The Australian Financial Review.Harvard Endowment Fund is believed to have had a look but walked and a Chinese consortium is said to be in the mix. However, a big timber fund is the most likely buyer.
Canada's Hancock Timber Resource Group, US-based Global Forest Partners and Rayonier are all said to be keen.
Hancock acquired Victoria's 170,000 hectares of state forest in 1998 for $550 million, in concert with local super funds. Last year, it visited the Queensland government as well as Timber Queensland, the peak industry body.
The fact Global Forest Partners could have put up its hand is somewhat surprising, given it has just bought Timbercorp's forestry assets.
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