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GREENWICH, CT-Starwood Property Trust and Starwood Capital Group on Monday said they had closed on the $1.05-billion acquisition of LNR Property LLC, first announced in January. When the sale was first reported, Barry Sternlicht, chairman and CEO of both Starwood Property and Starwood Capital, said the acquisition “diversifies Starwood Property Trust’s revenue sources, adds significant scale to our operating platform and dramatically expands our proprietary origination capabilities.”

The sellers included Vornado Realty Trust, iStar Financial Inc., Cerberus Capital Management LP and Oaktree Capital Management LP. Separately, Vornado reported that it realized net proceeds of $241 million from the sale of its 26.2% equity interest, while iStar said the sale of its 24% stake brought $220 million to that firm.

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