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Sept. 2, 2021, 8:22 a.m. EDT

Manulife buys Texas pine timberland in fourth such acquisition in 2021

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By Steve Gelsi

Manulife Financial Corp. /zigman2/quotes/202106759/composite MFC +0.10% said Thursday its Hancock Natural Resource Group unit closed its acquisition of 300,000 acres of pine timberland on behalf of the Swedish pension system fund AP3. Hancock Natural Resource Group teamed up on the purchase with TexMark Timber Treasury LP, which is a joint venture managed by CatchMark Timber Trust Inc. /zigman2/quotes/202675836/composite CTT -0.23% . Tom Sarno, global head of timberland investments at Manulife Investment Management, said the purchase marked his team's fourth timberland acquisition this year. Those include two eucalyptus plantations in Brazil and Maine along the Quebec border, as part of Manulife Investment Management's six million acres of timberland and 400,000 acres of farmland. Manulife's shares did not trade in the pre-market. CatchMark Timber Trust shares rose 1.5% on Thursday morning.

/zigman2/quotes/202106759/composite
US : U.S.: NYSE
$ 20.70
+0.02 +0.10%
Volume: 2.37M
Jan. 14, 2022 4:00p
P/E Ratio
7.66
Dividend Yield
4.27%
Market Cap
$40.23 billion
Rev. per Employee
$1.19M
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/zigman2/quotes/202675836/composite
US : U.S.: NYSE
$ 8.61
-0.02 -0.23%
Volume: 226,774
Jan. 14, 2022 4:00p
P/E Ratio
19.47
Dividend Yield
3.48%
Market Cap
$420.93 million
Rev. per Employee
$4.51M
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