CatchMark's Triple T Joint Venture Completes Sale of 300,000 Acres of Prime East Texas Timberlands

Rhea-AI Summary

CatchMark Timber Trust (NYSE: CTT) announced the successful sale of 300,000 acres of prime East Texas timberlands for $497 million, averaging $1,656 per acre. The buyer is a client of Hancock Natural Resource Group, a part of Manulife Investment Management. CatchMark manages the Triple T joint venture, which owns 1.1 million acres in East Texas. This strategic sale aims to enhance cash flow and deliver value to institutional investors while focusing on timberland management in high-demand mill markets.

Positive

• Completed sale of 300,000 acres for $497 million enhances cash reserves.
• Transaction at $1,656 per acre reflects strong asset value.
• Strengthens CatchMark's role as a key manager in timberland investments.

Negative

• None.

ATLANTA, Sept. 1, 2021 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) today announced that TexMark Timber Treasury, L.P. ("Triple T") has completed the sale of 300,000 acres of prime East Texas timberlands for $497 million in cash, or approximately $1,656 per acre, to a client of Hancock Natural Resource Group, Inc., a Manulife Investment Management company. The sold property represents a portion of the 1.1 million acres in East Texas owned by Triple T. CatchMark serves as the asset manager and general partner of the Triple T joint venture on behalf of a consortium of institutional investors.

About CatchMark
CatchMark (NYSE: CTT) seeks to deliver consistent and growing per share cash flow from disciplined acquisitions and superior management of prime timberlands located in high demand U.S. mill markets. Concentrating on maximizing cash flows throughout business cycles, the company strategically harvests its high-quality timberlands to produce durable revenue growth and takes advantage of proximate mill markets, which provide a reliable outlet for merchantable inventory. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 1.5 million acres* of timberlands located in Alabama, Georgia, Oregon, South Carolina and Texas. For more information, visit www.catchmark.com.

* As of June 30, 2021

 

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SOURCE CatchMark Timber Trust, Inc.

FAQ

What did CatchMark Timber Trust announce on September 1, 2021?

CatchMark Timber Trust announced the sale of 300,000 acres of timberlands in East Texas for $497 million.

Who bought the timberlands from CatchMark Timber Trust?

The timberlands were purchased by a client of Hancock Natural Resource Group, a Manulife Investment Management company.

How much did CatchMark Timber Trust receive per acre for the timberlands?

CatchMark Timber Trust received approximately $1,656 per acre from the sale.

What is the total acreage owned by Triple T after the sale?

Triple T owns approximately 800,000 acres in East Texas after the sale of 300,000 acres.

What is the significance of the sale for CatchMark Timber Trust?

The sale enhances CatchMark's cash reserves and emphasizes its position in managing prime timberlands.