Housing Sectors looks good elsewhere!

Posted by | May 31, 2007 | Current Affairs | No Comments

Morgan Stanely ‘s Real Estate unit, has agreed to buy Australia’s Investa property Ltd., Morgan Stanley has offered $3.08 for each Investa shares. As a result of this merger Investa shares has leaped to about 15.6%. The merger costs Morgan Stanley’s Real Estate A$6.6 billion, including its debt. Investa has an interesting portfolio as it is spread over an impressive section of Australia.

It might be interesting to note that it is one of the largest deal of its sort in Australia. It would be the largest acquistion of property trust in Australia by an off shore company. It is only the ninth such acquisition globally.

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