SL Green is getting ready to deploy the $1 billion war chest it has built up for acquisitions.
At the start of the year, the REIT disclosed in a quarterly earnings statement that it planned to start raising funds for a $1 billion opportunity debt vehicle targeting New York City.
Now, according to statements from an executive at the company, not only is it ready to deploy the accumulated capital but it expects to raise more than the initial target of $1 billion. "Our expectations now, based on investor demand, is that we should be out surpassing that $1 billion goal that we set for ourselves," said Harrison Sitomer, SL Green's chief investment officer, at an industry conference last week in New York. "I wouldn't be surprised to see that number be higher than a billion just based on the feedback we had received," he said, according to MarketWatch.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
