05:27 PM EDT, 07/09/2024 (MT Newswires) -- Fiera Capital ( FRRPF ) on Tuesday said its Fiera Comox Partners unit signed an agreement to enter a newly established joint venture with Ngai Tahu Holdings relating to Ngai Tahu's forestry estate on the West Coast of New Zealand's South Island.

Fiera Comox will acquire an 85% interest in the joint venture, with Ngai Tahu retaining a 15% interest.

The estate is situated on approximately 45,500 hectares (110,000 acres) and consists primarily of radiata pine and Douglas fir plantation forests. The forests are sustainably managed under a Forest Stewardship Council certification.

For Fiera Comox, the investment marks the initial acquisition by Fiera Comox's Global Sustainable Timberland Strategy, which invests in high-quality, private forests globally.

"We are delighted to have the opportunity to partner with Ngai Tahu in one of the most attractive and globally competitive softwood producing regions in the world," Antoine Bisson-McLernon, chief executive of Fiera Comox said in a release.

The company's shares closed down $0.14 to $8.06 on the Toronto Stock Exchange.