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Cambian Global Timberland completes Florida land sale

Cambian Global Timberland has completed the sale of 13,810 acres of land in Florida.

Estimated proceeds net of transaction costs and a loan prepayment fee will be $15.4m, representing 97% of the 31 October third-party appraisal.

Approximately $5.4m will be used to pay down principal on the amount borrowed by the company in May 2010. Following the repayment, the principal balance will stand at approximately $6.2m.

"The remaining South Atlantic States property, located in Georgia, is excellent core timberland property that will provide sustainable yield based on timber harvest. The Florida sale is complementary with the previous US land sales, and it leaves Cambium with a more mature forest. We do not anticipate further sales for Cambium of properties in the United States," said Richard Standeven, portfolio manager with the investment manager, CP Cogent Asset Management.

At 11:47am: (LON:TREE) share price was 0p at 43.5p

Story provided by StockMarketWire.com

01/06/2012