Sternlicht’s Starwood Property Climbs to Record on LNR Deal
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Starwood Property Trust Inc. the commercial-mortgage company founded by Barry Sternlicht, climbed to a record after agreeing to buy LNR Property LLC as part of a $1.05 billion deal with Starwood Capital Group LLC.
Starwood Property will pay $856 million for most of LNR’s businesses, including its U.S. special servicing unit and 50 percent of LNR’s stake in Auction.com, the companies said today in a statement. Starwood Capital, Sternlicht’s closely held investment firm, will buy LNR’s U.S. property-development unit and the other half of the Auction.com interest for $197 million.