Ahead of the Bell: CBRE Realty Finance

By Associated Press March 14, 2008 Comments (0)

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A potential sale of real estate investment trust CBRE Realty Finance Inc. is "far from certain," but is a possible scenario as the company has hired Goldman Sachs Group Inc. to review strategic alternatives, a research analyst said.

Citi Investment Research analyst Donald Fandetti said Arbor Realty, one of CBRE Realty's largest shareholders, has been bidding on the REIT, but a deal is not guaranteed.

On Thursday, CBRE Realty posted a quarterly loss and said Goldman Sachs will work with the board of directors to "evaluate a wide range of strategic and operational initiatives to enhance shareholder value."

CBRE Realty lost $17.8 million, or 59 cents per share, during the fourth quarter.

Much of the loss was the result of reserving $19.2 million to cover potential losses on exposure to $82.8 million in loans made to developer Harry Macklowe.

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DocumentId: 598416, ~/articles/articlehandler.aspx, 7/9/2008 9:41:55 AM, No ticker

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