Miro, a global timber and agricultural operator with links to Romania, has formed a partnership aimed at acquiring new land in eastern Europe.
The firm has joined forces with Pharos Financial Advisors, which is based in Dubai, in order to establish a private equity fund which will invest $350 million (£90 million) in land, Trade Arabia reported.
Under the name of the Pharos Miro Agriculture Fund, the project will look to purchase farm land in eastern Europe, Eurasia and Africa.
Miro already has a proven track record in direct investments in agriculture and timber, and has projects in countries including Romania, Ukraine and Russia.
Commenting on the move, Peter M Halloran, founder of Pharos, said: "By combining our emerging markets investing background with Miro's extensive operating expertise in agriculture, we have created a significant edge for ourselves."
Recently, it was revealed that a timber firm with Latvian links has secured a deal to purchase the owner of the UK's largest sawmill.
BSW agreed to pay £5 million to takeover Howie Forest Products, which owns the plant.
This news item is brought to you by KMS Baltics in conjunction with Fest-Forest and EST KINNISVARA. Baltic forestry and property specialists.
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