New York, Aug. 11, 2022 (GLOBE NEWSWIRE) — Joe Sitt, Chairman of the world’s leading real estate company, Thor Equities Group, spoke with Stuart Varney of Fox Business on August 9e to discuss relocation, international relations, industrial real estate, and the ultimate growth of the United States and the West in general.
On Varney & Co., Joe Sitt began his segment by reaffirming his motto “it’s politics, stupid” in response to outsourcing and investing in the United States. After paying close attention to blue and red states, SALT taxes, etc., Thor began migrating investments from blue states to red states and is now “investing in bipolarizing the world.” He thinks the West’s dependence on Asia – which was revealed by Covid – exposed many problems, and he speculated that the loss of Taiwanese chips could be more damaging to the United States than what that happened in Ukraine with oil.
Regarding offshoring, Mr. Sitt said that “investments in biotechnology, climate and energy will drive a massive wave of production in offshoring here in the United States.” His belief that rusting old cities have huge potential for a comeback due to existing infrastructure, coupled with the onshore shift and reliance on Asia, could be “explosive in terms of national growth. He concluded that due to Covid and woke politics, the government has underfunded infrastructure and fossil fuels; and his projection that the rise in oil prices materialized due to underfunding.
On industrial property, Sitt said demand remains strong and that while a vacuum also exists in Europe, politics in places like Germany is worrying. With Germany’s “freeze for peace” motto, Sitt believes damage will inevitably arise and they will experience the same dynamic of needing to move ashore and move manufacturing away from China.
Thor Equities’ recent transactions in the industrial real estate category include the acquisition of assets in key markets in California, Georgia, Texas, New Jersey, Philadelphia and Chicago over the past year. Earlier this year, Thor launched its latest venture, Thor Digital, a division specializing in the acquisition and development of data centers across Europe with an equity commitment of up to $3 billion and a target of 9 billion dollars in acquisition value.
The full interview with Mr. Sitt is available on: Thor Equities YouTube Channel
About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in prime urban areas around the world. The company operates in major cities around the world and has a real estate portfolio totaling $20 billion with a development pipeline of over 50 million square feet. Thor has a strong presence on three continents and, in addition to its holdings in the United States, the company has assets in European gateway cities such as London, Paris, Madrid and Milan, and is the largest developer in Mexico via its Latin American division with a development pipeline. over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive advantage. For more information, visit www.thorequities.com.