Western Forest Products Completes Sale of Private Land on Vancouver Island to Eastwood Forests

On Tuesday, Western Forest Products (WFP) announced that it has completed the sale of approximately 14,500 hectares (35,800 acres) of fee simple land on northern Vancouver Island in British Columbia, Canada to a Canadian affiliate of the Eastwood Climate Smart Forestry Fund I LP for CA$69.2 million (US$48.4 million).

In a statement accompanying the announcement, WFP President and CEO Steven Hofer said:

“Eastwood has a dedicated focus on delivering climate benefits by supporting responsible forest management globally and we believe they will be excellent stewards of this land and partners in the region. The sale reflects our ongoing focus on optimizing and investing in our BC operations. We plan to use the sale proceeds to reduce our debt and support our accelerated transition to higher value products manufacturing, including the previously announced continuous kiln investments in BC.”

Eastwood Forests CEO Alex Finkral added:

“This Vancouver Island forestland fits perfectly with Eastwood’s interest and experience in sustainable forest management and climate change mitigation, balancing forest conservation with the economic wellbeing of the region. We are committed to fostering relationships with local First Nations, businesses, and communities to create positive ecological and economic outcomes for British Columbia and beyond.”

Prab Dahal, Vice President of Transactions at Eastwood Forests, added:

“These private timberlands are located in a biologically and culturally rich area. We are excited to engage locally as we build stewardship plans that respect that richness, while at the same time adding a variety of diversification metrics to our clients’ portfolio.”