A prospectus will be registered later this week to raise up to $25 million.

The latest payment, due on March 15, means 25 cents in the dollar has been repaid to investors.

Nearly half of the proceeds come from the sale of an Australian quarrying company.

Rotorua-based Timberlands will continue to manage the 178,000 hectare central North Island Kaingaroa forest, and the underlying land remains owned by local iwi.