Foresight Sustainable Forestry Company PLC (LSE:FSF) has announced five acquisitions, adding roughly 700 hectares to its portfolio, which is now 9,751 hectares.
Foresight, which invests in UK forestry and afforestation assets, said the deals are worth a combined £7.9mln, with the single forestry and four afforestation properties all in Scotland.
Each afforestation site is well suited for woodland creation schemes and potentially even peatland or wetland restoration, according to the company, with the forestry site set to be harvested and redesigned.
Once planted, the properties are anticipated to be awarded approximately 77,000 voluntary carbon units.
"We are delighted to have added these five high-quality assets to the portfolio.
"Afforestation properties are a great opportunity for capital appreciation and unlocking additional value as the woodland creation schemes reach development milestones.
"They also make a significant contribution to the removal of carbon from the atmosphere,” said Richard Kelly and Robert Guest, co-heads of Foresight Sustainable Forestry.
In a trading update, Foresight also looked to reassure investors, highlighting it has no direct exposure to rising base rates as it is not currently utilising a revolving credit facility, adding that UK forestry asset prices have historically proven resilient during market turbulence.
Foresight shares fell 1.2% to 104p.