Timberland REIT acquires 172,400 acres for $474m from Manulife IM

Rayonier, a timberland REIT, has acquired approximately 172,400 acres of high-quality commercial timberlands located in Texas, Georgia, Alabama and Louisiana for $474 million from Manulife Investment Management (Manulife IM).

Approximately 80 percent of the acquisitions consist of fee ownership, and the remaining 20 percent consist of a long-term lease.

“The acquisitions announced today underscore our commitment to improving our portfolio quality and sustainable yield through disciplined growth,” said David Nunes, president and CEO of Rayonier. “It is rare to come across a collection of premier-quality timberland assets with such a strong fit to our existing portfolio. In addition to complementing our southern portfolio, we expect that these acquisitions will generate a strong cash yield from timber operations, which will enhance our cash flow profile, quality of earnings, and market positioning as the leading pure-play timberland REIT. In sum, we are thrilled to