Seattle. Plum Creek Timber Company, Inc. announced it will form a joint venture with The Campbell Group LLC (Campbell Group) that will allow Plum Creek to capture the value of approximately 454,000 acres of investment grade Southern timberlands. The transaction values these timberlands at $783 million, or approximately $1,725 per acre. The agreement is expected to become effective during the fourth quarter of 2008.
Plum Creek will contribute the timberlands to the joint venture and an investment fund sponsored by Campbell Group will contribute $783 million in cash. Campbell Group, a timber investment management organization based in Portland, Oregon, will manage the joint venture lands for continued timber production. The timberlands are located in six states including Oklahoma, Arkansas, Mississippi, North Carolina, South Carolina and Georgia.
John Gilleland, president of Campbell Group, said, “On behalf of our investors, we are extremely pleased to enter into this joint venture with Plum Creek. The 454,000 acres are strategically located in well-established log markets and provide for management efficiencies with the Campbell Group’s nearly 2 million acres of Southern timberland assets currently under management. We look forward to continuing to manage these lands responsibly and under the requirements of the Sustainable Forestry Initiative Standard."
Plum Creek is one of the largest and most geographically diverse private landowner in the nation with approximately 8 million acres of timberlands in major timber producing regions of the United States and 10 wood products manufacturing facilities in the Northwest.
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