Posted on 03/03/2023 3:17:30 AM PST by EBH
Sounds like money-laundering to me.
They should be able to pretty much pay cash down for any building they think they make money on.
The swamp is is really really wide.
Meh. Office buildings are struggling post-Covid. Lots of companies have greatly expanded their work from home programs and left them in place, and need much less office space as a result. This affect large commercial office leases significantly.
Here’s a US story on the same theme.
PIMCO’s Columbia Property Trust defaults on $1.7B of office loans
Mortgage tied to seven-building portfolio spanning NY, SF
https://therealdeal.com/national/2023/02/22/pimcos-columbia-property-trust-defaults-on-1-7b-of-office-loans/
There will be more.
Isn’t Blackstone one of the key pushers of the Diversity, Equity, Inclusion killer of Western culture and Chistendom?
Exactly. Once sold as 100% safe investments these REITs and related bonds are each becoming a potential financial land mine. The workout guys will do well but the holders could be facing a haircut IMO.
You may be thinking of BlackRock.
Though Blackstone is just as invested in Deep State’s agenda.
You got that right.
Yes, I remember hearing the ads... and thinking about potential problems.
Blame the War! Ha Ha. You guys trained people under Covid to work remotely, hard to get them back in the office now. Also high tech and bad economic issues, supply chain issues have caused layoffs. Governments have stop giving out Covid Money. Yep office buildings are going to be a disaster. 30% vacancies in NYC.
I wonder if Blackstone is the new Lehman? How many pension funds hold Blackstone REIT’s?
Don’t forget this in December:
Blackstone’s $69 bln REIT curbs redemptions in blow to property empire
https://www.reuters.com/business/finance/blackstone-limits-redemptions-69-billion-reit-2022-12-01/
I think the only way out for commercial landlords would be to convert the space to loft condos.
No, that’s Blackrock
The REIT redemptions was largely issues with Asian $ coming out to cover problems back home.
I was thinking the same - prohibiting REIT withdrawals and now major defaults.
Not a good sign.. for them. Great for America though - especially if they start hanging themselves.
Yes it is
Got a real bad reputation if anyone looks into it carefully.
It’s a major advertiser on Fox News, touts itself as a great company to invest in.
One of the major hosts should expose them...but would prolly get fired!
“rising interest rates”
They buried the lead!
When you have to refinance dirt cheap debt with expensive debt many businesses become raging dumpster fires.
All the rest is noise.
Oops, I did that too
A few minutes ago.
Yes, Blackrock bad.
Blackstone, I never heard if.
Sounds shaky too...
“Once sold as 100% safe investments these REITs”
Yup—that is one of many reasons I never trusted “financial advisers” in the modern era.
They flatly refused to acknowledge the possibility that the era of easy money (low interest rates) could end and the impact it would have on sectors like commercial real estate.
It is their customers who will be punished.
I think Blackrock was a spinoff from Blackstone. Similar to JPMorgan and Morgan Stanley.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.