Potlatch Sells 24,800 Acres of Timberland in Arkansas
Potlatch announced the sale of approximately 24,800 acres of timberland in southwest Arkansas to an affiliate of the RMK Timberland Group, a division of Regions Bank, for approximately $43.3 million, or $1,745 per acre.
The timberland, located near Prescott, Ark., is situated on the westerly and southerly edge of Potlatch’s Arkansas land ownership and consists primarily of stands of pre-merchantable timber.
Following the sale, Potlatch will own approximately 439,000 acres of timberland in Arkansas.
“The sale of these lands at the outer edge of our operating area in southwest Arkansas captures a strong selling price in a strong timberland market, and highlights the fundamental value of our assets,” said Michael J. Covey, chairman, president and CEO of Potlatch.
Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.6 million acres of timberland in Arkansas, Idaho, Minnesota and Wisconsin.
SOURCE: Potlatch Corp.