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Gunns Ltd (ASX:GNS) has announced the sale of native forest land in Tasmania for $28 million.

The forest management company previously used the 28,000 hectors for wood production and conservation.

Gunns says that it expects the new ownership will continue to provide conservation.

According to the Australian Financial Review, Jan Cameron, the founder of outdoor clothing retailer Kathmandu, purchased part of the property as well as the Tasmanian Land Conservancy.

Earlier in June, Gunns revised its earnings guidance with expected full-year earnings before interest and tax of between $50 to $60 million.