Financial Services Industry
Industry: Email Alert RSS FeedWIN-WIN SITUATION: REITS LOOK TO JOINT VENTURES FOR CASH.
Pensions & Investments, October, 1999 by Fulman, Ricki
Joint ventures between real estate managers and real estate investment trusts are becoming more prevalent than ever, at a time when REITs have been struggling to find cash. Cooperative ventures have picked up in the past several months because REITs have needed to find new ways of paying off debts and financing acquisitions.
REITs have also become good buys, said Max Swango, associate partner at INVESCO Realty Advisors, Atlanta. ``That's because the price of public real estate is trading below its net asset value, which means it's now cheaper to buy real estate on Wall Street than on Main Street.'' That means pension funds can buy these REITs cheaply and do joint ventures with them, Mr. Swango said. ``It makes Wall Street happy, and the REITs get to...
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