Woodchipper Gunns Ltd is to sell its Portland, Victoria woodchip export plant for $61.8 million to Australian Bluegum Plantations.
Australian Bluegum is owned by US company Global Forest Partners through its Cayman Islands-based AIF Properties.
Gunns said the transaction agreement, announced on Monday, provided a tolling arrangement for future access to the plant for the sale of forest products from the "green triangle" in Victoria and South Australia that were under Gunns' management.
Completion of the transaction is subject to customary conditions including regulatory approvals.
Gunns has been in a self-imposed trading halt for the past four months and last traded at 16 cents a share as it seeks to recapitalise.
Launceston-headquartered Gunns has been selling down assets as it seeks to achieve an ambitious $400 million capital raising to help fund the construction of a controversial pulp mill in northern Tasmania.
The company was hit by an unexpected $64 million tax bill earlier this month, which it said it would dispute.
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