In February, Brookfield Asset Management (NYSE: BAM) announced it had reached a definitive agreement to acquire Longview Fibre Company (NYSE: LFB) for $24.75 per share. Including debt, the transaction is valued at approximately $2.15 billion and includes 588,000 acres of timberland in Washington and Oregon.

“Longview Fibre is a company that we’ve been looking at for quite some time,” says Sam Pollock, a managing director with Brookfield Asset Management. “The company is sitting on one of the most valuable timberlands in North America.”

Pollock says in the last two years the company has participated in two other timber transactions. This deal, which is expected to close in the second quarter of 2007, fits nicely into Brookfield’s overall company strategy. “The common thread between all our assets, not just real estate, is they’re all irreplaceable assets of the highest quality that generate consistently steady cash flows,” Pollock says.