Buyer exercises option to purchase 3,000 acres of CatchMark land holdings in Georgia for approximately US$9M; CEO says transaction expected to close in Q4 is in keeping with previous guidance to complete US$8-10M in land sales in 2014
March 27, 2014
– CatchMark Timber Trust, Inc. CTT -0.22% announced today that a prospective buyer has exercised its option to purchase approximately 3,000 acres of CatchMark land holdings in Georgia for approximately $9 million under an existing option agreement with the company. The transaction is expected to be completed during the fourth quarter of 2014, subject to customary closing conditions. Under terms of the agreement with the buyer, no other details were announced.
Jerry Barag, President and CEO of CatchMark, said: "This pending transaction is in keeping with our previous guidance for completing $8 million to $10 million in land sales during 2014. We continue to assess opportunistic dispositions across our portfolio with a view toward maximizing the value of our land base and taking advantage of higher-and-better use land sale opportunities where available."
About CatchMark CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2006 and owns interests in approximately 278,100 acres of timberland located on the Lower Piedmont and Upper Coastal Plains of East Central Alabama and West Central Georgia. CatchMark Timber owns approximately 247,200 acres and leases approximately 30,900 additional acres from third parties. For more information visit www.catchmark.com .