Weyerhaeuser Co., a U.S. real-estate investment trust that owns timberland, agreed to buy Longview Timber LLC for $2.65 billion including debt from affiliates of Brookfield Asset Management Inc. in the third-largest forestry acquisition in North America.

The deal will close in July and immediately add to Weyerhaeuser’s funds for distribution, the Federal Way, Wash.-based company said yesterday in a statement. It plans to boost its quarterly cash dividend to 22 cents a share in September from 20 cents.

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