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International Paper sells 163,000acres property to Figure 8 Partners

US-based International Paper, a global paper and packaging company, has announced that it has closed the sale of 0.16 million acres under contract with Figure 8 Partners, an affiliate of Rock Creek Capital.

The total consideration of $199m includes $160m in cash and $39m, plus interest, to be received no later than three years from closing. In addition, IP has received a 20% profits interest in the partnership. The properties are located in the southeastern part of the United States.

International paper has manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa; and its business verticals include: uncoated papers, industrial and consumer packaging and distribution.