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BrewDog's Forest Dream Sells for Less Than Bought
8 Mar
Summary
- BrewDog's ambitious forest project was sold after being abandoned.
- The Highland estate was resold for a price below its expected value.
- Significant carbon credits were transferred, impacting potential profits.
BrewDog, a beer company known for its "punk" ethos, has sold its Highland estate after abandoning its ambitious "Lost Forest" project. The company had acquired the Kinrara estate in the Cairngorms National Park in 2020 for £8.5m, aiming to create Scotland's largest forest and capture significant amounts of CO2.
However, following a change in leadership and reporting £37m in losses, the estate was sold in October of last year to Oxygen Conservation. While the exact sale price was not initially disclosed due to confidentiality claims, records indicate it was £8.85m, less than its inflation-adjusted value. This sale also involved the transfer of carbon credits valued at least at £4.8m.
The Kinrara sale, along with other Highland estates focused on carbon credits, suggests a potential stall in this market. Another property, Far Ralia, purchased for £7.5m in 2021, has seen its price cut significantly to offers over £6.9m, despite promises of numerous carbon credits. These situations raise concerns about the long-term benefits and economic models of corporate-led land restoration projects, with critics advocating for community-focused initiatives.
