Sternlicht Takes LNR in $1B Acquisition

GREENWICH, CT-Barry Sternlicht‘s Starwoood Property Trust and Starwood Capital Group, headquartered here, will pay a total of $1.05 billion to acquire LNR Property LLC, the companies announced Thursday. Founded in 1969, LNR is currently owned by a group that includes Aozora Bank Ltd, Cerberus Capital Management LP, iStar Financial, Oaktree Capital Management LP and Vornado Realty Trust.

Starwood Property is acquiring Miami-based LNR’s US and European primary and special servicing, mortgage and capital businesses as well as 50% of LNR’s stake in Auction.com for $856 million. The remaining LNR ownership of Auction.com, as well as LNR’s Commercial Property Group, is going to Starwood Capital in a $197-million deal.