Thursday, November 02, 2006

Morgan Stanley Seeks $8 Billion for Property Fund

in my opinion not many places without a bubble left. but at least they search outside the us...........

meiner meinung werden die es schwer haben hohe erträge zu erzielen. aber immerhin suchen sie ausserhalb der usa..........
Morgan Stanley, the largest real estate investor among Wall Street banks, is raising as much as $8 billion for what would be the biggest-ever high-yield real estate fund.

``We continue to see significant investment opportunities outside the U.S., dominated by activity in Japan,'' ....

Real estate firms are raising record amounts from institutional investors such as pension funds that are seeking higher returns than stocks and bonds. Morgan Stanley is raising an opportunity fund, a type that seeks annual returns of at least 20 percent. It will be invested outside the U.S., with 75 percent in developed markets such as Japan and Germany and 25 percent in emerging markets led by China and India. ....

Morgan Stanley Real Estate has acquired about $62.3 billion of property assets worldwide, including Canary Wharf in London, that city's second financial district. The firm in July made its first real estate in Russia, buying a stake in a local developer, and plans to increase investment in China and India, where fast economic growth is creating more demand for housing and retailers. ....

$30 Billion to Invest
Adding borrowings to the fund's equity of $8 billion could give Morgan Stanley as much as $30 billion to invest, Humphrey said.

``That is a level we haven't seen before,'' he said. ``The immediate question that comes to mind is can they access investments at a pace that's reasonable, given that level of capital,'' he said. ?''

Yields, or capitalization rates, on real estate probably won't fall much further, said Sonny Kalsi, global head of investing for Morgan Stanley Real Estate. ``As we look at things globally, we think cap rates are more likely to go up,'' Kalsi told the committee. Economic conditions remain favorable for property income growth in cities such as Tokyo, London and Shanghai, he said. (i´m not sure /bin mir da nicht so sicher, )

Government of Singapore Investment Corp., which manages more than $100 billion of foreign reserves and is one of the world's 10 biggest investors in real estate, earlier this year said it may buy real estate in India and Brazil to guard against the risk of falling U.S. property prices (clever!)


Blogger MortgageTop said...


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8:09 AM  

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