AIG/Lincoln rebrands as White Star after management buy-out

CEE-focused developer AIG/Lincoln has rebranded as White Star Real Estate following a management buyout of the business from US insurance giant AIG.

AIG Real Estate has sold 100% in Prague-headquartered AIG/Lincoln to White Star Group, a new company led by Brian Patterson, who was until recently the operations manager of AIG/Lincoln in Poland and Russia.

Partners Neil Veitch, Miroslav Szydelski, Steven Tichy, Janos Gardai and Bartosz Prytula, who averaged 15 years of experience in AIG/Lincoln, will continue to lead teams at White Star Real Estate.

Commenting on the deal, 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. 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.'

Joint venture
AIG/Lincoln was founded in 1997 as a joint venture between Los Angeles and New York-based AIG Real Estate and Dallas-based Lincoln Property Company. Since then the JV has led over 50 development projects, representing a total volume of over 2.5 million m2 of office, retail, logistics and residential. In addition, the company has provided property management services to third-party clients for 1.6 million m2 of commercial property.

AIG Real Estate acquired Lincoln's stake in the JV this year prior to the follow-on sale to White Star. The financial details of the two transactions were not disclosed.