Tembec is selling off some of its land in the East Kootenay.
The forestry company announced on Monday, September 30 that it hopes to sell $75 million worth of land in the region by the end of 2014.
The first sale is a 1,875 hectare parcel, which has been sold for $4.2 million to Nanaimo-based company Jemi Holdings Ltd. The transaction will be complete on or about November 1.
Tembec’s statement does not say where in the East Kootenay the parcel is located.
According to a website for Jemi Holdings, the company owns more than 10,000 hectares in B.C. It specializes in developing, subdividing and marketing real estate.
Tembec has had a presence in the East Kootenay since 1999 when it purchased the Elko and Canal Flats sawmills from Crestbrook Forest Industries. In November 2011, Tembec sold those mills to Canfor.
In March, Tembec sold its Skookumchuck pulp mill to Vancouver-based Paper Excellence Canada.
The site of Cranbrook’s planer mill still belongs to Tembec. The mill was shut down in 2010 and destroyed in a fire last year. A sawmill on the same site closed in 1999.
Tembec owns approximately 64,500 hectares of land in the East Kootenay.