White Star acquires AIG real estate platform
White Star acquired the development and property management business formerly known as AIG/Lincoln, a press release revealed on Tuesday.
AIG /Lincoln had been managing a joint portfolio from 1997 until earlier this year, when AIG bought full ownership, the press release said. During this period, AIG/Lincoln reportedly led more than 50 completed development projects, representing a total completed volume of more than 2.5 million square meters of office, retail, warehouse, and residential properties.
“AIG will retain a majority ownership in the real estate assets and enter into a long-term asset and property management agreement with White Star,” according to the press release.
White Star said it is committed continue to source and develop office, retail, warehouse, and residential real estate opportunities in the CEE markets. Additionally, White Star said it will continue to build its leading-class property management services across these markets and sectors. AIG and White Star expect to co-invest on new acquisition and development opportunities throughout CEE.
Regarding the acquisition, Kevin Reid, Managing Director of Europe for AIG Global Real Estate, was quoted as saying: “The spinoff of this management platform will enable us to focus on growing our investment business throughout Europe, in partnership with White Star Real Estate and other leading asset managers.”
Brian Patterson, founder of White Star Real Estate, said: “We are delighted that AIG allowed the existing management team to buy the company we have built with AIG over the last 18 years. This enables the company to keep the same teams in place and maintain complete continuity of services to our many clients, including AIG. While we will continue to work closely with AIG, in sectors of the market not targeted by AIG we will source development opportunities with other investment partners.”
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