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- Seller
- Buyer
- Type
- Date Announced
- Seller AUM
- Evergreen Timberland Investment Mgmt. (Wachovia Corporation)
- Regions Financial Corporation (Regions Morgan Keegan Trust)
- Real Estate Managers
- April 22, 2004
- $1.3 Billion
Seller Details
Created in 1981, Evergreen Timberland Investment Management manages a portfolio of timberland properties on behalf of institutional and high net worth individuals. The Company is headquartered in Atlanta, Ga., with offices in Tallahassee, Fl.; Richmond, Va.; Winston-Salem, N.C.; Columbia, S.C.; and Dallas, Texas. It currently manages approximately $1.3 billion and has approximately 1 million acres under management.
Buyer Details
Regions Morgan Keegan Trust, with assets totaling more than $20 billion, is the trust and investment management unit of Regions Financial Corp., a member of both the Forbes and Fortune 500. Regions Morgan Keegan Trust operates as part of Regions subsidiary Morgan Keegan & Co. Inc.
Transaction Summary
Evergreen Timberland Investment Management was not a core business line of Evergreen Investments, so the company decided to divest the unit in order to focus its operations. The acquisition allows Regions to expand its investment management business and provide better service to its current trust clients. Regions Morgan Keegan Trust currently oversees a number of timber properties through its trust activities.
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