Timberland Sold In 69,200-Acre Deal

Weyerhaeuser Co.,  headquartered in Seattle with property and facilities across North America, recently announced an agreement to purchase 69,200 acres of high-quality timberland from Soterra Leases, LLC, a subsidiary of Greif Land Management that operates in Alabama, Mississippi and Louisiana. The approximately $149-million sale includes land approximately 100 mi. north of Mobile. Weyerhaeuser calls the timber inventory “well-stocked, including 76% plantation acreage with [an] average age of 14 years and an opportunity for increased productivity over time.” It expects immediate and sustained cashflow, with a 10-year average adjusted earnings before interest, taxes, depreciation and amortization of approximately $7 million annually. The transaction is subject to customary closing conditions and is to wrap in the second quarter of 2021.