THE GOOD, THE BAD AND THE UGLY: The Ugly

PERE looks at three deals - one good, one bad and one that has the potential to be both - and the reasons for their divergent turns of fate. When it was agreed in 2007, the $5.4bn acquisition of Stuyvesant Town and Peter Cooper Village brought a high-powered beauty contest to a close. Now that Tishman Speyer and BlackRock own it, over-leverage, declining real estate values and legal action are combining to make this a particularly ugly deal. PERE July/August 2009