Tri Pointe Homes Inc, a homebuiler backed by Barry Sternlicht's Starwood Capital Group LLC, is in advanced talks to buy Weyerhaeuser Co's homebuilding division for about $2.7 billion, according to people familiar with the matter.
Weyerhaeuser, which announced in June it was reviewing strategic options for the homebuilding and real estate development unit, is trying to finalize a sale to Tri Pointe as soon as in the next two weeks, the people said on Monday.
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Discussions with Tri Pointe are still continuing, and the outcome may yet change as other homebuilders remain interested in buying the Weyerhaeuser unit, cautioned the people, who asked not to be named because the matter is confidential.
Taylor Morrison Home Corp and Brookfield Residential Properties Inc, the land developer controlled by Brookfield Asset Management, are among the companies that have also been in talks with Weyerhaeuser about buying the division, the people said.
Representatives for Weyerhaeuser, Starwood Capital and Brookfield declined to comment. Tri Pointe and Taylor Morrison did not respond to requests for comment.
(Reporting by Soyoung Kim in New York; Editing by Phil Berlowitz)