This section lists shares in French forestry groups offered for sale on ma-propriete.fr. A forestry group (groupement forestier) is a French non-trading company, or société civile, that owns one or more forests: holding shares in it makes you part-owner of woodland without having to manage the land yourself. Most listings come from family groups in which one partner wants to step back; shares in forestry investment groups (GFI) are mainly resold through their management company. If you would rather own woodland outright, browse our forest properties for sale in France.
A share in a forestry group is not land: it is a company share, whose value, income and taxation follow their own rules. This page explains the difference between a family group and an investment group, what you are really buying, how shares change hands, where income and risks come from, and the current tax framework, which needs checking for each situation. The table that follows shows what the forests held by these groups are worth. This general information is not investment advice: have your plans reviewed by a notaire or an authorised adviser.
Sales of shares in forestry groups do not appear in the DVF database: they involve company shares, not real property, and no public statistic measures their price. A share’s value, however, depends on the forests the group owns. Our forest price observatory puts the median price of a hectare of forest in France at €4,936/ha in 2025, and the large forest blocks that make up most groups’ holdings sell for more per hectare than medium-sized plots.
| Area sold (France, 2020-2025) | Share of sales | Median price | Average price |
|---|---|---|---|
| 20 to 50 ha | 5.4% | €5,330/ha | €6,445/ha |
| 50 to 100 ha | 1.7% | €6,810/ha | €7,537/ha |
| Over 100 ha | 0.9% | €7,361/ha | €8,016/ha |
Over 2020-2025, the national median comes to €4,778/ha across 35,100 sales. These benchmarks help assess a group’s net asset value, which also includes standing timber, any debt and cash.
Source: DVF (French tax authority), processed by ma-propriete.fr; forests of 1 ha or more, cadastral type woodland; July 2020 to December 2025; Moselle, Bas-Rhin and Haut-Rhin are not covered by DVF.
Introduced in 1954 and now governed by the French Forestry Code and Civil Code, the groupement forestier is a société civile whose purpose is to establish, improve, equip, conserve or manage forests. Its capital is divided into shares held by partners who contributed woodland or cash. One or more managers (gérants) run the group and report on their management to the partners’ general meeting, which approves the accounts and major decisions.
Most groups were set up on an inheritance or a gift: rather than dividing a forest among heirs, the family transfers it to a company in which each of them receives shares. The forest stays in one piece under a single management, and is then passed on share by share. These groups are commonly called groupements fonciers forestiers, or GFF, even though the Forestry Code simply uses the term groupement forestier. Shares in these private groups are not offered to the public: they change hands by private agreement.
Governed since the French act on the future of agriculture, food and forestry of 13 October 2014, the groupement forestier d’investissement (GFI) is a forestry group that raises its capital from investors, usually through a public offering. It is classed as an alternative investment fund, run by a portfolio management company authorised by the Autorité des marchés financiers (AMF, the French financial markets regulator), and, for a public offering, its information memorandum (note d’information) must receive an AMF visa before it is marketed. Its forests are valued regularly by an independent forestry expert, under rules set by the AMF. Read the memorandum, the articles of association and the latest annual report before you invest.
A partner owns no tree outright: he or she holds a fraction of the capital of a company that, in turn, owns the forests. Partners do not decide on fellings or works, which are a matter for the manager, but they vote at general meetings, receive their share of profits and see the value of their shares track that of the group’s assets. This distance suits investors who want forest holdings without the work; it disappoints anyone who dreams of walking their own woods, for whom our listings of woodland for sale in France are a better fit.
A share is worth, first of all, the value of the group’s forests divided by the number of shares: area, species, age and quality of the stands, volume of standing timber, access, any hunting lease. Cash is then added and debts deducted. The benchmarks by size band shown above help place the land value, and our forest price report refines those differences, but only a recent valuation by a forestry expert registered with the CNEFAF, the French national body for land and forestry experts, supports a sound price. In a family group, a discount is often applied to reflect the poor liquidity of the shares or a minority stake.
