CatchMark Timber Trust has completed the previously announced acquisition of 1.1 million acres of prime East Texas timberlands for approximately $1.39 billion in a joint venture with a consortium of institutional investors, including BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management, and British Columbia Investment Management Corp.
The property was sold by Campbell Global, on behalf of the institutional owners of the property, in one of the largest U.S. timberlands transactions of the past decade. The joint venture — operating as Triple T Timberlands — is a CatchMark-managed affiliate.
For an investment of $200 million, CatchMark has tripled the number of acres under its control and management to approximately 1.6 million acres and significantly expanded its fee-based asset management business. The innovative transaction fits CatchMark’s profile for acquiring interests in properties that can provide sustainable growth for its stockholders. The acquired timberlands have a highly productive site index and are projected to grow from the current 2.8 million tons of annual harvest volume to more than 5 million tons by 2028.
