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February 9, 2010
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| 06:27 EDT |  | CLI |
| theflyonthewall.com: | Timing for "Blind Pool" capital raise may be wrong, Bloomberg reports | | Richard Ziman, former chairman of Arden Realty, and Timothy Callahan, who ran Trizec Properties, want to raise money in the equity market after selling their real estate companies for a combined $12B before the property crash, Bloomberg reports. They have each filed to offer shares in so-called blind-pool companies, which seek to raise money before owning any assets, but their timing may be wrong. Recent blind-pool stock sales have been reduced in size, canceled or the shares are treading water, amid a slump in demand for IPOs. At the same time, real estate owners are trying to hold onto distressed or defaulted properties rather than unload them at fire-sale prices, leaving few buying opportunities. Reference Link :theflyonthewall.com |
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