Blue Owl backs FivePoint on $1.7B land banking deal
FivePoint Holdings is committing to land banking with its latest partnership. Irvine-based FivePoint is teaming up with Blue Owl Capital to buy up to $1.7 billion of land in the U.S. housing market, the Orange County Business Journal reported. In exchange for committing capital to land acquisition efforts, Blue Owl-managed funds will be able to buy Five Point shares at $7 each once it meets contribution thresholds starting at $500 million. The partnership builds on FivePoint’s acquisition last year of Hearthstone Residential Holdings. Since acquiring a 75 percent stake in Hearthstone for nearly $59.3 million, FivePoint has been expanding into […]This article originally appeared on The Real Deal. Click here to read the full story.
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