Nuveen Natural Capital, a globally diversified investment and asset management company specializing in the acquisition and stewardship of forestry assets, completed the sale of 66,800 acres in Texas and Georgia to Rayonier, a leading timberland real estate investment trust. The purchase price, before transaction costs, was $124.2 million.
The sale completes a successful investment cycle for Nuveen Natural Capital, capitalizing on a unique opportunity for a high quality, scale owner in the region. Nuveen Natural Capital began investing in timberland in the region in 1998, on behalf of TIAA, acquiring the Texas and Georgia properties between 1999 and 2005.
“We are very pleased with the timing and strategic nature of this transaction,” said Chris Lipton, Head of Timberland Investments at Nuveen. “It clearly demonstrates our depth of market knowledge and active management capabilities to produce superior results for our clients.”
“This acquisition is a great example of how we create value through active portfolio management,” said David Nunes, President and CEO of Rayonier. “Located in highly productive areas of Texas and Georgia, with a mature age-class distribution that complements our existing portfolio, these properties help Rayonier grow scale in strong timber markets.”