GREENWICH, CONN. — Starwood Property Trust (NYSE: STWD) and Starwood Capital Group, on behalf of Starwood Distressed Opportunity Fund IX, have finalized their previously announced acquisition of LNR Property LLC.
Starwood Property Trust acquired the LNR business segments — the U.S. special servicer, the U.S. investment securities portfolio, Archetype Mortgage Capital, Archetype Financial Institution Services, LNR Europe and 50 percent of LNR’s interest in Auction.com — for an aggregate purchase price of $862 million.
Greenwich-based Starwood Capital Group is a private investment firm with a focus on global real estate. Since its inception in 1991, the firm has raised more than $16 billion in equity capital and has invested $13.7 billion representing more than $36 billion in assets.
Starwood Property Trust focuses on originating, investing in, financing and managing commercial mortgage loans and other real estate-related debt investments. SPT Management LLC, an affiliate of Starwood Capital Group, externally manages and advises Starwood Property Trust. The company’s stock price closed at $27.16 per share on Friday, up from $18.72 per share one year ago.
Citigroup and Credit Suisse served as financial advisors to Starwood in the transaction and Sidley Austin LLP acted as legal counsel.
— Brittany Biddy