Dasos Timberland Fund II, managed by CapMan Natural Capital, has signed an agreement to sell a portfolio of forest assets covering approximately 24,000 hectares in Latvia and Lithuania to Inter IKEA Group. The transaction was announced on 3 December.
After more than ten years of active forest management, the forest asset portfolio has reached a mature stage in its value creation cycle. Throughout the ownership period, CapMan Natural Capital implemented a comprehensive programme of sustainable forest management and operational improvement that strengthened the condition, productivity and long-term resilience of the forests. As part of this work, the forest areas in both Latvia and Lithuania were certified under the internationally accredited Forest Stewardship Council (FSC®) system. CapMan Natural Capital also enhanced the commercial profile of the assets by concluding timber supply agreements and identifying opportunities relating to renewable energy.
“We are pleased with the successful results achieved through the active and sustainable management of these forests. The value created over the past decade reflects the effectiveness of our approach and the commitment of our team. We thank Inter IKEA Group for a professional process and wish them continued success in developing these assets responsibly,” says Sami Veijalainen, Partner at CapMan Natural Capital.
Bruno Mariani Piana, Head of Global Forest Investments at Inter IKEA Group: “This investment further strengthens our commitment to responsible forest management and to using locally sourced raw materials. By managing forests responsibly and increasing wood processing in the Baltic states, we want to support local economies, work together with communities and preserve healthy forests for future generations.”
The transaction is expected to close in the first half of 2026 and is subject to regulatory approval. The investment is forecast to deliver a return above the fund's target level, providing investors with a high overall profit. Once the transaction is completed, CapMan Natural Capital will manage approximately 215,000 hectares of land in total and will continue to be one of the largest independent forest owners in the European Union, with operations in eight countries.
CapMan Dasos Sustainable Forest III (non-UCITS) is open to new subscriptions on a quarterly basis, and CapMan Natural Capital European Forest Fund IV plans to hold the fund's first closing by the end of 2025. Sustainability, the achievement of measurable natural capital outcomes, active value creation and disciplined risk management remain the central elements of the team's investment strategy.