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Starwood Property Trust (NYSE: STWD), which is a real estate investment trust, struck gold last night. The company issued 40.5 million shares for its public offering, raising a cool $810 million (this was 35% more than expected). The offering price came to $20.
Why the excitement? Basically, Starwood wants to capitalize on the low valuations in the commercial real estate markets. The main approach will be to purchase debt securities -- and perhaps wind up owning some choice properties.
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