- April 1, 2013: Vol. 25, Number 4

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Capital Flows: Sales dominate activity

by Larry Gray

In third quarter 2012, U.S.-based investment managers focused on selling assets and new acquisitions were limited, making them net sellers for the three-month period. During the quarter, investment managers reported dispositions of $7.3 billion and acquisitions of $4.7 billion, according to Institutional Real Estate, Inc.’s Investment Manager Capital Flows Survey.

The quarterly disposition total was the highest since first quarter 2009 when managers reported sales of $9.0 billion. On the buy side, the $4.7 billion figure for the third quarter represents the lowest total since second quarter 2010 when managers reported acquisitions of $3.1 billion. Through the first nine months of 2012, investment managers acquired a total of $17.3 billion of assets while selling approximately $17.4 billion of properties.

Of the third quarter acquisitions, apartment properties accounted for $1.8 billion, or 38 percent of the total dollar volume. On the disposition side of the ledger,

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