Michael Van Konynenburg, Eastdil Secured president/ Photo courtesy of Eastdil
NEW YORK CITY—Eastdil Secured's management buyout from Wells Fargo & Co. was a deal valuing the firm at more than $400 million in which employees will be able to eventually own more than 40% of the equity, as reported in the Wall Street Journal. Guggenheim Investments' clients and Temasek Holdings, a Singaporean investment firm also took stakes in the company, with Wells Fargo still retaining a small interest. The transaction is expected to close in the fourth quarter.
The investment banking unit, securities underwriting, trading and distribution for the REITs will stay at Wells Fargo. Businesses that were historically part of Eastdil will be a part of the new entity, no longer subject to the banking regulations with the prior ownership.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
