Starwood Creates Single-Family-Home REIT – WORLD PROPERTY CHANNEL Global News Center

Starwood Property Trust will spin-off its single-family residential business into a real estate investment trust, as the company looks to become one of the largest publicly-traded single-family property owners.  The new REIT, Starwood Waypoint Residential Trust, will be listed on the New York Stock Exchange and trade under the ticker symbol \”SWAY.\”As of September 30, 2013,

Starwoods single-family residential portfolio, which will be owned by the new REIT, included approximately 5,817 properties, totaling approximately $750 million in investment capital, the company said.The new REITs portfolio will be managed by Sway Management, a subsidiary of Starwood Capital Group, which is merging with Waypoint Real Estate Group. No details were announced for the Waypoint transaction.Barry Sternlicht, “Were buying $50 million to $60 million homes a month and the baby is getting a little large — like Moby-Dick,” Starwood chief executive Barry Sternlicht told Bloomberg. “With Waypoint, well have best-in-class management that has capability proven to get to scale.”

via Starwood Creates Single-Family-Home REIT – WORLD PROPERTY CHANNEL Global News Center.

 

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