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HANCOCK TIMBER RESOURCE GROUP COMPLETES ACQUISITION OF TIMBERLAND.
(Full text of statement. Contact details below.)
BOSTON, Oct. 31 /PRNewswire-AsiaNet/ --
The Hancock Timber Resource Group (HTRG) said today that it has completed its acquisition of the ownership interests of entities owning or controlling approximately 930,000 acres of timberland or timber rights from Harvard Management Company, the investment manager for Harvard University.
Under the terms of the transaction, which were not disclosed, HTRG acquired timberlands located in Texas (463,000 acres), Pennsylvania (116,000 acres), New York (12,000 acres) and Washington (324,000 acres). HTRG also acquired timber management rights for 14,500 acres of timberland on the Central North Island of New Zealand.
The closing of this transaction, which originally was announced on July 28, brings HTRG's total assets under management to approximately $4.8 billion consisting of approximately 3.3 million acres of timberland and timber rights.
HTRG, a division of Hancock Natural Resource Group, Inc, an operating company of MFC Global Investment Management, manages timberland in the Pacific Northwest and the Southeast United States as well as Brazil, Canada, New Zealand and Australia. Additional information about HTRG may be found at http://www.hancocktimber.com.
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