SL Green surges after sale of about 50% interest in NYC office property
26/06/2023 17:17
** SL Green Realty Corp's SLG.N shares surging 18.9% to
$28.01 on Mon; on track for biggest one-day pct gain since Nov
9, 2020, when COVID vaccine news announced
** New York City-based REIT early Mon announced sale of ~50%
interest in 245 Park Ave to U.S. affiliate of Japan's Mori Trust
Co at gross asset valuation of $2 bln
** SL Green acquired the 1.8 million-square-foot property in
Sept 2022 with the intent to reposition the asset with a partner
** Peers also rising on Mon; S&P 1500 Office REITs index
.SPCOMORE up 6.1% with all 15 components in positive territory
** Biggest boosts to the index include Boston Properties
BXP.N 8.1%, Alexandria Real Estate ARE.N 4.1% and Vornado
Realty VNO.N 13.2%
** Real estate names also benefiting from rebound in
regional banks stocks on Mon with KBW Regional Banking index
.KRX up ~2% and on course to snap 5-session losing streak
** Despite gain on the session, SPCOMORE has shed ~17% since
Mar 8, just before the collapse of Silicon Valley Bank piled
pressure on a sector already hit by higher interest rates
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))