CatchMark Timber Trust, Inc. 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.
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.
