Hayward, Wisconsin, USA, 25 September 2008 -- RMK Timberland Group (RMK) and Plum Creek Timber Company, Inc. today announced the purchase and sale of approximately 28,000 acres of land in Iron County, Wisconsin. Through the purchase, which closed on 24 September 2008, RMK will take ownership immediately.
RMK Timberland Group is a timberland investment management organization that manages, after this purchase, more than 50,000 acres of Wisconsin forestlands. Plum Creek is Wisconsin’s largest private landowner and continues to own more than 330,000 acres of land throughout Wisconsin, including approximately 5000 acres in Iron County.
“These lands are a good addition to our clients’ portfolio of properties and have been well-managed by Plum Creek. This purchase allows us to expand our presence in Wisconsin,” said Charlie Daniel, president of RMK. “We look forward to being a part of the Iron County community and becoming a larger part of Wisconsin’s forest products industry,” he said.
“RMK is an important contributor to the national and state timber industry, and we are pleased this sale agreement could be reached,” said Scott Henker, senior resource manager for Plum Creek’s Lake States Region. “It allowed our company to seize a good market opportunity for the land while allowing RMK to increase its role in the state.”
RMK Timberland Group operates as a business unit partner of Regions Morgan Keegan Trust and Morgan Asset Management, the trust and asset management arm of Regions Financial Corporation. Based in Atlanta, Georgia, RMK was created in 1981 and was a pioneer in timberland investing when it started one of the first commingled timberland funds for institutional investors.
Today, RMK Timberland manages separate accounts and commingled funds with more than USD 1 billion in timberland assets. RMK currently manages in excess of 1.4 million acres across the United States and in South America. Clients include corporate and public pension funds, endowments and foundations, and high net-worth individuals. For more information on RMK Timberland Group, visit www.rmktimberland.com.
Plum Creek is the largest and most geographically diverse private landowner in the nation, with approximately 8 million acres of timberlands in major timber producing regions of the United States and 10 wood products manufacturing facilities in the Northwest. In Wisconsin, Plum Creek practices sustainable forestry on more than 330,000 acres of forestland in 26 counties throughout the state. For more information on Plum Creek in Wisconsin, visit www.plumcreek.com/wisconsin.