iStar (SFI) to Sell 24% Interest in LNR Property LLC; Will Net $220M

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iStar Financial Inc. (NYSE: SFI) announced today that the owners of LNR Property LLC ("LNR"), including iStar, have signed a definitive agreement to sell LNR for a total purchase price of $1.05 billion. iStar's 24% ownership interest in LNR is expected to generate $220 million in net proceeds at closing after closing costs and LNR management incentives.

Starwood Property Trust, Inc. (NYSE: STWD) and Starwood Capital Group will be on the receiving end of the acquisition.

The transaction is expected to close during the second quarter of 2013, subject to customary closing conditions. Lazard is serving as financial advisor to iStar and the other sellers in connection with this transaction.

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