Cambium Global Timberland completed the land sale in Florida, USA

Jun 01, 2012. /Lesprom Network/. Cambium Global Timberland Limited announced the land sale of 13,810 acres of land located in Florida, USA, completed on 31 May 2012. Estimated proceeds net of estimated transaction costs and a loan prepayment fee will be $15.4 million, representing 97% of the 31 October third-­party appraisal. Approximately $5.4 million will be used to pay down principal on the amount borrowed by the Company in May 2010. Following the repayment, the principal balance will stand at approximately $6.2 million “The remaining South Atlantic States property, located in Georgia, is excellent core timberland property that will provide sustainable yield based on timber harvest. The Florida sale is complementary with the previous US land sales, and it leaves Cambium with a more mature forest. We do not anticipate further sales for Cambium of properties in the United States,” said Richard Standeven, portfolio Manager with the investment manager, CP Cogent Asset Management. Cambium Global Timberland Limited has been established to invest in a global portfolio of forestry based products. Cambium seeks to invest primarily in forestry assets which are or can be managed on an environmentally and socially sustainable basis.