Weyerhaeuser is preparing to sell 304,000 acres of Timberlands in Georgia. The deal will see the division of land b…
Weyerhaeuser is preparing to sell 304,000 acres of Timberlands in Georgia. The deal will see the division of land between four companies, Virginia Forest Investment, Southern Timber Consultants, Georgia Fall Line Properties and Copper Station Holdings #3. The sale includes Weyerhaeuser’s 270,000 owned acres as well as a leasehold interest in a long-term timberland lease covering somewhere in the vicinity of 34,000 acres.
Although terms of the individual agreements were not made public, the company has confirmed the sales totaled roughly $4.4 million. The proceeds from the sale will be used primarily in debt repayment efforts.
The transactions are expected to close in the third quarter of 2004. The closings are subject to customary conditions and details of the transactions will not be disclosed until after the closings.
Once the proceedings have been completed, Weyerhaeuser will either own or manage approximately 6.5 million acres of timberlands in the U.S.
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