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International Paper Sells 163,000 Acres of Real Estate Properties

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International Paper, Memphis, Tenn., USA, has closed the sale of 163,000 acres in the southeastern U.S. under contract with Figure 8 Partners, an affiliate of Rock Creek Capital. The total consideration of $199 million includes $160 million in cash and $39 million, plus interest, to be received no later than three years from closing. In addition, IP has received a 20% profits interest in the company.

International Paper employs about 60,000 people in more than 20 countries. Its businesses include uncoated papers, industrial and consumer packaging and distribution. Net sales for 2009 were more than $23 billion