Potlatch Corporation will be acquiring about 179,000 acres of timberland in Idaho for nearly $215 million from Western Pacific Timber.

 The transaction will take place in two phases, with a majority of timberlands to be acquired in the first phase, which is expected to close by the end of September, and the remaining timberlands to be acquired in the second phase, which is expected to close in January 2008, according to a press release.

The timberland are located in the heart of central Idaho’s premier outdoor recreational corridor. It contains stocked forests of ponderosa pine and mixed fir. The cost breaks down to about $1,200 per acre. The majority of the ownership is less than a two-hour drive from Boise, and is adjacent to the mountain communities of McCall, New Meadows and Donnelly. Tamarack Resort, the newest four-season ski and golf resort in the West, is in close proximity to the property.

Potlach Vice President William R. DeReu said, “In addition to increasing our overall core timberland base, the lands offer exceptional recreation amenities and real estate value to those interested in active outdoor recreation in the heart of Idaho.”

Potlatch will manage the lands for timber production, real estate development and recreational amenities. With this acquisition, Potlatch will own about 1.7 million acres of timberland in the United States, with a total of 840,000 acres in Idaho.

Source: Idaho Business Review