International Paper Completes Sale of 163,000 Acres of Real Estate Properties
Sept. 24, 2010 - International Paper said that it has closed the sale of 163,000 acres under contract with Figure 8 Partners, LP, an affiliate of Rock Creek Capital (the "Partnership").
The total consideration of $199 million includes $160 million in cash and $39 million, plus interest, to be received no later than three years from closing.
In addition, IP has received a 20% profits interest in the Partnership.
The properties are located in the southeastern part of the United States.
SOURCE: International Paper