Decide what you want to own

A direct purchase concerns identified property: its parcels, access, tree stands and restrictions. GFI shares give you rights in a company rather than a personal parcel to use as you choose. If your aim is to walk in your own wood or decide which work is carried out, start with that distinction. A forest photograph in an investment brochure does not describe the individual shareholder’s rights of use.

Compare the responsibilities that remain yours

For direct ownership, identify who will oversee works, contracts, insurance and management records, including when a professional is appointed. For a GFI, examine how the manager reports decisions and how shareholders participate in governance. Delegation removes some everyday administration, but you still need to read accounts and communications. Also review the responsibilities and commitments contained in the relevant deeds or company statutes. Convenience should be assessed against the actual arrangement rather than assumed.

Put all costs on one comparison sheet

For direct ownership, separate purchase expenses, investigations, management, insurance, planned works and unforeseen expenditure. For the GFI under consideration, identify the subscription, management, transaction and exit charges stated in its documents. Ask what each charge applies to, when it is paid and which items are already included. The AMF explains the role of key information documents in understanding risks and costs. Compare documented overall expenditure rather than one prominently advertised rate.

Illustrative parcel map, compass and woodland folder on an ivory desk. — editorial illustration
From documents to decisions.

Gather the right documents and prepare the visit to compare assumptions with conditions on the ground.

Editorial illustration · not a depiction of an analysed property

Read the exit terms before the performance figures

Selling a forest requires a buyer and a property transaction. For shares, examine the withdrawal or transfer mechanism, the need for a counterparty and any restrictions. A GFI’s regulatory documentation illustrates why exit timing and price should not be assumed guaranteed. Ask for current information about outstanding requests. A recommended holding period does not mean the investment can necessarily be sold immediately when that period ends.

Examine the risks behind the forest assets

List events that could alter expenditure, income and value: damage to stands, tree health, timber markets and regeneration needs. For a single property, examine concentration on that site. For a group, request the actual portfolio breakdown, species, locations, insurance and any borrowing. Owning several forests does not by itself establish effective diversification. Ask what insurance covers, which exclusions apply and what costs would remain after an event. These questions matter before comparing projected distributions.

Verify the people and the documents

AMF instruction DOC-2019-04 covers information requirements for relevant SCPI, SEF and GFI offerings. For the proposed investment, check the management company and applicable documents, including statutes, the information memorandum, key information document and available reports. A regulatory framework does not replace economic assessment. Request a written explanation where marketing promises appear inconsistent with the risks or charges disclosed in the investment documents.

Test scenarios without assuming a tax benefit

Consider several years without distributions, unforeseen expenditure and a slower sale than you would like. Assess whether your finances could accommodate those circumstances under either ownership model. Have tax treatment and its conditions examined separately by a professional familiar with your position. A potential relief does not resolve a mismatch between an investment and your needs. This comparison supplies decision questions rather than a product recommendation or an expected return for your money.

COMMON QUESTIONS

A few things to clear up.

Do GFI shares give me my own woodland to visit?

They do not allocate a personal parcel chosen by the shareholder. Rights come from the group’s statutes and documents. Verify any advertised visiting or usage arrangements separately.

Are GFI shares always easier to sell than a forest?

No. This depends on the exit rules, available counterparties or subscriptions and the investment’s circumstances. Compare current information and mechanisms rather than assuming liquidity because the asset is divided into shares.

Can I compare the options using annual yield alone?

That would be incomplete. Separate distributions, changes in value, charges and proceeds on exit. Income can be irregular, and reported valuations do not guarantee the amount eventually recovered.

Sources and dates

Figures retain their reference year. Worked examples are educational; property-specific amounts require verification.

Sources accessed 19 October 2026. Independent sources; no partnership implied.

This guide provides documentary context. For a binding decision, have field, legal or insurance issues checked by the relevant professional.