Over 140 square miles of Somerset County timberland have been purchased by an investment arm of Boston-based John Hancock Life Insurance, the company announced Thursday morning.
Hancock Natural Resource Group acquired 89,800 acres surrounding Penobscot Lake, about 30 miles north of Jackman, according to a news release. Terms were not disclosed, nor was the seller identified, and the company did not respond immediately to a request for more information.
The investment group, a sister business of John Hancock Life Insurance Co. under Toronto-based parent Manulife Financial Corp. (NYSE: MFC), is adding the swath of forest to a portfolio of “natural climate solutions,” the release said. They include timberland that can sequester carbon emissions.
The parcel — representing about 3% of the county’s geographic area — is known as the Blueback Region, so called for the species of Arctic char fish that are native to the lakes there. The land is forested with spruce, fir and northern hardwood trees.
Hancock Natural Resource Group said it will maintain the land using sustainable stewardship practices as a working forest, and noted that the parcel offers many recreation opportunities.
“We are well-positioned to seek positive climate impact and to invest in assets to create carbon sequestration and other conservation opportunities derived from forests for the benefit of our clients,” said Tom Sarno, global head of timberland investments, Manulife Investment Management.
“We believe impact-first investments can meet the needs of those who are interested in offsetting carbon emissions and who may value other positive environmental or social impacts as well as generating financial returns.”
Manulife Investment Management’s global timberland and agriculture portfolios have removed an average of 2.24 million metric tons of carbon dioxide from the atmosphere annually over the past five years, according to the release.
As of June 30, Manulife Investment Management’s assets under management and administration totaled $834 billion.
