Real estate and timberland management company
said Wednesday it completed the acquisition of timberland from
GMO Renewable Resources
, an affiliate of Grantham, Mayo, Van Otterloo, an investment management firm, for $151 million.
The 174,000 acres of timber is located in New York, Texas, Oklahoma, Arkansas, Alabama and Louisiana.
The Jacksonville, Fla.-based Rayonier said that the purchase brings its total timberland holdings to about 2.2 million acres.
"The purchase is part of our strategy to increase both the size and geographic footprint of our REIT and enhances our product mix with the addition of several high-value hardwood species," the company said. "Also, the acquisition provides significant like-kind-exchange tax benefits, offering us further opportunity to efficiently develop our high-value real estate business."
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