ATLANTA, March 20, 2014 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) announced today its agreement to purchase 36,340 acres of timberland located in Southeast Georgia and East Texas (known as the Waycross-Panola properties) from Hancock Timber Resource Group was formally approved today by the investment committee of Hancock Natural Resource Group. The $74 million transaction remains on schedule for completion during the second quarter, but remains subject to customary closing conditions.
Under terms of the agreement, CatchMark would acquire approximately 1.45 million tons of merchantable timber inventory and increase the share of higher value chip-n-saw and sawtimber in its product mix. The inventory comprises 84% pine plantations by acreage and 54% sawtimber by tons. The Georgia properties, located near Baxley (Waycross), and the East Texas properties (Panola) combined are expected to add approximately 180,000 to 200,000 tons per year to CatchMark's harvest volumes over the next decade.
A presentation detailing the Waycross-Panola transaction is available at www.catchmark.com.
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.
SOURCE CatchMark Timber Trust, Inc.