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Weyerhaeuser said it has completed the transaction merging its real estate subsidiary with TRI Pointe Homes of Irvine, Calif.

“As a result of this transaction, we have received approximately $700 million in cash proceeds and retired over $1.9 billion worth of the company’s shares,” said Doyle Simons, president and CEO of Federal Way-based Weyerhaeuser, in a statement. “The combination of WRECO (Weyerhaeuser Real Estate Co.) with TRI Pointe will create a powerful stand-alone homebuilder with significant long-term potential for growth.”

The spin-off is the latest step narrowing Weyerhaeuser’s focus to timberlands and forest products.

The local Quadrant division of WRECO was the region’s most prolific homebuilder before the recession, but analysts considered WRECO’s most valuable assets to be its thousands of unbuilt lots in the Sunbelt.

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Weyerhaeuser said it “anticipates an announcement regarding the company’s quarterly dividend and potential uses of the cash proceeds from the WRECO transaction” following an Aug. 13-14 board meeting.

The company also said Monday that Peter Orser, president of WRECO, stepped down upon completion of the deal.

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