Categories: US Real Estate

Beny Steinmetz’s BSG Takes Aim at Distressed Europe Shops

Scheduled to launch today, a $2 billion dollar fund to buy distressed European properties by Beny Steinmetz (BSG)is all in the news. The Israeli billionaire’s new venture will reportedly be aimed at leveraging low prices across Europe’s beleaguered property sector.

Steinmetz, renown for his diamond entrepreneurship  has reportedly hired Chris Papachristophorou, former head of Deutche Bank’s RREEF, to oversee the new operations. According to BSG’s spokespersons, the focus of these investments will largely target shops and offices in desperate need of restructuring etc. Interestingly, we contacted both the BSG offices in Switzerland and failing an answer to our queries there, also contacted the UK offices of Onyx Financial Advisors to get further information. Neither office’s contact got back with us.

Below is a video from Steinmetz which reveals where the company originated, and Mr. Steinmetz’s principle and core focal business. As to BSG’s outlook for Europe commercial investments, Bloomberg’s Elisa Martinuzzi & Sharon Smyth quote Papachristophorou as having told them in a phone interview:

“For sure, European real estate markets are seeing a recovery, and the pace of deals will accelerate in 2013 and 2014.”

Certainly as more and more European banks quicken to sell off distressed paper, speculators and investors worldwide will ramp up their acquisitions, especially where the price is right and other factors bear. However, just as this Wall Street Journal piece suggests, a special expertise will be needed for success in turning around these properties. Ego, Steinmetz’s bringing Papachristophorou on board.

 

Phil Butler

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. A graduate of The College of Charleston, Phil also served in the United States Navy, and has worked for any number of Fortune 500 companies. Together with his wife and partner Mihaela Lica Butler, Phil also helped forge Pamil Visions PR into one of the most successful online PR companies in the world. His greatest accomplishments however involves being the best husband, father, and friend he can be.

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