International Paper Completes Sale of 163,000 Acres of Real Estate Properties

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Sep 23, 2010, 05:01 ET

MEMPHIS, Tenn., Sept. 23 /PRNewswire-FirstCall/ -- International Paper (NYSE: IP) announced today that it has closed the sale of 163,000 acres under contract with Figure 8 Partners, LP, an affiliate of Rock Creek Capital (the "Partnership"). 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 Partnership. The properties are located in the southeastern part of the United States.

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International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers, industrial and consumer packaging and distribution. Headquartered in Memphis, Tenn., the company employs about 60,000 people in more than 20 countries and serves customers worldwide. 2009 net sales were more than $23 billion. For more information about International Paper, its products and stewardship efforts, visit www.internationalpaper.com.

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