美國商用房地產(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.

陷入困境的美國商用房地產(chǎn)業(yè)正吸引新一輪投資，資金來源包括外國銀行、美國私人股本公司及一家中國主權(quán)財富基金。

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.

市場參與者警告稱，此類交易標(biāo)志著機會主義的投資者正在“抄底”， 他們的戰(zhàn)略可能會因為利率提升而改變。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)的一個信號，使該行業(yè)形勢惡化拖垮銀行、威脅到美國經(jīng)濟復(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)席董事長鮑勃•斯蒂爾斯(Bob Steers)表示：“我們相信，事實是資金已做好購買準(zhǔn)備，盡管目前趨勢可能尚不太明朗。”

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，國有的中國投資公司(China Investment Corporation)已聘請Cohen & Steers、安祖高頓(Angelo Gordon)及摩根士丹利(Morgan Stanley)，物色商用房地產(chǎn)投資機會。

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.

這一趨勢的一個公開信號出現(xiàn)在上周五。洛杉磯投資公司柯羅尼資本(Colony Capital)成功競購了美國聯(lián)邦存款保險公司(FDIC) 10億美元商用房地產(chǎn)貸款。 此前，這些貸款由美國深受房地產(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.

上周早些時候，房地產(chǎn)投資信托基金SL Green表示，已與中國銀行(BoC)達(dá)成一項4.75億美元的協(xié)議，為其與加拿大魁北克儲蓄投資集團(tuán)(Caisse de Ddpot et Placement du Quebec)共同擁有的紐約時代廣場一座高樓再融資。

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。