LOS ANGELES
,
June 14, 2022
(Industry Intelligence Inc.)
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Two large timberland properties Manulife Investment Management has listed with LandVest Inc. are marked as ‘under agreement’, suggesting about 324,332 acres in the US South is close to changing hands. The bigger of the two properties is Ceres Timberlands, some 238,243 aces of investment-grade tree farms in eastern Texas and western Louisiana once owned by International Paper Co. As reported in October 2021, Manulife’s Hancock Natural Resource Group retained LandVest as transaction manager for the sale of Ceres Timberlands, which was offered in two distinct sale units: the Toledo Unit (118,645± acres) and the Rayburn Unit (119,598± acres). The other property now under agreement is Triptych Timberlands, some 86,089 acres of investment-grade, well-stocked pine plantations in Oklahoma, Mississippi and Texas. In its Triptych Timberlands listing, published by Industry Intelligence in February 2022, LandVest said that about 70.3% of the portfolio's acreage is enrolled in pine plantation with an average age of 17.3 years old. It added: “These tree farms exhibit some of the finest silviculture and management to be found anywhere in the Gulf South.” In a Timberland Transaction Activity: Q2 Update on June 14, Forisk noted that the merger of PotlatchDeltic Corp. and CatchMark Timber Trust Inc. is due to close in H2, and that deal includes CatchMark’s 350,000 acres of timberlands in Alabama, South Carolina and Georgia. That transaction, together with the Manulife sales, is a cumulative total of almost 675,000 acres of timberland transactions in the US South that could potentially close this year.
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