Hancock Timber Resource Group completes PruTimber acquisition

Sep 05, 2005. /Lesprom Network/. The Hancock Timber Resource Group announced that it has completed its acquisition of Prudential Timber Investments, Inc. (PruTimber), the timberland investment management unit of Prudential Financial, Inc. Terms of the acquisition were not disclosed. With the acquisition, HTRG assumes management responsibility for PruTimber's approximately 340,000 acres of timberland, worth approximately $540 million. The new timberlands include 150,000 acres in the United States, 145,000 acres in New Zealand and 45,000 acres in Brazil. The transaction brings HTRG's total acreage and assets under management to 2.4 million acres and $3.1 billion. HTRG, a division of the Hancock Natural Resource Group, Inc, an operating company of MFC Global Investment Management, manages timberland in the Pacific Northwest and the Southeast United States as well as Canada, New Zealand and Australia. MFC Global Investment Management is the institutional asset management arm of Manulife Financial Corporation. Based in North America with investment offices in Toronto, Boston, London, Tokyo, Hong Kong and Southeast Asia, the firm has more than 100 years of experience managing funds.