Forestar Group Inc of the US has announced completion of its sale of 50,000 acres of timberland in Georgia and Alabama for US$75m to Plum Creek Timber Company Inc.
Forestar chief executive Jim DeCosmo said the sale formed part of its wider timberland disposal policy, which was aimed at “enhancing shareholder value”.
“ We have now sold approximately 169,000 acres of timberland in Georgia, Alabama and Texas for approximately US$270m,” he said,
He added that Forestar reserved mineral rights on the land sold to Plum Creek and retained an option to acquire the mitigation rights to approximately 1,000 acres for use in mitigation banks.
