Goldman Sachs and MSD Capital LP have bought equity stakes totaling 7.5 percent in New York City-based Related. Three international entities have also agreed a debt placement, including an affiliate of the investment arm of the government of Abu Dhabi, Mubadala Development Co., and the Olayan Group of Saudi Arabia.
Related said the investors were specifically chosen to fund future growth, and as part of the deal, each investor will co-invest in future development opportunities. This could lead to expansion of its South Florida portfolio, which already includes the CityPlace mixed-use complex in West Palm Beach, Las Olas Beach Club and One Miami.
Related said its management structure will not change.
The company said the investment will boost its growth plans and give it added flexibility.
"As the industry continues to move toward bigger, more complicated development transactions, these new financial partnerships ensure that Related has a ready and deep source of capital to take advantage of virtually any opportunity regardless of size or scale, Related Chairman and Chief Executive Officer Stephen M. Ross said in a news release.
Ross and Jorge Perez, CEO of the Related Group of Florida, have been in preliminary talks with Miami Dolphins owner H. Wayne Huizenga to buy the team and Dolphin Stadium from him. Huizenga reportedly wants $1.1 billion to $1.2 billion for the team, which Forbes magazine has valued at $942 million.
Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.
source: bizjournals.com
No comments:
Post a Comment