Investment company Hancock Timber Resources Group has closed the acquisition of about 900,000 acres of timberland in the southern US.
Hancock, a division of MFC Global Investment Management, bought the timberlands and related assets from TimberStar Southwest for US$1.71bn.
Hancock Timber will manage the portfolio in Arkansas, Louisiana and Texas as a single investment entity to be called Red River Timberlands Company.
The investor now manages more than 4.6 million acres of timberland worth about US$9.1bn in the Pacific Northwest, Southeast and Northeast US, as well as Brazil, Canada, New Zealand and Australia.
