Pope Resources has entered into a definitive agreement to acquire approximately 7,300 acres of timberland in western Washington for $31.9 million from a client of Hancock Timber Resource Group, as the company said in the press release received by Lesprom Network.
The acquisition will be financed with a new credit facility and closing is expected to occur in the 3Q 2016, contingent on obtaining such financing.
"We like what this transaction represents in terms of species mix, age class distribution, ease-of-operability, and accretive cash flow," said Tom Ringo, President and CEO."An added plus is how the property folds neatly into our existing timberland management infrastructure due to its proximity to other lands we already own and manage."
Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own or manage 207,000 acres of timberland and development property in Washington, Oregon, and California.