ATLANTA (May 21, 2018) – Smith, Gambrell & Russell, LLP (SGR) is pleased to announce that firm client, CatchMark Timber Trust, Inc. (NYSE: CTT), has signed an agreement to purchase 1.1 million acres of prime East Texas timberlands for $1.39 billion.
The deal is one of the largest U.S. timberland transactions since the 2007 sale of 1.55 million acres (including this property together with other timberlands in Louisiana, Alabama and Georgia) by Temple-Inland to the current owner for $2.4 billion and the sale of TimberStar properties in 2008 for $1.9 billion.
CatchMark will acquire the timberlands in a joint venture with a consortium of institutional investors including BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management Inc., and a major Canadian institutional investor. The property is being sold by Campbell Global, on behalf of the institutional owners of the property.
Advising CatchMark on the transaction is an SGR legal team led by Atlanta Real Estate Practice Section Head Mark Pottorff, and Atlanta Real Estate’s Sharon Duvall, Partner and Matt Moore, Associate. Firm lawyers and paralegals in the New York and Jacksonville offices also assisted on the transaction. SGR has a long history of representing buyers and sellers of timber properties, including representing TimberStar in the acquisition and subsequent sale of the TimberStar properties referenced above.
CatchMark Timber Trust, Inc. (NYSE:CTT) is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests and well-timed sales. Headquartered in Atlanta and focused exclusively on timberland ownership, CatchMark began operations in 2007 and owns interests in approximately 514,100 acres* of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com. *As of March 31, 2018.
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 more than 220 attorneys provide legal counsel in more than 45 specialized practice areas, including corporate transactions, litigation, intellectual property, aviation, banking, real estate, timber, construction and employment law. Founded in 1893, SGR has offices in Atlanta, Austin, Jacksonville, London, Los Angeles, Munich, New York, Southampton, and Washington, D.C.