I am quoted in this Bloomberg article: “Berkshire Loans $2 Billion to Real Estate Firm Backed by Buffett”

“I think he’s expressing confidence in their future profitability and growth,” said David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. Seritage gets “the Warren Buffett seal of approval.”

Berkshire Loans $2 Billion to Real Estate Firm Backed by Buffett

By Katherine Chiglinsky

July 31, 2018, 4:26 PM EDT Updated on July 31, 2018, 7:06 PM EDT

Warren Buffett bet his own money more than two years ago on the real estate empire that was spun out of Sears Holdings Corp. Now, his Berkshire Hathaway Inc. is helping finance the business.

Berkshire agreed to provide a $2 billion loan to Seritage Growth Properties, the real estate investment trust owns Sears stores, as well as properties the department-store chain has vacated. Seritage is using a portion of the money to refinance debt, while adding to capital. Buffett bought 2 million shares in December 2015 that are valued at about $85 million.

“I think he’s expressing confidence in their future profitability and growth,” said David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business. Seritage gets “the Warren Buffett seal of approval.”

Continue reading at Bloomberg.