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Weyerhaeuser Co., Seattle, Wa., has sold back its 21% ownership interest in the Twin Creeks Timber, LLC joint venture for $107.5 million and will sell 100,000 acres of Southern timberlands to Twin Creeks for $202.5 million.
The sale, expected to close by the end of the year, includes 80,000 acres of timberlands in Mississippi and 20,000 acres in Georgia.
Effective December 31, Weyerhaeuser will also terminate the agreements under which it has managed the Twin Creeks timberlands, ending its involvement with the company.
“Through these transactions, we are simplifying our operations to focus on management of our own timberlands while continuing to strategically optimize our timberland portfolio,” said Doyle R. Simons, president, and chief executive officer.
Twin Creeks was formed as a joint venture between Plum Creek Timber Co. and several institutional investors. Following its merger with Plum Creek in 2016, Weyerhaeuser assumed Plum Creek’s investment in the joint venture and became the manager of the Twin Creeks timberlands.