Jan 24 Starwood Property Trust Inc and
investment firm Starwood Capital Group said they would buy LNR
Property LLC for $1.05 billion in cash to expand the trust's
real estate servicing and financing business.
Diversified real estate investment firm LNR Property is
owned by hedge funds Cerberus Capital Management, Oaktree
Capital Management, commercial lender iStar Financial Inc
and Vornado Realty Trust.
Starwood Capital Group will pay $197 million for LNR's U.S.
Commercial Property Group and for 50 percent of LNR's ownership
in real estate site Auction.com.
Starwood Property will pay $856 million for the rest of
LNR's assets, including its U.S. special servicing business.