American International Group is planning "asset sales on an orderly basis" to repay loans from its new controlling owner, the federal government. CEO Edward Liddy said yesterday he hopes to say which assets will get sold, by sometime next week, said AIG spokesman Joe Norton.
This has speculators wondering on the fate of AIG's real estate portfolio, which AIG says is worth $26 billion. Will it be dumped into a soft market?
AIG's Philadelphia-area properties include a string of office buildings in the Wilmington area, along with some of the 86 apartment buildings AIG bought last year in New Jersey, Philadelphia and Delaware (and one in New York)n partnership with Morgan Properties of King of Prussia.
Morgan is owned by developer Mitchell L. Morgan, who's hosted both GOP presidential nominee John McCain and President Bush at campaign fundraisers at his Bryn Mawr home.
| The AIG-financed buildings include more than half the 32,000 apartments Morgan now controls, according to a press release the company published earlier this year. Morgan officials weren't available for comment this afternoon.
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