ATLANTA, Sept. 1, 2021 /PRNewswire/ -- CatchMark Timber
Trust, Inc. (NYSE: CTT) today announced that TexMark Timber
Treasury, L.P. ("Triple T") has completed the sale of 300,000 acres
of prime East Texas timberlands
for $497 million in cash, or
approximately $1,656 per acre, to a
client of Hancock Natural Resource Group, Inc., a Manulife
Investment Management company. The sold property represents a
portion of the 1.1 million acres in East
Texas owned by Triple T. CatchMark serves as the asset
manager and general partner of the Triple T joint venture on behalf
of a consortium of institutional investors.
About CatchMark
CatchMark (NYSE: CTT) seeks to deliver
consistent and growing per share cash flow from disciplined
acquisitions and superior management of prime timberlands located
in high demand U.S. mill markets. Concentrating on maximizing
cash flows throughout business cycles, the company strategically
harvests its high-quality timberlands to produce durable revenue
growth and takes advantage of proximate mill markets, which provide
a reliable outlet for merchantable inventory. Headquartered in
Atlanta and focused exclusively on timberland ownership and
management, CatchMark began operations in 2007 and owns interests
in 1.5 million acres* of timberlands located in Alabama, Georgia, Oregon, South Carolina and Texas. For more information, visit
www.catchmark.com.
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SOURCE CatchMark Timber Trust, Inc.