Lehman Sells Real Estate Funds To Former Managers

Law360, New York (June 3, 2010, 4:38 PM EDT) -- Lehman Brothers Holdings Inc. has sold the management contract for three private real estate funds to a group of five former executives who ran the business prior to its collapse.

The former management team agreed to pay an undisclosed amount to obtain three private funds — Lehman Brothers Real Estate Partners I, II and III — which have combined capital commitments of about $5.6 billion, a Lehman spokeswoman confirmed Thursday.

Brett Bossung and Mark Newman, who managed the funds before the company filed for bankruptcy protection...
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