WILDLIGHT, Florida –Rayonier announced the completion of the previously announced sale of entities holding its 77% interest in the New Zealand joint venture to a special purpose vehicle owned by an investment fund managed by The Rohatyn Group (“TRG”) for a purchase price of $710 million. …Rayonier continues to anticipate using at least 50% of the proceeds to reduce leverage and/or return capital to shareholders through special dividends and share repurchases. …“We want to extend our gratitude to the team in New Zealand, which has done an outstanding job in managing these highly productive assets, and we are pleased to transfer the stewardship of this business to TRG, a well-regarded manager of forestry assets in the region,” added McHugh.