TIAA-CREF buys majority stake in timberland manager GreenWood Resources

Timber

TIAA-CREF has acquired a majority stake in GreenWood Resources, a timberland investment manager with $350 million under management, said Jose Minaya, managing director and TIAA-CREF's head of global natural resources and infrastructure investments.

The transaction, which closed July 31, brings TIAA-CREF's timber AUM to $1.8 billion.

Terms were not disclosed. Sources familiar with the deal said TIAA-CREF owns 80% of GreenWood.

The deal is “consistent with our strategy of growing our exposure to natural resources,” Mr. Minaya said in an interview. TIAA-CREF in 2010 acquired an interest in agriculture investment firm Westchester Group, that sources put at 85%.