Barry Sternlicht, the head of real estate investment firm Starwood Capital Group LLC, said there is an abundance of credit available, disputing a comment made by former U.S. Treasury Secretary Lawrence Summers about banks needing to do more lending to stimulate the economy.
Starwood Capital Group, a real estate investing firm led by Barry Sternlicht, acquired seven Swedish shopping centers from a unit of Kooperativa Forbundet for about 3.9 billion Swedish krona ($590 million).
Toll Brothers Inc. agreed to buy Shapell Industries Inc.’s homebuilding business for about $1.6 billion, gaining 5,200 lots in the Los Angeles and San Francisco Bay areas as buyer demand for housing rises.
Gibson, Dunn & Crutcher LLP counseled Tri Pointe Homes Inc., a developer backed by investor Barry Sternlicht, in its deal to buy Weyerhaeuser Co.’s residential real estate unit in a transaction valued at about $2.7 billion.
Toll Brothers Inc., the largest U.S. luxury-home builder, agreed to buy Shapell Industries Inc.’s homebuilding business for about $1.6 billion, gaining 5,200 lots in the Los Angeles and San Francisco Bay areas as demand for housing rises.
Starwood Property Trust Inc., a real estate investment trust with access to capital, lacked in-house management for its single-family rental homes. Waypoint Real Estate Group, one of the first large rental-house investors, was stymied this year when it tried raise money by going public. Now the two companies are getting together.
Starwood Property Trust Inc. said it will spin off its single-family rental-home unit into a real estate investment trust headed by Waypoint Real Estate Group’s management division, which is being acquired in the deal.