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Leading real estate investment manager Starwood Capital Group is delving into the global opportunistic property pool with its latest fund.
The $51B firm seeks to raise $6B from investors for its new fund—Starwood Global Opportunity Fund XI LP—the firm’s biggest fund yet.
The fund will invest primarily in North America and Europe—though the company anticipates taking more risks in Europe as its market has taken a hit following the Brexit referendum—a good sign for investors looking for opportunities to grab property.
“When there is a panic in the marketplace, whenever there is dislocation of capital, either equity capital or debt capital, it is an opportunity for funds like ours to buy assets at a discounted value to replacement cost,” Starwood CFO Jerome Silvey says.
Now is a good time for the firm to raise funds, Bloomberg reports, as investors are looking for more hefty risks in real estate, seeking higher returns. This past quarter, real estate dominated opportunistic strategies, securing $16.8B for nine funds during the period. [Bloomberg]
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