Geld Galore! New York Investors Pour $50 B.-Plus into Overseas Real Estate
New York Observer reports: New York real estate investors are increasingly sending their money overseas, and their favorite targets are, in descending order, Germany, Australia and Japan, according to a report to be released this week.
“It’s increasing big time,” said Dan Fasulo, managing director of research for RCA, which produced the report. He said New York investors have spent more than $50 billion on foreign commercial real estate in the past two years.
Fasulo said the credit crisis might actually be accelerating the trend. “There’s no question that this process of geographical diversification in real estate started several years ago. I think the events related to the credit crunch and the economy slowing has just sped up that process. You have your local pension fund saying, ‘Hey, I don’t want all my real estate funds in one basket.’”
On the list of foreign investment targets, Germany leads
because, “Several New York firms have been involved with buying large
billion dollar portfolios of apartment properties from the German
government.”
View the full article on New York Observer: Geld Galore! New York Investors Pour $50 B.-Plus into Overseas Real Estate
Posted by: Nina Turner