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Hancock exits timber investments

The Boston-based investment group has sold 21,000 acres of Louisiana timber to Atlanta-based investment group, CatchMark.

Hancock Natural Resource Group (HNRG) has sold 21,000 acres of Louisiana timber for $39 million. The buyers, publicly-listed real estate investment trust (REIT) CatchMark Timber Trust, are an Atlanta-based timber investment group. Their shares trade on the New York Stock Exchange (NYSE), and are currently priced at $11.57.

HNRG are a privately held investment firm with $12.1 billion of timber assets under management. The group is split into Hancock Timber and Hancock Agriculture groups, both investing in US assets as well as internationally.

CatchMark, formerly known as Wells Timberland REIT, listed 10.5 million shares at $13.50 per share on the NYSE in December of last year, targeting $173 million, and raised $142 million. The firm currently has 278,100 acres of timber assets under management.