Todd Reitz Senior Vice President CatchMark, Forest Resources
A huge chunk of East Texas is changing hands in one of the largest such transactions in a decade. Source: Dallas News
CatchMark Timber Trust has agreed to pay almost US$1.4 billion for the 1.1 million acres of timberland.
Law firm Greenberg Traurig LLP assisted with the transaction, which it calls one of the biggest US timberland sales in the last 10 years.
Atlanta-based CatchMark Timber is buying the property with a group of institutional investors, including Dallas’ Highland Capital Management, BTG Pactual Timberland Investment Group, Medley Management Inc. and a major Canadian institutional investor.
“The timberlands are located near top quartile mills and within approximately 100 miles of three of the top five US homebuilding markets: Austin, Dallas, and Houston,” CatchMark said in a statement.
“These markets provide strong, growing, and compelling demand fundamentals.”
The huge purchase works out to US$1264 per acre, before transaction costs.
The land is in multiple locations, mostly south of a line stretching from Tyler to Longview.
The sale by Campbell Global is expected to close within 45 to 60 days, CatchMark said.
