Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 04 March 2015

Equity Commonwealth Gears Up for Massive Portfolio Repositioning

Equity Commonwealth is looking to sell between $2 billion and $3 billion of properties in the coming three years as part of a broad portfolio repositioning. It's got 17 properties, including its Australian holdings, on the sales block and has put Philadelphia's One Franklin Plaza on the market once again.

Commercial Real Estate Direct Staff Report

Equity Commonwealth is looking to sell between $2 billion and $3 billion of properties in the coming three years as part of a broad portfolio repositioning.

Exactly how much it ends up selling depends on market conditions.

"There's a shortage of investible opportunities and if we get lucky, we're going to hit the high end of the range," explained Sam Zell, the company's chairman, who spoke on a recent conference call with analysts. "And if we don't get lucky, we'll hit the low end of the range."

Zell took the reigns of the Chicago REIT, previously known as CommonWealth REIT, after a proxy battle last year that resulted in the company's previous management and board being ousted. Since then, he and the company's senior executives have been completing a property-by-property review of the REIT's 156 properties. They've determined to streamline by selling its non-office holdings, smaller properties, those...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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