Starwood REIT to bag up real estate loans in US

摘要

Barry sternlecht, the property and hotel entrepreneur, is planning to float a new REIT in the US to buy distressed commercial and residential debt secured on real estate.Sternlicht's company, Starwood Capital, aims to raise up to $500m for the newly formed Starwood Property Trust Inc, which last Friday filed a prospectus for an initial public offering.The new company intends to buy loans and mortgage-backed securities in the US, where the value of the underlying real estate is more than the price paid for the loans.It will initially finance its purchases using the US treasury department's public-private investment program (PIPP) and the Federal Reserve Board's term asset-backed securities loan facility (TALF).