Rayonier, a timberland real estate investment trust, has purchased a 66,800 acre property in Texas and Georgia, from Nuveen Natural Capital, a diversified investment and asset management company focused on acquisition and operation of forestry assets.
Rayonier purchased the property for $142.2 million and represents the completion of the investment cycle for Nuveen. The firm began investing in timberland in the region in 1998 and acquired the Texas and Georgia properties between 1999 and 2005.
“We are very pleased with the timing and strategic nature of this transaction,” said Chris Lipton, head of timberland Investments at Nuveen. “It clearly demonstrates our depth of market knowledge and active management capabilities to produce superior results for our clients.”
“This acquisition is a great example of how we create value through active portfolio management,” said David Nunes, president and CEO of Rayonier. “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.”