A timber investment fund has finalilsed the purchase of 1.55 million acres of US timberland for about US$2.38bn.
Oregon-based Campbell Group bought the timberland, located in Texas, Louisana, Georgia and Alabama, from Temple-Inland Inc.
“The Temple-Inland forests represent some of the best-managed, highest quality timberlands in the world,” said John Gilleland, Campbell Group president.
As part of the transaction, some of the harvest from the forests will supply Temple-Inland mills under long-term supply agreements.
Group assets under management now span 13 states and have a total market value of more than US$4bn.
