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| Flexa call for Russian forest valuation |
A huge Russian forest covering an area more than a third of the size of Wales was the subject of a major valuation project for SHM.
Danish wooden furniture maker Flexa acquired the 816,000-hectare forest in the Karelia region of north west Russia a year ago. The site also included sawmills and harvesting stations, along with all of the harvesting equipment needed to process such a huge amount of timber.
As an environmentally responsible company Flexa wanted their raw material sourced from sustainable supplies and in order to ensure this would happen they wanted to take control of the entire process, from planting the tree, through to selling the furniture to companies.
Aware of our reputation and ability for complex valuations, SHM were asked to value the site for them. While a number of companies had the capability to value parts of Flexa’s holding in Russia, SHM was the only one that could value it all, which given the nature and diversity of the assets was vital.
Taus Pors Jensen, finance director of Flexa, said: “We realised that there were very few firms with the capability to execute an appraisal of such a diverse range of assets. We have worked really well with SHM, they were able to react quickly and provide us with the information we needed.”
The valuation, amounting to tens of millions of euros, includes the land, sawmills in the towns of Suojarvi and Naistenyarvi, which form part of the forest, and a hotel and offices in Suojarvi. It also includes plant and machinery associated with the sawmills and the forestry rights to harvest the trees.
The appraisal was a real team effort and utilised all our combined expertise, from SHM’s Kiev office, who were responsible for valuing the forestry rights and the UK offices where we valued the land and buildings, together with the plant and machinery. |
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