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Tuesday, July 7, 2009

Another $1B for Commercial Real Estate

According to reports in the online version of the Wall Street Journal, one of the largest real-estate investment trusts in the US is seeking to raise $1 billion to invest in commercial properties.

Vornado Realty Trust, one of the biggest real-estate investment trusts in the U.S., says, it would seek "high quality assets at distressed prices."

Vornado is already a major commercial landlord in East Coast markets, most notably New York and Washington DC.

The reports come less than a week after Blackstone Group (BX) said it had finished raising $4.3 billion, for its Blackstone Real Estate Partners Europe III fund. (“BREP Europe III”)

That placement will aim to exploit the real estate recovery by "taking advantage of the inevitable recapitalization of the property sector" according to Blackstone.

3 comments:

  1. GNE,

    Are you concerned that fear is coming back to the economy such that we will retest the lows reached back in March? It seems like the markets forget all the good news reported just days ago and focus on the bad data to the exclusion of the good.

    ReplyDelete
  2. No I am not concerned. The data is now clear that recovery has begun. Tomorrow will be very interesting to see the market reaction to this week's initial claims numbers which are likely to be way down erasing any jitters from last Thursday that the initial claims trend is anything but down...

    ReplyDelete
  3. The current market scenario has brought everyone on his toes. One should be careful before investing in real estate. Do confirm prices by other builders/other sources.
    Idaho Real Estate

    ReplyDelete

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