JACKSONVILLE, FL - Timber investment firm Rayonier Inc. has expanded its holdings with the acquisition of approximately 18,000 acres of timberland in southwest Louisiana and northwest Oregon from BTG Pactual Timberland Investment Group. Combined, the two transactions totaled $59.5 million.
The King parcel property in Louisiana, purchased for $25.5 million, consists of approximately 12,200 acres of southern pine timberland. Rayonier (NYSE:RYN) now owns approximately 150,000 acres in the state. In Oregon, the $34 million Scappoose parcel consists of approximately 5,600 acres of Douglas fir, bringing the company's holdings in the Pacific Northwest to approximately 374,000 acres.
“We are pleased to close these two acquisitions with BTG Pactual Timberland Investment Group,” said David Nunes, Rayonier president and CEO. “The properties have been well-managed and are high-quality assets located in strong timber markets. These transactions reflect our disciplined growth strategy to focus on select acquisitions that upgrade our land portfolio, grow our sustainable harvest and generate accretion to our cash available for distribution per share.”
Year-to-date, Rayonier said it has acquired 35,000 acres of timberland in the South and Pacific Northwest United States, for a total of approximately $88 million. Overall, Rayonier owns, leases or manages an estimated 2.7 million acres of timberlands in the United States and New Zealand.
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