August 5, 2009 (FinancialWire) — Forestar Group Inc. (NYSE: FOR) has completed its sale of about 20,000 acres of HBU timberland in Georgia for around $39.5 million to St. Regis Paper Co., LLC, assignee of Holland M. Ware.

The company plans to use proceeds from this sale to reduce debt. The company said it has sold around 95,000 acres of timberland in Georgia and Alabama for almost $160 million as part of a strategic initiative that includes significant debt reduction.

Sustin, Texas-based Forestar Group is engaged in the real estate, mineral resources and fiber resources business segments.

The company’s real estate segment owns, directly or through ventures, more than 260,000 acres of real estate located in nine states and twelve markets in the U.S.

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