AIG and Lincoln Property Company co-directed the business from 1997 until earlier this year when AIG purchased all of Lincoln Property Company’s ownership interests in the Management Company and real estate assets. Following the transaction with White Star, the Management Company will be re-named “White Star Real Estate LLC”. AIG will retain a majority ownership in the real estate assets and enter into a long-term asset and property management agreement with White Star.
Since 1997, the Management Company has been a leading real estate development and property management company in Central and Eastern Europe (“CEE”). It has led over 50 completed development projects, representing a total completed volume of more than 2.5 million sqm of office, retail, warehouse, and residential properties. Additionally the Company provides property management services to clients covering in excess of 1.6 million square meters of commercial properties.
White Star is headed by Brian Patterson, the former Managing Partner of the Management Company’s Poland and Russia operations. Partners Neil Veitch, Miroslaw Szydelski, Steven Tichy, Janos Gardai and Bartosz Prytula, who average over 15 years management experience with the Management Company, will continue leading the teams. White Star will continue to source and develop office, retail, warehouse, and residential real estate opportunities in the CEE markets.
Additionally, White Star will continue to build its leading-class property management services across these markets and sectors. AIG and White Star expect to co-invest on new acquisition and development opportunities throughout CEE.
Regarding the acquisition, Kevin Reid, Managing Director of Europe for AIG Global Real Estate, said: “The spinoff of this management platform will enable us to focus on growing our investment business throughout Europe, in partnership with White Star Real Estate and other leading asset managers.”
Brian Patterson, Founder of White Star Real Estate, 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. While we will continue to work closely with AIG, in sectors of the market not targeted by AIG we will source development opportunities with other investment partners.” (source: europaproperty.com)
