The beleaguered US commercial real estate sector has been attracting a new wave of money from sources including foreign banks, US private equity firms, and a leading Chinese sovereign wealth fund. |
陷入困境的美國商用房地產(chǎn)業(yè)正吸引新一輪投資,資金來源包括外國銀行、美國私人股本公司及一家中國主權財富基金。 |
Market participants warn that the activity represents “bottom-feeding” by opportunistic investors whose strategies could be derailed by rising interest rates. Also, sums are tiny compared with the debts that need refinancing. |
市場參與者警告稱,此類交易標志著機會主義的投資者正在“抄底”, 他們的戰(zhàn)略可能會因為利率提升而改變。此外,與需要再融資的債務相比,本輪投資總額也相當小。 |
Nevertheless, the growing interest from investors is a sign of stabilisation, making it less likely that worsening commercial real estate conditions will sink banks and choke off a US recovery.. |
盡管如此,投資者興趣漸濃是商用房地產(chǎn)企穩(wěn)的一個信號,使該行業(yè)形勢惡化拖垮銀行、威脅到美國經(jīng)濟復蘇的可能性有所下降。 |
“We believe the real story is that capital is ready to buy, even though it may not be so visible today,” says Bob Steers, co-chairman of Cohen & Steers, a real estate investment firm. |
房地產(chǎn)投資公司Cohen & Steers聯(lián)席董事長鮑勃•斯蒂爾斯(Bob Steers)表示:“我們相信,事實是資金已做好購買準備,盡管目前趨勢可能尚不太明朗。” |
Recently, state-owned China Investment Corporation has enlisted Cohen & Steers, Angelo Gordon and Morgan Stanley to identify commercial real estate opportunities, people familiar with the matter say. |
據(jù)知情人士表示,最近,國有的中國投資公司(China Investment Corporation)已聘請Cohen & Steers、安祖高頓(Angelo Gordon)及摩根士丹利(Morgan Stanley),物色商用房地產(chǎn)投資機會。 |
A public sign of such activity came on Friday when Colony Capital won a Federal Deposit Insurance Corporation auction for $1bn of commercial property loans formerly held by failed banks in states hit hard by the real estate downturn. |
這一趨勢的一個公開信號出現(xiàn)在上周五。洛杉磯投資公司柯羅尼資本(Colony Capital)成功競購了美國聯(lián)邦存款保險公司(FDIC) 10億美元商用房地產(chǎn)貸款。 此前,這些貸款由美國深受房地產(chǎn)低迷沖擊的州立銀行持有。 |
The deal valued the loans at 44 cents on the dollar and was structured so the FDIC contributes $136m and holds 60 per cent of the equity, while Colony, a Los Angeles investment firm, puts in $90m for the remaining 40 per cent. |
該交易對這些貸款的估值為面值的44%,根據(jù)交易安排,F(xiàn)DIC將貢獻1.36億美元,持有貸款總額60%的權益,而柯羅尼則投資9000萬美元,擁有其余的40%。 |
Tom Barrack, Colony founder, called the investment “an implicit bet that rates stay low” and warned: “If rates go up, everyone will be crushed.” |
柯羅尼創(chuàng)始人湯姆•巴拉克(Tom Barrack)稱這筆投資是“有關利率將維持低位的隱含押注,”并警告稱:“如果利率升高,大家都會被壓垮。” |
Earlier last week, SL Green, a real estate investment trust, said it had refinanced a Times Square tower it owns with Canada's Caisse de Dépôt et Placement du Québec in a $475m dealed by Bank of China. |
上周早些時候,房地產(chǎn)投資信托基金SL Green表示,已與中國銀行(BoC)達成一項4.75億美元的協(xié)議,為其與加拿大魁北克儲蓄投資集團(Caisse de Ddpot et Placement du Quebec)共同擁有的紐約時代廣場一座高樓再融資。 |
In December, JPMorgan Chase raised $625m for Inland Western, a real estate investment trust, of which $500m was in the form of securities backed by commercial real estate assets. |
去年12月,摩根大通(JPMorgan Chase)為美國伊利諾斯州零售房地產(chǎn)信托基金(Inland Western)融資6.25億美元,其中5億美元采用商用房地產(chǎn)資產(chǎn)支持的證券形式。 |