Strategic land acquisition
The sale of over 18,000 acres of land between two forest company giants does not mean the land will be put on the real estate market.
TimberWest Forest Corp. announced that it has agreed to acquire 7,678 hectares (18,973 acres) of private timberland on southern Vancouver Island from Western Forest Products Inc. for $21.9 million.
The property is in the Jordan River/Shirley/Port Renfrew area.
“The lands are highly productive forest lands and TimberWest will manage them for their timberland value to the same high standards of safety, sustainability and environmental management it applies throughout its land base,” said company spokesperson Sue Handel in an email response. “The company does not plan on subdividing or selling the land for real estate values.”
Closing is subject to customary conditions. This will bring TimberWest’s total land holdings to 327,678 hectares (809,973 acres) on Vancouver Island. Western Forest Products will use the proceeds from the sale to pay down debt.
“We are very pleased with the addition of this highly productive timberland adjacent our existing lands on southern Vancouver Island,” said Paul McElligott, TimberWest President and CEO. “This acquisition complements our core business strategy of managing forests for long-term sustainability and assuring a steady and continuing flow of high quality timber.”
The premium species mix and age class distribution of this land makes it a great complement to the company’s managed forest lands on Vancouver Island. TimberWest will manage this land for its timberland value.
As the Island’s largest private forest land owner, TimberWest recognizes the importance of good land stewardship and is committed to managing this new acquisition to the same high standards of safety, environment, and sustainability it has achieved throughout its land base.
TimberWest Forest Corp. is uniquely positioned as western Canada’s largest private timber and land management company. The company owns in fee simple approximately 319,000 hectares or 787,000 acres of private land and is in the business of selling timber products and real estate.