Starwood Property plans $593M Irish sale - Bloomberg | REITs Message Board Posts

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Msg  12053 of 13547  at  6/18/2019 1:07:26 PM  by


Starwood Property plans $593M Irish sale - Bloomberg

The sale of Starwood Property Trust's (STWD +0.6%) portfolio of offices in Dublin would be one of Ireland's biggest real estate sales.

The REIT hired CBRE (CBRE +1.2%) and Eastdil Secured to sell the offices for ~EUR 530M ($593M), Bloomberg reports, citing a person familiar with the matter.

The properties could go on the market as soon as July.

Starwood purchased the portfolio in 2015 as Ireland was recovering from the worst property crash in western Europe after the global financial crisis.

The company's tenants in Dublin include Marsh & McLennan, Airbnb, and WeWork.

Why hold leverage European property if/when a recession is in the future (and possible negative interest rates).  Pay down debt and be ready to snap up some of these properties in 24 months in a BK sale . . . 

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