Paper (NYSE: IP) has sold 5.1 million acres of forestland for $6.1 billion in the largest private sale of forestland in U.S. history. IP previously owned 6.8 million acres of timberland scattered across the Southern U.S.
This isn’t the first time that IP has sold large swaths of forestland. Just last week, in fact, the Stamford, Conn.-based firm sold 287,000 acres of land to conservation groups for roughly $383 million.
This latest IP land sale represents the latest move by major paper companies towards selling off their timber holdings. IP’s sell-off campaign has so far generated roughly $1,200 per acre. According to the Wall Street Journal, analysts pegged the average price of IP’s predominantly Southern land holdings to be roughly $900 to $1,200 per acre.