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Volume 2 - Number 10 | May 27, 2005
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TEN MINUTES WITH…Jim Walker
By Erika Morphy
On May 5, Prudential Real Estate Investors announced it had reached an agreement to acquire Storage USA's assets from GE Commercial Finance. PREI is acting on behalf of institutional investors in four open-end commingled funds and two single client accounts. It is no small move on PREI's part—the unit has committed more than $1.5 billion in equity to the transaction for the joint venture ownership of more than 250 self-storage facilities.
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DEJ RoundUp: Could Greenspan Be Right?
By Erika Morphy
Earlier this month Federal Reserve Chairman Alan Greenspan, in his customary indirect way, took the real estate industry to task, warning of microbubbles, lax underwriting and housing prices that have climbed to “unsustainable” levels. And that was just in the residential market. The commercial and capital markets, as is no secret, have been flooded just as much with cash by investors seeking yield they cannot find elsewhere.
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Capital Watch: Bankers and Builders Aligned, Pacific Security Inks Alliance
By Benjamin Mark Cole
Several months ago Pacific Security Capital announced a deal with an Irish fund which had 200 million euros, or about $1.4 billion, to invest. Pacific Security would do the advising, while the Irish investors would provide the cash. Now Pacific Security is raising more eyebrows with another new “strategic alliance,” this time with the San Francisco-based Swinerton Inc., a family of companies best known for integrated construction services and currently ranked as the nation's fifth-largest general contractor.
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