TimberWest acquires more land

Strategic land acquisition

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.

Just Posted

The strange case of Jesokah Adkens

All was not what it seemed in Sooke girl’s disappearance 18 years ago

Victoria Police host Faith-Based Safety Forum in light of recent religious attacks

More than 35 faith-based leaders voice concerns, air questions

Kelowna toddler suffers cracked skull after fall from balcony

Neighbour who found the two-year-old boy said he has a bump the size of a golf ball on his head

Baby boom seniors putting pressure on B.C. long-term care: report

B.C. leads Canada in growth of dementia, dependence on care

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

Support growing for orphaned Okanagan child after father dies in highway crash

Family thanks emergency crews for assistance in traumatic incident

Pipeline protester chimes in on Justin Trudeau’s B.C. fundraising speech

The government purchased the Trans Mountain pipeline and expansion project for $4.5 billion

UPDATED: B.C. man says he’ll take People’s Party lawsuit as far as he can

Federal judge shut down Satinder Dhillon’s ‘nonsensical’ motion to bar use of PPC name in byelection

Canada stripping citizenship from Chinese man over alleged marriage fraud

The move comes amid severely strained relations between Ottawa and Beijing

Nevada court orders former Vancouver man to pay back $21.7M to investors

The commission says Michael Lathigee committed fraud over a decade ago

Young man on Vancouver Island dies after losing control of ATV

Crash claimed the life of a 23-year-old south of Nanaimo over the long weekend

Most Read