An investment fund that focuses on the international forestry sector yesterday expanded its Hawai'i timber holdings with the acquisition of eucalyptus trees growing on 4,500 acres on the Big Island.

Cambium Global Timberland Ltd., based in the Channel Islands, acquired the leasehold interest in the land for about $7.9 million, the company announced yesterday.

The land is owned in fee by Parker Ranch and is in Pa'auhau. Cambium bought the leasehold interest and rights for the timber from another investor, and said it may extend its lease with Parker Ranch until 2025.

The acquisition follows Cambium's purchase last year of 6,100 leasehold acres of Big Island timber in Pahala for $6.1 million.

Cambium said the oldest trees on its expanded Big Island holdings will start to mature in 2012 to provide an expected consistent cash flow for the investment firm.

Cambium previously announced a long-term agreement to provide non-native timber to Tradewinds Forest Products LLC, which plans to build a $50 million veneer mill and electricity plant in 'O'okala.

The plant, which is projected to take about 17 months to build, has been delayed because of financial setbacks. Construction was expected to begin last year.

Cambium, which invests in forestry assets that can be managed on an environmentally and socially sustainable basis, said it expects to produce timber and replant eucalypt species — a broader group of trees that includes eucalyptus — on the Big Island.

Australia-based New Forests Asset Management will manage Cambium's Big Island timber land.

Cambium is an investment fund established in 2007 and is traded on the London Stock Exchange. The fund is managed by CP Cogent Asset Management LP, an affiliate of Dallas-based private equity investment bank Cogent Partners LP.