US timber company Rayonier will finalise its US$39.9m sale of 8,465 acres of land and timber early in the second quarter.

The sale to the St Johns River Water Management District and the State of Florida will earn the company a net profit of US$22.7m.

It is part of Rayonier’s strategic programme to sell between 2-4% of its holdings a year to realise the appreciating value of the land. It says some lands are becoming more valuable for conservation, recreation or development than for growing timber.