As in any French société civile, selling shares to an outsider normally requires the partners’ approval (agrément), under the rules laid down in the articles: unanimity, a majority or a decision by the manager. The articles may also give existing partners priority to buy. The transfer must be recorded in writing, made enforceable against the group and then against third parties through the required formalities, and is subject to registration duty. Using a notaire or a lawyer is strongly advised to secure the deal and check the articles in force.
A group’s revenue comes mainly from timber sales, at the pace of the fellings set out in its management document, and secondarily from leasing out hunting rights, various concessions or carbon storage projects. This revenue is irregular: a year with a large felling may come before several years without significant sales, while management fees, insurance, land tax and replanting keep weighing on the accounts. Distributions to partners therefore vary from one year to the next and are never guaranteed.
Selling shares takes time. In a family group, you need to find a buyer, often among the other partners or their relatives, and then obtain the approval required by the articles. In a GFI, the management company matches buy and sell orders or handles withdrawals, with no guarantee of timing or price. Owning forest is a long-term commitment and does not suit savings that might be needed at short notice.
Capital is not guaranteed. A forest’s value can fall sharply after a storm, as in 1999 and again in 2009, or after a fire, as in the Landes de Gascogne forest in 2022. Bark beetles have destroyed large spruce stands in eastern France, and repeated droughts are weakening beech, oak and chestnut. Timber prices fluctuate too. A group spread across species and regions, insured against storm and fire and managed under an approved management plan (plan simple de gestion), is more resilient, though never immune.
A forestry group is tax-transparent: each partner declares his or her share of the result. Forest income is not taxed on actual timber sales but on a notional basis equal to the cadastral income (revenu cadastral) of the land, declared every year whether or not any felling took place. Ancillary income, such as hunting leases, follows its own rules. Our article on the taxation of woods and forests in France explains these mechanisms in more detail.
French law exempts three quarters of the value of shares in forestry groups from gift and inheritance tax, as well as from the real-estate wealth tax (IFI). These reliefs require a certificate from the departmental directorate for the territories (DDT) concerning the management of the forests, a commitment by the group to apply sustainable management for thirty years and, for gifts or inheritance of shares bought for value, ownership for more than two years. Breaching the commitment means losing the relief. For a GFI, whose assets also include cash, how these rules apply should be checked in its memorandum.
The French forestry investment incentive scheme, known as DEFI, turned into a tax credit by the 2025 budget law and currently available until the end of 2027, may give a tax advantage when you subscribe for or buy shares in forestry groups, provided you keep the shares for several years and the group makes management commitments. For a GFI, whether its shares qualify for this tax credit, and the commitments involved, are set out in its memorandum. Rates, ceilings and holding periods are set by the annual budget law and revised regularly: have them confirmed by a tax adviser when you plan your purchase.
In an ordinary forestry group, as in any French société civile, each partner is liable for the company’s debts in proportion to his or her share of the capital when the group itself cannot pay them. The risk remains limited in a well-run group with no borrowing, but it is a good reason to review the liabilities before buying. In a GFI, partners’ liability may be limited to the amount of their share of the capital: the memorandum states whether it is.
Not automatically. Hunting rights belong to the group, which may lease them to a hunting club, reserve them for partners or use them in other ways set by the articles or decided at a general meeting. Partners’ access to the forests likewise depends on internal rules. If hunting is central to your plans, our hunting properties for sale give you direct control of the land.
There is no quoted price: it is negotiated between seller and buyer on the basis of a valuation of the forests and of the group’s accounts. Ask for the up-to-date articles, the latest annual accounts, the sustainable management document, the minutes of the last general meeting and a statement of debts. Then compare the result with prices for forests of similar size in the regions concerned, for example forests for sale in Bourgogne-Franche-Comté or in Nouvelle-Aquitaine.
Listings of forestry group shares are few and far between: ma-propriete.fr publishes them alongside forests, ponds and hunting estates, in front of buyers who are already interested in woodland. Are you a partner wishing to sell? Describe the group, its forests, how they are managed and the number of shares on offer, after checking the approval procedure set out in the articles. Looking for shares? Set up an alert for new share listings and read our forest white paper to prepare your questions. Our introduction service can also refer you to a professional.
