NNN Lease Market News
Colombia and India Real Estate Markets Target For Zam Zell
Billionaire Sam Zell said he is entering the real estate markets in Colombia and India in the next two weeks as he continues to favor international investments over U.S. property deals.
Zell, through Equity International, which he co-founded with Gary Garrabrant in 1999, has invested in real estate- related companies around the world, including in Brazil, China and Mexico. His involvement in the U.S. property market is “minimal” amid low interest rates and inflation that he estimates to be as high as 6 percent, Zell said.
Zell, 69, sold his Equity Office Properties Trust in 2007 for $39 billion as the real estate market was peaking. U.S. commercial property prices fell as much as 49 percent from their October 2007 high after credit contracted and the economic slump boosted the unemployment rate to more than 9 percent, according to the Moody’s/REAL Commercial Property Price Index.
Commercial real estate prices climbed 0.9 percent in June, the third straight monthly gain, according to Moody’s. The increase represented a “firming up” of the market bottom as investors move beyond trophy properties and major coastal cities, the company said Aug. 22.
http://www.bloomberg.com/news
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