Acquisition of Bishop Forest In Upper Peninsula Marks Company’s Entry Into Great Lakes Region
BOSTON (May 31, 2016)—The Hancock Timber Resource Group today announced that it has completed the acquisition of more than 360,000 acres of timberlands in the Upper Peninsula of Michigan from The Forestland Group.
The 362,349 acres, known as the Bishop Forest, are located near Marquette, Michigan and stocked with northern hardwood species.
“We are very pleased to acquire these high quality timberlands, which are an excellent fit for our clients,” said Brent Keefer, president of the Hancock Timber Resource Group. “This acquisition also marks our entry into the Great Lakes region of the United States. We view this as an opportunity to offer additional portfolio diversification for our clients and it creates the prospect for further growth of our business.”
Two thirds of the acreage has been encumbered by a conservation easement and also by a carbon project. The conservation easement restricts development and provides for public recreational access. The carbon project amounts to a 100 year commitment to manage the property with higher than average timber volumes per acre, for which the landowners (HTRG clients) are rewarded through the issuance and sale of carbon credits. While most of the carbon credits were generated at the outset of the project in 2014, additional credits are earned on an annual basis, providing a supplemental income stream.
The timberlands will be managed by Hancock Forest Management, the organization’s integrated property management group.
About the Hancock Timber Resource Group
The Hancock Timber Resource Group, founded in 1985, is a division of Hancock Natural Resource Group, Inc., a unit of Manulife Asset Management Private Markets. Based in Boston, it manages approximately 6.1 million acres of timberland in the United States, Brazil, Chile, Canada, New Zealand and Australia on behalf of investors worldwide. Additional information about Hancock Timber may be found at www.hancocktimber.com.