Don't let this week's huge move in real estate stocks fool you into believing the real-estate recession is over. The professional bargain hunters are out in force, buying out companies on the way down before other private-equity firms snatch up the deals.
Tishman Speyer Properties LP and Lehman Brothers Holdings (LEH Quote) sparked a rally in real estate investment trusts with a $13.5 billion agreement to buy Archstone-Smith Trust (ASN Quote). With the prospect of apartment rents rising 6% or more in 2007, the ability to acquire a block of 86,000 in one purchase was too good to pass up.
Also on the takeover list is Pennsylvania Real Estate Investment Trust (PEI Quote). A minor shareholder, London-based LaSalle Investment Management, reportedly offered $55 a share for the company. ...
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