Developer Behind
Time Warner Center
Gets Capital Infusion
December 17, 2007; Page A2
Goldman Sachs Group Inc., the investment arm of Abu Dhabi and others have agreed to inject a combined $1.4 billion into Related Cos., the closely held real-estate developer behind New York's Time Warner Center, executives at Related Cos. said.
The deal, which was announced today, includes about $400 million in equity from Goldman and MSD Capital, Michael Dell's investment firm. The equity investment gives Goldman and MSD a 7.5% stake in Related, valuing the New York real-estate firm at more than $5 billion.
In addition, Abu Dhabi's Mubadala Development Co. and the Olayan Group, a Saudi Arabian company, as well as an unnamed international investor, have invested about $1 billion total in Related in the form of subordinated long-term debt......
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