Post recent recession real estate finance companies seem to be making all kinds of move to acquire new holdings, be it financial or real property holding. Starwood Property Trust has been in news because of its growth and plans of expansions by signing different kinds of financial deals with luxury hotel owners, property dealers all over world. Starwood seems to be in a very serious acquisition mood, it has now tried to acquire Crexus, a Manhattan real estate investment trust. Crexus, which is out to make its own hay in real estate and investment world was quick to reject a whopping $254M offer from Starwood. Well, money can’t buy everything in this world.
Starwood seems to be watching all the companies and their moves very keenly for it sent out offer to Crexus after Crexus suspended its own attempts to buy Barclays real estate assets worth $586 million from Barclays Capital Real Estate. Real estate and financial world seems to be still reeling under the effects of recession for capital investors are keen to buy out shares, assets and loans to bail out companies in trouble to stabilize market shares. Starwood has cited similar reasons behind this Crexus acquisition.
Starwood has made successful moves for it earned $57 million through company’s Starwood Capital Group in its first year of operation itself but Crexus too seems to be brave, willing to take risks for it did not buckle under financial pressures. Maybe this move by Starwood has failed but it won’t deter its growth in anyway, check Seven Starwood Hotels on Conde Nast Traveller Hot List to read about its success in luxury hotel world.
Via The Real Deal