iStar Financial Completes Sale of LNR
NEW YORK, April 22, 2013
NEW YORK, April 22, 2013 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI)
announced today that it has completed the sale of its 24% equity interest in
LNR Property LLC ("LNR") and received $220 million in net proceeds. The sale
was part of a larger transaction whereby the Company and LNR's other co-owners
sold 100% of LNR to Starwood Property Trust Inc. and investment firm Starwood
Capital Group for an aggregate purchase price of $1.05 billion.
The Company said that it intends to utilize the net proceeds from the sale of
LNR to grow its investment originations activity.
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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, iStar Financial Inc., (212) 930-9400, email@example.com
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