New unit sales in the Irish Forestry Unit Trust (IFUT), which facilitates pension fund and charity investment in forestry, increased by 27 per cent last year, from £7.8 million to £10.3 million (€9.9 million-€13 million). The unit price appreciated by 8.4 per cent during the year. "This compared favourably with an inflation rate of 2.4 per cent and was consistent with the long-term objective of the fund to yield a sustainable return in excess of five percentage points above inflation with low volatility," Mr Brendan Lacey, the trust's chief executive, said.

The five-year-old trust, the largest private owner of forestry lands, is a partnership between AIB Investment Managers, Irish Life and Coillte, and has assets worth £56 million.