Starwood to Spin Off Home-Rental Division Into New REIT
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Starwood Property Trust Inc., a real estate investment trust with access to capital, lacked in-house management for its single-family rental homes. Waypoint Real Estate Group, one of the first large rental-house investors, was stymied this year when it tried raise money by going public. Now the two companies are getting together.
“They have the operating engine for us to reach our objectives,” Starwood Property Chief Executive Officer Barry Sternlicht said in a telephone interview. “With Waypoint, we’ll have best-in-class management that has capability proven to get to scale.”