While it is unlikely there will be large blockbuster transactions in the REIT space, consolidation and smaller acquisitions will likely continue, says Marty Cicco, senior managing director with Evercore Partners. "If one thing came out of the crisis, you did see for the first time in the history of the REIT sector much more of a bifurcation between the winners and losers, so you do have some significant multiple spread or gap between the top-tier companies and the lower-tier companies."
Australia's Evergreen Capital Partners is planning to launch a global REIT and hedge fund next month. The fund will debut with $9.6 million and the goal of adding a further $40 million or so over the next 12 months.
Nasdaq's plan to repay investment companies hurt by technical glitches during the initial public offering of Facebook has been approved by the Securities and Exchange Commission. The reimbursement totals $62 million, up from $40 million that Nasdaq offered in June.
The Treasury Department's latest auction of stakes in 15 small banks acquired through the Troubled Asset Relief Program netted $62 million. That represents a slight discount from Treasury's initial investment.