Hancock Natural Resource Group (HNRG), a company of Manulife Investment Management, announces the closing of a transaction on behalf of its client, AP3, with TexMark Timber Treasury L.P. (Triple T), a joint venture managed by CatchMark Timber Trust, Inc. AP3 is one of four buffer funds that manage capital on behalf of the Swedish state pension system. Under the terms of the agreement, HNRG acquired more than 300,000 pine timberland acres in eastern Texas through a U.S. subsidiary of AP3. The timberlands are located in 10 counties across the western coastal plain of Texas.
"We're pleased to announce the closing of these timberlands in Texas," said Tom Sarno, global head of timberland investments, Manulife Investment Management. "Our team is very experienced in this region and was able to provide key insight and validate our initial assumptions. We believe the assets are very well positioned to benefit from the already deep markets, reliable off takers, and favorable timber growth attributes with additional opportunities provided by recently announced mill investments in the region. We have confidence that the investment is well positioned for long-term success and we look forward to managing the property on behalf of our client. This marks the fourth timberland acquisition our team has closed in 2021, including two eucalyptus plantations in Brazil and an impact-first investment in Maine along the Quebec, Canada, border."
Manulife Investment Management manages approximately 6 million acres of timberland across the United States, Canada, New Zealand, Australia, Brazil, and Chile as part of its comprehensive private markets strategies.
