He’s bearish on the real estate market, and looking to sell.
Sam Zell’s firm Equity Group Investments has either sold or intends to sell stakes in at least four companies dating back to last October, according to Bloomberg. It has announced one new investment over the same time period.
The firm may look to sell Ardent Health Partners as well. The company, which EGI bought in 2015, is getting ready for a public offering.
The 77-year-old sell has called himself a net real estate seller since 2015 at least. Equity Residential has sold $8.5 billion worth of properties since that year.
“At the moment, we don’t see enormous opportunity,” Zell said to Bloomberg TV in March. “Pricing today, primarily because of the supply-demand scenario in terms of capital, is distorting all markets, and there’s too much capital chasing too little opportunity.” [Bloomberg] – Eddie Small