posted on August 12, 2011 14:42
Austin-based Forestar Group Inc. said it completed the sale of about 50,000 acres of Georgia and Alabama timberland to Plum Creek Timber Company Inc. for $75 million.
Forestar, which manages real estate and its natural resources, reserved mineral rights and retained an option to acquire mitigation rights to about 1,000 acres for use in mitigation banks.
“The sale represents a significant step toward completing our strategic initiatives to enhance shareholder value. We have sold approximately 169,000 acres of timberland in Georgia, Alabama and Texas for approximately $270 million,” said President and CEO Jim DeCosmo.
Click here to read about Forestar’s (NYSE: FOR) recent financial performance.
8/8/11, Cody Lyon, Austin Business Journal