ATLANTA (August 9, 2021) – Smith, Gambrell & Russell, LLP (SGR) is pleased to announce that firm client, CatchMark Timber Trust, Inc. (NYSE: CTT), has announced a definitive agreement as a part of its Triple T venture to sell 301,000 acres of prime East Texas timberlands to a client of the Hancock Natural Resource Group, Inc., a Manulife Investment Management company, for $498 million in cash or approximately $1,656 per acre. CatchMark serves as the asset manager and general partner of the venture on behalf of a consortium of institutional investors. The sale is expected to close in the third quarter of 2021, subject to customary closing conditions.
The 301,000-acre-property represents a portion of the 1.1 million acres in East Texas owned by Triple T, which was purchased in July 2018 for $1,264 per acre. The proceeds of the sale will be used to reduce Triple T’s leverage and to pay down a portion of the preferred partnership interests in the joint venture.
Advising CatchMark on the transaction is an SGR Atlanta legal team led by Partner Mark Pottorff with Partner Matthew Moore and Associate Savannah Phinney in the Real Estate Practice. Partner Tom Hong in SGR’s Corporate Practice is also assisting.
CatchMark Timber Trust, Inc. (NYSE: CTT) seeks to deliver consistent and growing per share cash flow from disciplined acquisitions and superior management of prime timberlands located in high demand U.S. mill markets. Concentrating on maximizing cash flows throughout business cycles, the company strategically harvests its high-quality timberlands to produce durable revenue growth and takes advantage of proximate mill markets, which provide a reliable outlet for merchantable inventory. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 1.5 million acres* of timberlands located in Alabama, Florida, Georgia, Oregon, South Carolina and Texas. For more information, visit www.catchmark.com.
*As of March 31, 2021.
About Smith, Gambrell & Russell, LLP
SGR is a full service, international law firm that advises regional, national and global businesses on a wide range of legal matters. The firm’s 250 attorneys provide legal counsel in more than 45 specialized practice areas, including corporate transactions, litigation, intellectual property, aviation, banking, real estate, construction, employment law, and employee benefits and executive compensation. Founded in 1893, SGR has offices in Atlanta, Austin, Jacksonville, London, Los Angeles, Miami, Munich, New York, Southampton, and Washington, D.C.