Tasmania, Victoria, Australia, 24 June 2011 -- Gunns Limited has reached an agreement with a U.S.-based timber investment management organization on the purchase of the Gunns’ softwood plantation estate in the Green Triangle. The agreement is subject to the buyer securing financing and other customary conditions, and the sale would be expected to close no later than 31 October 2011.

Subject to completion adjustments, Gunns expects a net return of approximately AUD 107 million  from the sale. The proceeds will be used to retire debt.