iStar Financial Announces Ownership Group to Sell LNR Property LLC
NEW YORK, Jan. 24, 2013
NEW YORK, Jan.24, 2013 /PRNewswire/ --iStar Financial Inc. (NYSE: SFI)
announced today that the owners of LNR Property LLC ("LNR"), including iStar,
have signed a definitive agreement to sell LNR for a total purchase price of
$1.05 billion. iStar's 24% ownership interest in LNR is expected to generate
$220 million in net proceeds at closing after closing costs and LNR management
"As we continue to streamline our balance sheet and focus on our core
businesses, this transaction provides us with fresh capital that we can deploy
into new investments and frees up resources that can be directed towards our
existing business lines," said Jay Sugarman, iStar's chairman and chief
executive officer. Mr. Sugarman has served as chairman of the board of
directors of LNR since its recapitalization in July 2010.
The transaction is expected to close during the second quarter of 2013,
subject to customary closing conditions. Lazard is serving as financial
advisor to iStar and the other sellers in connection with this transaction.
* * *
iStar Financial Inc. (NYSE: SFI) is a fully-integrated finance and investment
company focused on the commercial real estate industry. The Company provides
custom-tailored investment capital to high-end private and corporate owners of
real estate and invests directly across a range of real estate sectors. The
Company, which is taxed as a real estate investment trust ("REIT"), has
invested more than $35 billion over the past two decades. Additional
information on iStar Financial is available on the Company's website at
SOURCE iStar Financial Inc.
Contact: David M. DiStaso, Chief Financial Officer, or Jason Fooks, Investor
Relations, +1-212-930-9400, email@example.com
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