BlackRock Likes Property Even After Yellen Calls Prices 'High'
- Property’s 3.5% yields beat stocks and bonds, Turnill says
- Mirae Asset bets on Amazon.com, State Farm office buildings
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Federal Reserve officials say U.S. commercial real estate is expensive. That isn’t stopping the world’s biggest money manager from saying it’s time to buy.
BlackRock Inc. says property can deliver average yields of 3.5 percent, compared with 3.4 percent for U.S. investment-grade bonds and the S&P 500 Index’s dividend yield of 2 percent. Demand is spreading as far as Asia, where Mirae Asset Securities Co. is buying U.S. real estate, including some of the Seattle buildings that house Amazon.com Inc.