BOSTON, (April 1, 2008)—The Hancock Timber Resource Group today closed on the acquisition of approximately 900,000 acres of timberland in the southern United States from TimberStar Southwest, whose largest investor is iStar Financial Inc. (NYSE: SFI), Hancock Timber President Dan Christensen said.
Hancock Timber, a global timberland investment management organization, purchased the portfolio of forestland and related assets for $1.71 billion for its third-party investors.
Hancock Timber will manage the portfolio of timberlands in Arkansas, Louisiana and Texas as a single investment entity to be called Red River Timberlands Company.
Greenhill & Co., LLC acted as exclusive financial adviser to Hancock Timber Resource Group on this transaction.
The Hancock Timber Resource Group, a division of Hancock Natural Resource Group, Inc, an operating company of MFC Global Investment Management, manages more than 4.6 million acres of timberland worth approximately $9.1 billion in the Pacific Northwest, Southeast and Northeast United States as well as Brazil, Canada, New Zealand and Australia. Additional information about Hancock Timber may be found at www.hancocktimber.com.
MFC Global Investment Management is the 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. Additional information about MFC Global Investment Management may be found at 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 $396 billion (US $392 billion) as of December 31, 2007. Manulife Financial Corporation trades as “MFC” on the TSX, NYSE and PSE, and under “0945” on the SEHK. Manulife Financial may be found on the Internet at www.manulife.com.