Matariki Forest, the third largest in New Zealand, has been put up for sale.
The 140,000 hectare estate is owned by American company Rayonier (40%), AMP Capital (35%) and Deutsche Bank Reef Infrastructure (25%), and is managed by Rayonier NZ.
Based on the price paid for Carter Holt Harvey's forests in 2006, Matariki's estate is worth $1.26 billion.
Rayonier NZ managing director Paul Nicholls said Matariki's shareholders were looking to sell because of a number of factors which made them think they could get a good price at the moment.
These included the falling New Zealand dollar, the medium-term outlook of falling shipping rates, and Russia hiking export tariffs on its own logs, he said.
"We haven't got any buyers in the wings," Nicholls said, but shareholders wanted to move quickly.