PVH’s Chirico may not have been thrilled with the GOP’s tax proceedings, but CBRE Group President and CEO Bob Sulentic told CNBC that one piece of the proposed reform would be particularly good for his massive real estate business.
“What’s really going on that’s important to our industry is that corporations are going to pay lower taxes,” Sulentic told Cramer. “Corporations are our biggest clients. If they have more money to invest to serve their clients, more money to invest in their people, they’re going to grow, they’re going to do more business, and that’s going to help our business grow.”
CBRE, which has $98 billion in assets under management, also recently raised roughly $1.5 billion for a fund investing in what Sulentic called “value-add real estate,” or properties that have decent performance but present upside opportunity.
“There were a billion and a half dollars’ worth of investors that wanted to get into that fund to invest in real estate here in the U.S.,” the CEO said, highlighting the growing awareness of the value possibilities in the U.S. real estate market.