Oaktree Sees Value In Distressed Real Estate

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US homebuilder Ryland Group said on February 1 that it was forming an acquisition and development joint venture (JV) with alternative-asset giant Oaktree Capital, in a move that will make it the latest company to capitalise on the industry downturn by picking up distressed commercial assets. Earlier in 2008, CFW had predicted that such assets would increasingly look attractive to private equity and asset management funds (see 'Blackstone Switches Into Real Estate With US$10.9bn Fund', CFW, April 2008) and going forward we don't believe this will be the last such venture.