Starwood Leads Investors To $554M Corus Asset Win

Law360, New York (October 6, 2009, 4:58 PM EDT) -- Starwood Capital Group has reportedly led a group of investors to a winning $554 million auction bid for the assets of failed real estate lender Corus Bankshares Inc.

Private equity firm TPG also worked with the investors, Reuters reported Tuesday.

The Federal Deposit Insurance Corp., which seized $4.5 billion in Corus real estate loans in September, is the seller in the auction and will continue to hold 60 percent of the Corus Bank assets, the news agency said.

The investors will hold the remaining 40 percent,...
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