| Plum Creek and Institutional Investors to Create Joint Venture to Own, Manage and Acquire Timberlands | |
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SEATTLE--(BUSINESS WIRE)-- Plum Creek Timber Company, Inc. (PCL) announced today that it has formed a joint venture with several institutional investors to own and sustainably manage a portfolio of U.S. timberlands. Silver Creek Capital Management, a Seattle-based fund manager and fiduciary to investors (unrelated to Plum Creek), will act as the managing member and independent fiduciary. The initial committed investors include the Washington State Investment Board, the Oregon Public Employees Retirement Fund, and the Alaska Permanent Fund Corporation. The venture is expected to begin operations in January 2016. The joint venture, known as Twin Creeks Timber, LLC, will provide the institutional investors an opportunity to co-invest in timberlands currently managed by Plum Creek with the objective of growing the portfolio to approximately $1 billion in valuation over time through opportunistic, selective timberland acquisitions from third parties. The venture is intended to be a long-term timberland investment with an initial 15-year term. The initial portfolio, valued at approximately $560 million, will consist of 260,000 acres of Southern U.S. timberland located in five states sourced from Plum Creek. Plum Creek will manage the Twin Creeks timberlands and own 25 percent of the common equity of the joint venture. The institutional investors will collectively own 75 percent of the common equity of the joint venture. “We’re excited to partner with Silver Creek and these leading institutions who share Plum Creek’s management philosophy and recognize the benefits of a long-term investment in a diversified portfolio of high-quality timberlands,” said Rick Holley, chief executive officer of Plum Creek. “Importantly, this co-investment structure uniquely aligns the interests of the property manager and investor clients, an important consideration for institutional investors. The joint venture creates another platform for future growth at Plum Creek, while preserving local timber market presence and established economies of scale. We look forward to managing and growing the joint venture, while delivering attractive returns over the long term.” Plum Creek will sell timberlands valued at approximately $420 million to Twin Creeks for cash in a transaction expected to close in January 2016. |
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PLUM CREEK TIM REIT is a exploration company. PLUM CREEK TIM REIT is listed in United States of America. Its market capitalisation is US$ 3 065.9 billions as of today (€ 2 653.6 billions). Its stock quote reached its lowest recent point on October 25, 2018 at US$ 1 049.25, and its highest recent level on October 06, 2021 at US$ 1 494.97. PLUM CREEK TIM REIT has 2 050 830 080 shares outstanding. |