No two parcels of land are underwritten the same way. Every acquisition is built around an
individual, parcel-specific plan before capital is committed.
A business plan per parcel, not a portfolio average
Each forest or agricultural property we evaluate receives its own acquisition and exit plan before
purchase. That plan sets the target buyer, target price, expected holding period and expected costs —
clearing, development, harvesting, registration — for that specific land, rather than relying on a
blended, portfolio-wide assumption. This lets us reject parcels where the numbers do not work, even if
the average market looks attractive.
Forest land strategy: sell the wood before we own the rights
For forest acquisitions, we identify the buyer and the price for the standing timber before we commit
to purchasing the felling (harvesting) rights. This sequencing removes execution risk: capital is only
deployed once the offtake side of the transaction is already understood, so the economics of a
purchase are validated twice — once against the land price, and once against a realistic, current timber
sale price.

Agricultural land strategy: buy rough, sell development-ready

• Acquisition. acquire overgrown, bush-covered or under-utilised agricultural land below the
  market average, often from owners without the capital or intent to develop it.
• Development. clear scrub and scattered timber, remove stumps and roots, and where useful
  consolidate adjoining parcels into a single, larger, farm-ready block.
• Disposal. target buyers who value scale and readiness — including ALTUM-supported Latvian
  agricultural enterprises and Nordic/Swedish institutional land investors — at a price that reflects
  the cleared, development-ready condition of the land.
  Due diligence and registration
  Every property passes through a standardised due-diligence and registration process before it enters
  our portfolio and again before it is sold:
• independent, audited valuation documents are examined for both forest and agricultural land
  before an offer is made.
• the purchase is completed and the property is bought in the name of SIA SILVALAND.
• ownership is registered in Zemesgramata.lv, Latvia’s official Land Register, giving investors a
  legally verifiable, government-recorded chain of title for every asset in the portfolio.

Risk management principles
SILVALAND — Investor Presentation
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• Diversification. capital is spread across multiple parcels, regions and land types (forest vs.
  agricultural) rather than concentrated in a single large acquisition.
• Live pricing. acquisitions are underwritten against current cenu.banka.lv and Latio index pricing,
  not historical asking prices, so plans are repriced as the market moves.
• Liquidity discipline. approximately 80% of invested capital is allocated to liquid, incomegenerating forestry assets — forest harvesting rights and timber resale activity — so a meaningful
  share of the portfolio can be converted to cash within a normal operating cycle.
• Title certainty. legal ownership and registration are completed before any capital is treated as
  deployed, and again before any sale is treated as closed.

Why individual planning matters
A single blended strategy would force us to average very different assets — a mature timber stand ready
for felling and a bush-covered field needing years of development are not the same investment. Parcel-byparcel planning lets Silvaland match the right exit, timeline and buyer to each asset, and decline deals that
don’t clear our return threshold.