BOSTON, (September 2, 2005)-The Hancock Timber Resource Group (HTRG) today announced that it has completed its acquisition of Prudential Timber Investments, Inc. (PruTimber), the timberland investment management unit of Prudential Financial, Inc. Terms of the acquisition were not disclosed. With the acquisition, HTRG assumes management responsibility for PruTimber’s approximately 340,000 acres of timberland, worth approximately $540 million. The new timberlands include 150,000 acres in the United States, 145,000 acres in New Zealand and 45,000 acres in Brazil.
The transaction brings HTRG’s total acreage and assets under management to 2.4 million acres and $3.1 billion.
HTRG, a division of the Hancock Natural Resource Group, Inc, an operating company of MFC Global Investment Management, manages timberland in the Pacific Northwest and the Southeast United States as well as Canada, New Zealand and Australia. Additional information about HTRG may be found at its website: www.hancocktimber.com.
MFC Global Investment Management is the institutional asset management arm of Manulife Financial Corporation. Based in North America with investment offices in Toronto, Boston, London, Tokyo, Hong Kong and Southeast Asia, the firm has more than 100 years of experience managing funds. Additional information about MFC Global Investment Management may be found at its website: http://www.mfcglobal.com.
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$364 billion (US$297 billion) as at June 30, 2005.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.