ATLANTA--(BUSINESS WIRE)--Domain Capital Group, LLC, a comprehensive private investment management services firm, and its subsidiary, Domain Timber Advisors, LLC, today announced the disposition of nearly 1,300 contiguous acres of timberland to a local utility in Richmond County, Va. for development of solar energy generation capacity.
The sale came from a portfolio of more than 23,000 acres of timberland Domain assembled across multiple investment accounts to support renewable energy projects, primarily those focused on solar and wind.
“We believe this is a clear example of Domain’s strategy to realize value above traditional core timberland returns thorough the implementation of ‘highest and best-use’ land sales and other value-added initiatives,” said Alton Owens, vice president of investments and environmental assets at Domain Timber Advisors.
“While the forested habitat will ultimately be converted to a different land use, we believe that solar energy development is an important tool in reducing our nation’s greenhouse gas emissions, mitigating climate change, combating loss of biodiversity and decreasing reliance of foreign energy resources,” Owens added. “This was a meaningful transaction for our client and a step forward for our mutual efforts in promoting sustainability.”
Closing of the transaction keeps Domain Timber Advisors on track to achieve a projected 75 sales in 2023, comprising more than 17,500 acres from a total inventory that exceeds 254,000 acres.
About Domain Capital Group
Atlanta-based Domain Capital Group, LLC provides comprehensive private investment management services, through its registered investment adviser subsidiaries, to institutions, public and private pensions, corporations, foundations, endowments and high-net-worth individuals. Domain Capital Group's investment professionals are experienced across a diverse range of asset classes and investment strategies, including real estate, natural resources, media, entertainment, technology, credit, and other financial services. As of March 31, 2023, Domain managed approximately $8.2 billion in total assets through its two registered subsidiaries, Domain Capital Advisors, LLC and Domain Timber Advisors, LLC. The assets are comprised of approximately $7.2 billion in real estate, debt, alternative, and other assets constituting Regulatory Assets Under Management (“RAUM”) and approximately $1.0 billion in non-RAUM which includes real properties and additional loans serviced. Please refer to each firm’s Form ADV for additional details. For more information, visit domaincapitalgroup.com.