By Gerelyn Terzo, Global AgInvesting Media
Nordic private asset investor CapMan Natural Capital is handing over one of its flagship Baltic forest portfolios to the Inter IKEA Group, the core entity steering IKEA’s brand, marking a notable reshuffle in Europe’s sustainable timberland landscape. After 10-plus years of active management, CapMan’s Dasos Timberland Fund II is divesting roughly 24,000 hectares of forest assets across Latvia and Lithuania to an owner best known for supplying wood to one of the world’s most recognizable home furnishings brands. With and €7.1 billion in assets under management, CapMan targets value-add opportunities across real estate, infrastructure and natural capital assets.
Under its control, CapMan Natural improved the properties with sustainable forestry techniques, efficiency upgrades and Forest Stewardship Council (FSC) certification across both Latvia and Lithuania. Over the holding period, the firm also boosted the assets’ commercial profile by locking in major wood supply contracts and delving into renewable energy possibilities, setting up a well-seasoned, lower-risk collection for a buyer tied to IKEA eager to expand its holdings in responsible timberland management.
CapMan Natural Capital Partner Sami Veijalainen stated, “We are pleased with the successful results achieved through our active and sustainability-driven management of these forests. The value created over the past decade reflects the strength of our approach and the commitment of our team. We thank Inter IKEA Group for the professional process and wish them continued success in developing these assets responsibly.”
Bruno Mariani Piana, Global Forest Investments Manager at Inter IKEA Group, also weighed in, saying, “This investment further strengthens our commitment to responsible forest management and locally sourced raw materials. By managing forestland responsibly and increasing regional wood processing in the Baltics, we aim to support local economies, collaborate with communities, and maintain healthy forests for generations to come.”
For CapMan, the exit is expected to generate a performance outcome surpassing the fund’s return target, bolstering overall results for investors. Following the sale, CapMan Natural Capital will oversee roughly 215,000 hectares of land, holding its position as one of the largest independent forest owners in the EU with a footprint spanning eight countries.
On the fundraising side, CapMan Dasos Sustainable Forest III (non-UCITS) remains open for new capital on a quarterly basis, while European Forest Fund IV is targeting a first close by year-end 2025. Across these vehicles, the strategy remains focused on sustainability, measurable natural-capital outcomes, active asset management and a cautious approach to risk.
Inter IKEA Group has been steadily building a forestry footprint beyond its traditional supply-chain needs, including recently partnering with BTG Pactual Timberland Investment Group on a 4,000-hectare restoration project in Brazil’s Atlantic Forest biome. Unveiled around COP30, that initiative blends native-forest recovery with FSC-aligned commercial pine plantations, framing forests as both a carbon sink and a long-term raw material source for the business. It also sits within IKEA’s €100 million commitment to carbon removal and storage, revealing that the group’s timber investments now double as both a climate and biodiversity strategy, not just a way to secure wood fiber.
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