Off the Bench: Insurance Firm Looking to Get Back into CRE Game
Wednesday, February 23, 2011
Source: Bloomberg
Bloomberg reports: Gregory McGreevey, chief investment officer at Hartford Financial Services Group, stated recently that he would like to get his insurance firm back into funding commercial real estate, as the asset class becomes more attractive to both equity and debt investors. This comes as an about-face, after Mr McGreevey cut his company’s commercial property portfolio by 36% over the past two years. Today, he believes that, “The real estate market in total has likely bottomed in terms of its price declines…Properties, we think, are in better shape today than they were.”
Indeed, Bloomberg reiterated after quoting the Hartford chief that the Moody’s/REAL Commercial Property Price Index, based on repeat-sales data from Real Capital Analytics, rose in three of the last four months of 2010. For the entire year through December 31, the index fell by just 2.1%, as compared to 29% in 2008 and 15% in 2009.
As Hartford Financial Services Group prepares to launch itself back into debt markets related to commercial real estate, please see the full article related to the move on Bloomberg’s site.
View the full article on Bloomberg: Off the Bench: Insurance Firm Looking to Get Back into CRE Game
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Posted by: Nina Turner