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.
- Win over USC puts UW’s coaching upgrade (Chris Petersen over Steve Sarkisian) on full display
- Lloyd McClendon will not return as Mariners' manager
- Expect traffic delays when Obama visits Seattle Friday afternoon
- Huskies upset USC 17-12 and beat Steve Sarkisian, their former coach
- Obama visits Seattle for fundraisers; traffic not as bad as expected
Most Read Stories
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.