A unit of Goldman Sachs bought an 8.7 percent stake of real estate services company CB Richard Ellis through a stock purchase in the final quarter of 2008.
According to documents filed February 5 with the Securities and Exchange Commission, Goldman Sachs Asset Management completed the purchase of 22,882,930 shares of CBRE stock by December 31, 2008.
The purchase would have been worth just under $100 million using the closing price of about $4.35 on the last day of the year, but it was unlikely it was all bought on one day.
In November, CBRE raised $207 million through the sale of 57 million shares through a secondary stock sale.
A spokesperson for California-based CBRE, Robert McGrath, declined to comment. A representative from Goldman Sachs was not immediately available for comment.
A senior research analyst for real estate at BMO Capital Markets, Paul Adornato, said prices were historically low for real estate services companies.
“It appears that Goldman Sachs Asset Management believes that over time the real estate services business will rebound and hence they bought a substantial stake in CBRE,” he said.