Molpus Woodlands Group, the own-and-operate US timber investment firm, has bought just over 36,000 acres of forest across 23 counties in Virginia.
The investment was made for a separately managed institutional account and not one of the firm’s own funds, according to a source close to the situation.
The plantation is mostly southern pine and has been in timber production for many years, but also has potential to feed a growing local bioenergy market. The firm also intends to expand existing recreational activities on the land, according to a press release.
The firm closed its fourth timber investment vehicle this October on $663 million, surpassing its initial target of $500 million. Investors in the fund include Aurora General Employees Retirement Plan, which committed $13 million, and Montana Board of Investments, which committed $16 million.
Molpus currently has 1.6 million acres under management, valued in excess of $1.5 billion.