs are a particular type of investment company. They were established by the UK Government with the intention of encouraging investment in smaller, or ‘venture’, UK companies. Investment in VCTs is high-risk and for the long-term. Prospective investors should refer to the detailed risk warnings in the relevant prospectus, but key risks are set out below.
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An investment in a VCT is for the long term. VCT shares are not likely to be easy to sell at full value. Trading in VCT shares is not particularly active, so shares tend to be valued at a discount to their net asset value. In other words, if you seek to sell, you may be offered a price which is less than the full value of the underlying assets. Mechanisms for the buy-back of shares are explained in the annual reports for the VCTs, but you should have no expectation that there will be any buy-back or other opportunity to redeem your interest.
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Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at 5 Cheapside, London EC2V 6AA.
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This website is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this website has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
Certain information contained on this website may from time to time include information that relates to specified investments or regulated activity (“Regulated Information”). Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. Access to, and reliance on, such Regulated Information is subject to the terms and statements regarding risk contained therein. Unless explicitly stated to the contrary, no information on this website is intended as, or should be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest or other in any jurisdiction. Any decision to purchase securities or interests must be based solely on the information contained in the documents relating thereto, which must be received and reviewed in full, prior to making any investment decision. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be specific to the investor.
In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this website place investors’ capital at risk and could result in a total loss of capital.
Past performance is not indicative of future events
Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this website by any person or entity is strictly prohibited.
To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this website or for any decision based on it.
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Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at Octagon Point, 5 Cheapside, London EC2V 6AA.