White Star Real Estate has taken over the asset management platform of AIG Global Real Estate. The value of the transaction was not disclosed, but AIG said it will keep its majority stake in the company’s real estate assets and appoint White Star to carry out property management duties. White Star said it will continue to look for development opportunities across CEE and expects to co-invest in projects with AIG (and potentially other investors) in the future.
Set up in 1997, the company formerly known as AIG/Lincoln carried out more than 50 investments, totaling 2.5m sqm of space. Earlier this year, AIG bought out Lincoln’s share in the company’s real estate assets and its ownership in the management company.
White Star will be headed Brian Patterson, the former managing partner of the company’s Polish and Russian operations. Partners Neil Veitch, Miroslaw Szydelski, Steven Tichy, Janos Gardai and Bartosz Prytula will continue leading their teams. Patterson said “we are delighted that AIG allowed the existing management team to buy the company we have built with AIG over the last 18 years. This enables the company to keep the same teams in place and maintain complete continuity of services to our many clients, including AIG.”
