Sam Zell Continues Selling Spree
Since at least 2015, billionaire Sam Zell has continued to sell more than just property to exit real estate. Ahead of a “tsunami of supply,” his Equity Group Investments (EGI) has sold or plans to sell its stake in at least four companies.
Additionally, in 2015, Zell’s operating company purchased Ardent Health Partners, a hospital operating company. Ardent is now preparing for its public offering. EGI had no comment about the transaction.
Back in March, Zell told Bloomberg TV, “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.” As much as possible, Zell is looking to keep his money in cash. At the end of last year, Equity Commonwealth, a REIT with Zell as chair, had $2.7 billion in cash and equivalents.
For comments, questions or concerns, please contact Daniella Soloway
- ◦Sale/Acquisition
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