Bloomberg – UBS O’Connor LLC, the $5.6 billion hedge-fund unit within Switzerland’s biggest bank, sold most of its stakes in U.S. real estate investment trusts during the second quarter after the companies delivered some of the highest stock-market returns in the past year.
O’Connor cut its holdings by more than $900 million, selling almost every type of REIT, including those backed by apartments, offices, mortgage bonds, campgrounds, cell-phone towers and hotels, according to a filing last week with the U.S. Securities and Exchange Commission. The biggest reductions were in Mid-America Apartment Communities Inc., AvalonBay Communities Inc. and Equity Lifestyle Properties Inc.
