Nuveen Natural Capital, a globally diversified investment and asset management company specializing in the acquisition and stewardship of forestry assets, has completed the sale of 66,800 acres in Texas and Georgia to Rayonier, a timberland REIT. The purchase price, before transaction costs, was $124.2 million.
“Located in highly productive areas of Texas and Georgia, with a mature age-class distribution that complements our existing portfolio, these properties help Rayonier grow scale in strong timber markets,” said David Nunes, president and CEO of Rayonier.
Nuveen Natural Capital began investing in timberland in the region in 1998, on behalf of TIAA, acquiring the Texas and Georgia properties between 1999 and 2005.
