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