Hancock Timber Resource Group To Acquire Timberland And Timber Rights From Harvard University

Boston - The Hancock Timber Resource Group (HTRG) today announced that it has signed an agreement to acquire the ownership interests of entities owning or controlling more than 930,000 acres of timberland or timber rights managed by the Harvard Management Company. Harvard Management Company is the investment manager for Harvard University.

The transaction is expected to close in the fourth quarter and entities managed by HTRG will acquire Harvard University-owned entities in New Zealand and the United States. The timberlands and timber rights are located in Texas (461,000 acres), Pennsylvania (135,000 acres), Washington (327,000 acres), and the Central North Island of New Zealand (15,000 acres). Terms of the transaction were not disclosed.

"We obviously are very pleased to reach an agreement to acquire these outstanding properties," said Dan Christensen, HTRG's president. "They are well managed and highly productive timberlands and timber rights that will be excellent additions to our investors' portfolios."

"Beyond that, however, this acquisition represents an important step forward for us and for our current and future investors who rely on HTRG to build high quality, geographically diversified timberland portfolios for them. As always, we will ensure that the management of all of our forests, including the newly acquired ones, is conducted with a long-term, sustainable perspective that benefits the environment as well as our clients."

SOURCE: Hancock Timber Resource Group