Rayonier wants to sell 40% of its NZ holdings

The following is a news release from Rayoniers web site. --Brian
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Rayonier Announces Intent to Offer New Zealand Timberland for Sale

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Aug. 19, 2008--Rayonier (NYSE:RYN) today announced that the New Zealand joint venture Matariki Forests, in which it has a 40 percent interest, has decided to offer its timberlands for sale. Matariki Forests owns the third largest forest estate in New Zealand, with approximately 343,000 acres of timberland well positioned throughout the country. In addition to its equity interest, Rayonier provides timberland management services to the joint venture.
"The decision to offer this high quality Radiata pine estate allows the joint venture to tap the private market's strong appetite for timberland as an attractive asset class," said Rayonier chairman, president and CEO, Lee M. Thomas. "We will work with the other Matariki owners to select a financial advisor and begin marketing this property within the next three months."
A sale of the joint venture's timberlands would be expected to close sometime in 2009.