Allen & Overy has advised LNR Property LLC (“LNR”) on the non-US aspects of the USD1.05 billion sale of LNR to Starwood Property Trust and Starwood Capital Group.
LNR, founded in 1969 and headquartered in Miami, is a leading diversified real estate investment, finance, management and development firm with over 550 employees located in 12 offices throughout the U.S. and Europe.
Under the terms of the agreement, Starwood Property Trust will acquire LNR businesses, including 50 per cent of LNR’s interest in Auction.com – the nation’s leading real estate exchange selling residential and commercial real estate via auction – for a total purchase price of USD856m.
In addition, Starwood Capital Group will acquire both LNR’s U.S. Commercial Property Group and the other 50 per cent of LNR’s ownership interest in Auction.com for USD197m.
Allen & Overy’s cross-border team was led by partners Dr Hans Schoneweg (Corporate/M&A, Hamburg), Richard Browne (Corporate/M&A, London) and Earl Griffith (Banking, London).
