NORCROSS, GA-Wells Timberland REIT Inc. and MeadWestvaco havefinalized their $400-million deal. With the ink dry, WellsTimberland now owns and leases approximately 320,000 acres ofcommercially managed forestland across Georgia and Alabama.
Thetransaction, first made public in August, is the year'sfourth-largest timberland transaction, according to Forestweb.Specifically under the deal, Wells Timberland will ownapproximately 228,000 acres and have the long-term leaseholds toanother 95,000 acres, as GlobeSt.com previously reported.
“This closing is a real milestone for the fund,” Jess Jarratt,president of Wells Timberland Investment Management Organization,explains in a statement. “Our plan is to manage these landsprofessionally and responsibly for our investors.”
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