Now is a good time for real estate joint ventures with and by REITs, says Michael Ashner, chairman and CEO of Winthrop Realty Trust. "While there has been some deleveraging on the REIT side, the equity they can invest is still limited, so the opportunities for co-investment are strong," he says. Valuations of properties, though, still are tricky, even though they have risen. "The fundamentals in most asset classes have not really improved that much. There is ebullience on the part of investors, but operating fundamentals don't justify it," he says.
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