AIG informed about sales of all shares in joint-venture company known as AIG/Lincoln to White Star. AIG and Lincoln Property Company have been co-managing the business activity since 1997 till the beginning of this year when AIG purchased all own shares of Lincoln Property Company together with its property assets. After concluding the transaction with White Star, the company is going to change its name for White Star Real Estate LLC. AIG will keep the majority package of shares in property assets and it will be bound by a long-lasting contract with White Star for management of assets and properties.
Since the beginning of its activity, AIG has conducted a realization of over 50 developer undertakings with the total area of over 2.5 million sq. m, including offices, commercial and service centers, warehouse structures and residential investments. Moreover, the company manages commercial structures for its clients with the total area of over 1.6 million sq. m.
White Star announces development of developer projects in the area of office, commercial, warehouse and residential properties in Eastern and Central Europe. AIG and White Star envisage common investing in the area of purchase transaction of property and realization of developer projects. The detachment of the managing platform of properties will allow us to concentrate on increase in investment activity in Europe in partnership with White Star Real Estate and leading companies managing property assets – believes Kevin Reid, Managing Director of AIG Global Real Estate in Europe.
We are glad that AIG enabled existing personnel to purchase the company which has been establishing by us and AIG within last 18 years. It will allow to maintain the same team and provide full continuance in delivery of services for all our clients, including AIG. Thanks to a strict cooperation with AIG, we will be also searching for a development chance with other investors in market segments outside the area of business activity conducted by AIG – comments Brian Patterson, founder of White Star Real Estate.
Transaction's conditions have not been revealed.