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St. Joe closes major land sale

WATERSOUND -- The St. Joe Co. announced Wednesday it closed on the sale of 380,000 acres of timberland to Utah-based company AgReserves, Inc. for $562 million.

The deal incorporates the majority of the company’s timberlands in Bay, Calhoun, Franklin, Gadsden, Jefferson, Liberty and Wakulla counties, leaving St. Joe with about 185,000 acres of land primarily in Northwest Florida.

The $562 million sale price also included $200 million in the form of a timber note. The land had an aggregate carrying value of about $52 million in late 2013.

St.Joe Chief Executive Officer Park Brady said the sale will provide significant liquidity and opportunity to create long-term value for shareholders.

“Management can focus on our core business activities of real estate development in Northwest Florida, including opportunities in the active adult market and expanding our resort and leisure operations,” Brady said.

AgReserves representatives said the company intends to maintain timber and agricultural uses of the lands.


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