Rayonier Sells Two Timber Funds to BTG Pactual’s Timberland Investment Group
22 Julho 2021 - 8:30AM
Business Wire
Rayonier Inc. (NYSE:RYN) has sold the rights to manage two
timber funds (Fund III and Fund IV) that were previously managed by
its Olympic Resource Management (ORM) subsidiary, as well as its
co-investment stake in both funds, to BTG Pactual’s Timberland
Investment Group (TIG) for an aggregate purchase price prior to
closing costs of $35.9 million. The transaction will be reflected
in third quarter financial results.
Collectively, the funds that were sold comprise approximately
110,000 acres of diverse, SFI-certified timberland in the U.S.
Pacific Northwest. Rayonier’s ownership stake in the two funds on a
“look-through” basis equated to approximately 11,000 acres.
“We are pleased to transition management of these two timber
funds to a well-qualified timberland investment manager,” said
David Nunes, President and CEO. “As previously communicated, the
private equity timber funds business that we obtained last year
through our acquisition of Pope Resources was not a long-term
strategic fit for Rayonier. We believe this transaction reflects a
favorable outcome for our shareholders, as it allows us to simplify
our operations and allocate capital to other strategic
priorities.”
Following this transaction, Rayonier continues to own a 20%
co-investment stake in one timber fund (Fund II) comprising 31,000
acres of timberland in the Pacific Northwest. Rayonier has
commenced a process to liquidate the Fund II assets. Fund II will
continue to be managed by ORM until completion of the planned
sale.
About Rayonier
Rayonier is a leading timberland real estate investment trust
with assets located in some of the most productive softwood timber
growing regions in the United States and New Zealand. As of March
31, 2021, Rayonier owned or leased under long-term agreements
approximately 2.7 million acres of timberlands located in the U.S.
South (1.75 million acres), U.S. Pacific Northwest (507,000 acres)
and New Zealand (417,000 acres). The Company also acts as the
managing member in a private equity timber fund business with one
fund comprising approximately 31,000 acres. On a “look-through
basis”, the Company’s ownership in the fund equates to
approximately 6,000 acres. More information is available at
www.rayonier.com.
Forward-Looking Statements - Certain statements in this
document regarding anticipated future events, our business
strategies, including with respect to the recent acquisition of
Pope Resources, expected acquisitions and dispositions, the
anticipated benefits of our business strategies, and other similar
statements relating to our future events, are “forward-looking
statements” made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward-looking statements are identified by
the use of words such as “plan,” “may,” “will,” “should,” “expect,”
“estimate,” “believe,” “intend,” “project,” “anticipate” and other
similar language. However, the absence of these or similar words or
expressions does not mean that a statement is not forward-looking.
While management believes that these forward-looking statements are
reasonable when made, forward-looking statements are not guarantees
of future performance or events and undue reliance should not be
placed on these statements. The risk factors contained in Item 1A —
Risk Factors in our most recent Annual Report on Form 10-K and
similar discussions included in other reports that we subsequently
file with the SEC, among others, could cause actual results or
events to differ materially from our historical experience and
those expressed in forward-looking statements made in this
document. Forward-looking statements are only as of the date they
are made, and we undertake no duty to update our forward-looking
statements except as required by law. You are advised, however, to
review any subsequent disclosures we make on related subjects in
subsequent reports filed with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20210722005130/en/
Investors / Media Collin Mings, 904-357-9100
investorrelations@rayonier.com
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