News Desk, Timberland

Sold! CatchMark Closes on Carolinas Midlands

CatchMarkTimberlands_lg
In June, publicly traded CatchMark Timber Trust (CTT) announced the acquisition of 51,700 acres of timberlands in South Carolina for $100.7 million (excluding closing costs) in an off-market transaction from funds managed by Forest Investment Associates. Known as Carolinas Midlands III, the acreage will expand the company’s holdings in the Southern United States to 480,400 acres. In addition, it will add approximately 2.1 million tons to CatchMark’s merchantable inventory and 250,000 to 300,000 tons per year to CatchMark’s harvest over the next decade.
“Carolinas Midlands III meets all the desirable attributes we seek in timberlands purchases to support our value proposition for assembling the highest quality holdings in the industry – location near high quality mill markets with a significant customer base, higher than average merchantable inventory to provide immediate cash flow to support distributions to our shareholders, and higher than average productivity per acre to secure durable earnings over long-term holds,” said CatchMark CEO Jerry Barag in a statement.
Read more HERE.

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