24EN Editor's Note：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.
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.
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.
“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.
房地产投资公司Cohen & Steers联席董事长鲍勃•斯蒂尔斯(Bob Steers)表示：“我们相信，事实是资金已做好购买准备，尽管目前趋势可能尚不太明朗。”
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.
据知情人士表示，最近，国有的中国投资公司(China Investment Corporation)已聘请Cohen & Steers、安祖高顿(Angelo Gordon)及摩根士丹利(Morgan Stanley)，物色商用房地产投资机会。
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.
这一趋势的一个公开信号出现在上周五。洛杉矶投资公司柯罗尼资本(Colony Capital)成功竞购了美国联邦存款保险公司(FDIC) 10亿美元商用房地产贷款。 此前，这些贷款由美国深受房地产低迷冲击的州立银行持有。
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.
Tom Barrack, Colony founder, called the investment “an implicit bet that rates stay low” and warned: “If rates go up, everyone will be crushed.”
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.
上周早些时候，房地产投资信托基金SL Green表示，已与中国银行(BoC)达成一项4.75亿美元的协议，为其与加拿大魁北克储蓄投资集团(Caisse de Ddpot et Placement du Quebec)共同拥有的纽约时代广场一座高楼再融资。
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)为美国伊利诺斯州零售房地产信托基金(Inland Western)融资6.25亿美其中5亿美元采用商用房地产资产支持的证券形式。