A $10bn US property fund is running low on liquidity as investors demand their money back, threatening a reckoning for a sector rocked by rising debt costs and fears over real estate valuations.
Starwood Real Estate Investment Trust (Sreit), one of the largest unlisted property funds, has drawn more than $1.3bn of its $1.55bn unsecured credit facility since the beginning of 2023 following heavy redemption requests.
The fund, managed by Barry Sternlicht’s Starwood Capital, entered 2023 without having tapped the credit line. But it now has only about $225mn of cash left to draw, according to the latest filings this week.
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