Starwood Property Trust Inc and investment firm Starwood Capital Group said they would purchase 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.
iStar Financial Inc. is a fully integrated finance and investment company focused on the commercial real estate industry. Shares of SFI remained unchanged at $8.72. In the past year, the shares have traded as low as $5.37 and as high as $9.09. On average, 1109230 shares of SFI exchange hands on a given day and today's volume is recorded at 0.
Starwood Property Trust, Inc. is a holding company and conducts its business through its subsidiaries. Shares of STWD remained unchanged at $24.01. In the past year, the shares have traded as low as $19.40 and as high as $24.56. On average, 995735 shares of STWD exchange hands on a given day and today's volume is recorded at 0.
Vornado Realty Trust (Vornado) is an integrated real estate investment trust (REIT). Shares of VNO remained unchanged at $84.80. In the past year, the shares have traded as low as $72.64 and as high as $88.50. On average, 928677 shares of VNO exchange hands on a given day and today's volume is recorded at 0.
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