Starwood Capital Group has agreed to buy mixed-use developer Forestar Group Inc. for $605M.
The deal suggests Starwood found a new company to back in the homebuilding investment business after selling its $150M stake in TRI Pointe Homes two weeks ago, CoStar reports. Starwood took TRI Pointe public in 2013 but recently said it was disappointed in the company’s performance and its lack of strategic direction.
As for Forestar, which develops residential and mixed-use properties, Starwood will acquire the company for $14.25 per share, an 8.2% premium on Forestar’s 90-day average stock price. The deal is expected to close in Q3 of this year. At the end of 2016 Forestar owned interests in 50 projects across 14 markets in 10 states.
)
)
)
)
)
)
)
)
)
)
)
)