From G&M 24 May 2011 -
“The world’s largest private equity firm is taking its money out of Canadian real estate to take advantage of surging demand for buildings, flooding the market with $900-million of office buildings.
Blackstone Group LP has conscripted CIBC World Markets to sell its 29 Canadian buildings just as life returns to the Canadian investment market, with cash-rich real estate investment funds looking to invest billions of dollars to expand their portfolios.”
“The danger of flooding the market like this is they are potentially depressing their own sale prices,” said John Andrew, a real estate professor at Queen’s University. “I hope they don’t see this as some sort of market peak. What is more likely is they want to take that money and invest it in other markets where there are more opportunities to buy at distressed prices.”
Smart money? Toppy? – vreaa