Western Forest Products (TSX:WEF) has sold some of its Vancouver Island properties for approximately $12 million to a joint venture company led by Brookfield Properties Ltd.
The joint venture has a right to purchase approximately 630 acres of additional higher-and-better use properties in central and northern Vancouver Island for possible future development. All the properties sold and optioned are part of the company's non-core assets.
Western Forest's interest in the joint venture is less than 5% of the total equity of the entity and Western has a right to sell its interest at fair market value anytime on or after January 1, 2011.
Western's share price range during the past week: between $0.25 and $0.27; 52-week high: $0.82; 52-week low: $0.10.