CatchMark Timber Trust Inc. Sells 18,063 Acres of Oregon Forestland to Roseburg Resource Co.

CatchMark Timber Trust, Inc. announced on Thursday (6-24-21) that had entered into a definitive agreement to sell 18,063 acres of prime Oregon timberlands — known as the Bandon property — for $100 million in cash, or approximately $5,536 per acre, to Roseburg Resources Co. CatchMark purchased the property in August 2018 for $88.8 million, or $4,916 per acre, exclusive of transaction costs. The company expects to recognize a gain on the sale in excess of $20 million in the third quarter of 2021. As of June 17, 2021, CatchMark has harvested approximately 70% of its targeted 2021 volume for the Pacific Northwest and expects to reach approximately 75% to 80% of its target 2021 harvest volume for the region by transaction close. The sale is expected to close in the third quarter of 2021, subject to customary closing conditions.

Roseburg’s Senior Vice President of Resources Scott Folk commented, “Roseburg is very pleased to acquire another 18,063 acres of well-managed, highly productive and strategically located timberlands in coastal Oregon. The close proximity of these properties to our western manufacturing facilities will help ensure a long-term, sustainable supply of premium logs and wood fiber.”


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Original Source:
CATCHMARK ANNOUNCES AGREEMENT TO SELL 18,063 ACRES OF PRIME OREGON TIMBERLANDS TO ROSEBURG RESOURCES CO.