The Jefferson Smurfit Group has sold its Irish forestry interests for £13.5 million (€17.1 million) to the Irish Forestry Unit Trust. Smurfit said since the company exited the saw milling sector last year, selling its 3,500 hectares of forestry plantation, located in Leinster and Munster, was a "logical step".

The purchase price represents the largest single transfer of forestry holdings ever conducted in the Republic by a private company.

Irish Forestry Unit Trust was established by AIB Investment Managers, Irish Life and Coillte to facilitate pension fund and charity investment in Irish forestry. It has an existing portfolio of 7,200 hectares of forestry valued at £42 million.