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Article: IPO investors not sold on REITs that buy distressed mortgages; But fund managers still will take a close look.(A)
- Article from:
- Investment News
- Article date:
- September 28, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David Hoffman
Despite troubling signs that investors aren't sold on new real estate investment trusts that plan to purchase distressed-mortgage assets in many cases with the help of government financing mutual fund managers still intend to take a close look at them.
Two such REITs that focus on distressed-commercial-mortgage-
backed securities Apollo Commercial Real Estate Finance (ARI) and Colony Financial Inc. (CLNY) last week were forced to delay by a day and cut in half the size of their initial public offerings because of a lack of demand.
A third IPO, for Foursquare Capital Corp. (FSQR), a REIT focusing both on ...