Hancock Natural Resource Group, an affiliate of Manulife Investment Management, has acquired more than 300,000 pine timberland acres in eastern Texas. No financial terms were disclosed. The seller was a joint venture of CatchMark Timber Trust. The investment was made on behalf of Manulife client AP3, a Swedish state pension system.
BOSTON, Sept. 2, 2021 /PRNewswire/ – Hancock Natural Resource Group (HNRG), a company of Manulife Investment Management, announced today the closing of a transaction on behalf of its client, AP3, with TexMark Timber Treasury L.P. (Triple T), a joint venture managed by CatchMark Timber Trust, Inc. (NYSE:CTT) AP3 is one of four buffer funds that manage capital on behalf of the Swedish state pension system. Under the terms of the agreement, HNRG acquired more than 300,000 pine timberland acres in eastern Texas through a U.S. subsidiary of AP3. The timberlands are located in 10 counties across the western coastal plain of Texas.
“We’re pleased to announce the closing of these timberlands in Texas,” said Tom Sarno, global head of timberland investments, Manulife Investment Management. “Our team is very experienced in this region and was able to provide key insight and validate our initial assumptions. We believe the assets are very well positioned to benefit from the already deep markets, reliable off takers, and favorable timber growth attributes with additional opportunities provided by recently announced mill investments in the region. We have confidence that the investment is well positioned for long-term success and we look forward to managing the property on behalf of our client. This marks the fourth timberland acquisition our team has closed in 2021, including two eucalyptus plantations in Brazil and an impact-first investment in Maine along the Quebec, Canada, border.”
Manulife Investment Management manages approximately 6 million acres of timberland across the United States, Canada, New Zealand, Australia, Brazil, and Chile as part of its comprehensive private markets strategies. It also oversees approximately 400,000 acres of prime farmland in major agricultural regions of the United States and in Canada, Chile, and Australia.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
As of June 30, 2021, Manulife Investment Management had CAD$1.0 trillion (US$834 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
AP3 is one of four buffer funds that manage capital on behalf of the Swedish state pension system. The fund had SEK 466,9 billion of assets under management as of June 30, 2021. AP3 is tasked by Swedish Parliament with generating maximum possible benefit for the state pension system by managing its fund capital responsibly and delivering strong investment returns at a low level of risk. For more information, see www.ap3.se