Annaly Reaches $2.3B Deal to Sell Its CRE Business
Annaly Capital Management said Thursday it had agreed to sell its commercial real estate business to Toronto-based Slate Asset Management L.P. Expected to close by the third quarter, the $2.33-billion transaction represents substantially all of the assets that comprise New York-based Annaly’s CRE business, including equity interests, loan assets and CMBS.
“The commercial real estate business has been an important component of Annaly’s differentiated investment model since 2013,” said David Finkelstein, Annaly’s CEO and CIO. “This transaction delivers compelling execution for our shareholders and will provide additional capacity to further expand our leadership and operational capabilities across all aspects of the residential mortgage finance market, which has been the cornerstone of Annaly’s strategy since our founding.
Certain Annaly employees who primarily support the CRE business are expected to join Slate upon completion of the sale, including Timothy Gallagher, head of commercial real estate, and Michael Quinn, head of commercial investments.
Pictured: Annaly headquarters in Midtown Manhattan.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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