Rayonier buys Pope. R ayonier buys Pope Resources for $554 million. Pope, a timberland firm with roots in the founding of Port Gamble in 1853, was created by joining enterprises and assets of Pope & Talbot. Pope and its affiliates Olympic Resource and Olympic Property Group own and manage 125,000 acres of timberland and properties in Washington. Pope also co-invests in and combines three private equity timberland funds, owning 141,000 acres in Washington, Oregon, and California. This deal allows Rayonier to enhance the scale, diversity, and cash flow potential of its Pacific Northwest holdings and allows Pope unitholders to share in the upside of a more diverse portfolio. Pope Resources’ extra 125,000 acres increase Rayonier’s Pacific Northwest sustainable yield by 32 percent and its Douglas-fir inventory by 13 percent. This adds physical and market diversity by boosting the ratio of ground-based logging at lower operating cost...
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