CatchMark Timber Trust, Inc. completes acquisition of 18,063 acres of prime Oregon timberlands for $88.8 million from Forest Investment Associates (FIA), as the company says in the press release received by Lesprom Network.
The timberlands - known as the Bandon Property - are strategically situated within the Douglas fir/western hemlock zone between the Coos Bay markets and Roseburg mills approximately 150 miles southwest of Portland.
Jerry Barag, CatchMark's President and CEO, said: "Bandon marks our expansion into the Pacific Northwest and offers the high-quality stocking characteristics and sustainability attributes CatchMark seeks to support solid, long-term earnings growth for our stockholders."
CatchMark Timber Trust, Inc. is a self-administered and self-managed, publicly-traded timberland REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests, and well-timed real estate sales. CatchMark owns interests in approximately 1.6 million acres of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas.
