NEW YORK, April 22, 2013 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has completed the sale of its 24% equity interest in LNR Property LLC ("LNR") and received $220 million in net proceeds. The sale was part of a larger transaction whereby the Company and LNR's other co-owners sold 100% of LNR to Starwood Property Trust Inc. and investment firm Starwood Capital Group for an aggregate purchase price of $1.05 billion.
The Company said that it intends to utilize the net proceeds from the sale of LNR to grow its investment originations activity.
iStar Financial Inc. (NYSE: SFI) is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust ("REIT"), has invested more than $35 billion over the past two decades. Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.
SOURCE iStar Financial Inc.
David M. DiStaso, Chief Financial Officer or Jason Fooks, Investor Relations, iStar Financial Inc., (212) 930-9400, firstname.lastname@example.org