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Weyerhaeuser Real Estate Company to Acquire Maracay Homes

PRNewswire-FirstCall
FEDERAL WAY, Wash.
Jan 31, 2006

Weyerhaeuser Real Estate Company (WRECO), a subsidiary of Weyerhaeuser Company (NYSE: WY), has entered into a definitive agreement to acquire Maracay Homes LLC, a privately-held homebuilder located in Phoenix, Arizona.

  (Logo:  http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
          http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b )

"The transaction we're announcing today is part of WRECO's planned growth strategy," said Dan Fulton, WRECO president. "While our legacy operations have been growing organically in their existing and adjacent markets over the past few years, we are diversifying into a new market with the acquisition of a premier homebuilder."

Price and terms of the transaction have not been disclosed. The transaction is subject to customary closing conditions and is expected to close in February. Deutsche Bank Securities acted as exclusive financial advisor to Weyerhaeuser in connection with this transaction.

"Maracay is a sophisticated homebuilder with a strong land position -- it controls more than 8,000 lots in the Phoenix market," Fulton said. "With closings of approximately 650 homes last year, the company is a significant builder in the Phoenix market with near term expansion plans into the Tucson market.

"We are fortunate to retain the entire Maracay management team with their proven track record," Fulton said. "Their performance culture, competitive edge and market-tested strategies will assimilate easily into the WRECO family."

Maracay Homes has been known for its innovative home designs and attention to detail since its inception in 1991. The company targets move-up buyers, offering its customers a high level of design and construction choices in customizing their homes. In 1997 it introduced "Flex Design... it's all about choices" because "no two families are alike."

"Homebuyers were asking for more choices in their homes," said David Bessey, president and chief executive officer of Maracay Homes. "They didn't want a home that was identical to the home next door."

Bessey said Flex Design was an immediate success with homebuyers. It allows buyers to choose from pre-engineered and pre-priced options that can significantly change the home. Home buyers can create larger bedrooms, guest casitas, add basements, game rooms over garages, wine rooms, carriage houses, gourmet kitchens and second floors over single level home plans. Buyers can design on line at Maracay's website and take a photo tour of Maracay's model homes at www.maracayhomes.com. Since originally launching Flex Design, Maracay Homes has received the Central Arizona Grand MAME award, an award given for excellence in home building, for three consecutive years.

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2004, sales were $22.7 billion. It has offices or operations in 19 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com/ .

   For more information contact:
   Weyerhaeuser --  Bruce Amundson  253-924-3047
   Maracay Homes -- David Bessey    480-970-6000
Photo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com

SOURCE: Weyerhaeuser Company

CONTACT: Bruce Amundson of Weyerhaeuser, +1-253-924-3047; or David
Bessey of Maracay Homes, +1-480-970-6000

Web site: http://www.maracayhomes.com/

Web site: http://www.weyerhaeuser.com/

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