Benzinga | Sep 1, 2020 08:15AM EDT

Weyerhaeuser To Enhance Oregon Timberland Holdings

SEATTLE, Sept. 1, 2020 /PRNewswire/ --Weyerhaeuser Company (NYSE:WY) today announced it has entered into two distinct agreements to purchase timberlands from and sell timberlands to funds managed by Hancock Natural Resource Group, a Manulife Investment Management company.

The company is purchasing approximately 85,000 acres of timberlands in mid-coastal Oregon in one transaction, and selling 149,000 acres of timberlands in southern Oregon in a second transaction. The net cost of these two separate transactions is approximately $40 million in cash.

"These two agreements represent a unique opportunity to further enhance Weyerhaeuser's Western timberlands portfolio with exceptional land that is contiguous with our existing ownership," said Devin W. Stockfish, president and chief executive officer. "Through these transactions, we are acquiring highly productive timberland with low operating costs and strong access to key domestic and export markets, and we expect them to deliver immediate and long-term value for our shareholders."

The transactions are subject to customary closing conditions and are expected to close in the fourth quarter of 2020.