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Article: LNR Property Corporation Closes On $2.2 Billion Venture To Purchase High-Yielding Real Estate Securities.
- Article from:
- PR Newswire
- Article date:
- April 5, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MIAMI, April 5 /PRNewswire/ -- LNR Property Corporation (NYSE: LNR), one of the nation's leading real estate investment, finance and management companies, today announced that it has entered into a venture to acquire $2.2 billion of real estate related assets and the venture closed on the first $1.1 billion of assets. The venture will focus on the purchase of subordinated tranches of commercial mortgage backed securities ("CMBS"), high- yielding commercial mortgages, and preferred equity interests in vehicles which own or control real estate assets. LNR's venture partners initially are affiliates of Credit Suisse First Boston ("CSFB") and Best Property Fund, an entity ...