美國(guó)商用房地產(chǎn)吸引“抄底”投資者

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(guó)商用房地產(chǎn)業(yè)正吸引新一輪投資，資金來(lái)源包括外國(guó)銀行、美國(guó)私人股本公司及一家中國(guó)主權(quán)財(cái)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(chǎng)參與者警告稱，此類交易標(biāo)志著機(jī)會(huì)主義的投資者正在“抄底”， 他們的戰(zhàn)略可能會(huì)因?yàn)槔侍嵘淖?。此外，與需要再融資的債務(wù)相比，本輪投資總額也相當(dāng)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(gè)信號(hào)，使該行業(yè)形勢(shì)惡化拖垮銀行、威脅到美國(guó)經(jīng)濟(jì)復(fù)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(zhǎng)鮑勃•斯蒂爾斯(Bob Steers)表示：“我們相信，事實(shí)是資金已做好購(gòu)買準(zhǔn)備，盡管目前趨勢(shì)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(guó)有的中國(guó)投資公司(China Investment Corporation)已聘請(qǐng)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(jī)會(huì)。

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(shì)的一個(gè)公開信號(hào)出現(xiàn)在上周五。洛杉磯投資公司柯羅尼資本(Colony Capital)成功競(jìng)購(gòu)了美國(guó)聯(lián)邦存款保險(xiǎn)公司(FDIC) 10億美元商用房地產(chǎn)貸款。 此前，這些貸款由美國(guó)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(duì)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(xiàn)1.36億美元，持有貸款總額60%的權(quán)益，而柯羅尼則投資9000萬(wàn)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(guān)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(huì)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(shí)候，房地產(chǎn)投資信托基金SL Green表示，已與中國(guó)銀行(BoC)達(dá)成一項(xiàng)4.75億美元的協(xié)議，為其與加拿大魁北克儲(chǔ)蓄投資集團(tuán)(Caisse de Ddpot et Placement du Quebec)共同擁有的紐約時(shí)代廣場(chǎng)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(guó)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。