IP to Sell 163,000 Acres for $200 Million

International Paper (IP) will sell 163,000 acres in the Southeast for a minimum of $200 million to an affiliate of Rock Creek Capital, a Jacksonville-based asset management firm that invests in unique, resource-rich land. According to wire reports, IP will receive a minimum $160 million when the deal closes later this quarter. It will receive the balance, plus interest, within three years. The company will also receive 20 percent of the net profit generated from the land after the Rock Creek affiliate achieves “certain financial returns.”