Smart Capital
‘Smart Capital’ Backs Real Estate, Zimpleman Says (Update1)
Source: businessweek.com
"April 28 (Bloomberg) -- Principal Financial Group Inc. Chief Executive Officer Larry Zimpleman, whose firm owns or manages more than $30 billion of real estate assets, said new buyers are entering the U.S. commercial market and pushing up prices.
“Smart capital is starting to queue up,” Zimpleman said yesterday in an interview at Bloomberg headquarters in New York. “Prices have now sort of bottomed out and have actually started to slowly move back up again.”
Zimpleman, 58, braced Des Moines, Iowa-based Principal for an increase in commercial-property defaults by more than doubling the provision against mortgage losses last year. The dip in property prices, which Zimpleman estimated at about 35 percent, attracts investors from the U.S. and abroad, he said."