Hancock Timber Resource Group is to buy more than 930,000 acres of timberland and timber rights from Harvard University.

The purchase, expected to be completed during the fourth quarter, involves timberlands in the US and New Zealand.

Hancock president Dan Christensen said: “They are well-managed and highly productive timberlands and timber rights that will be excellent additions to our investors’ portfolios.”

The deal includes 461,000 acres in Texas, 135,000 acres in Pennsylvania, 327,000 acres in Washington and 15,000 acres in the central North Island of New Zealand.