Morgan Stanley buys into Hong Kong serviced apartments

Macquarie-advised Schroder fund sells its posh condo holdings via a management buyout.

There has been more asset trading amid the giant foreign-controlled property funds in Hong Kong, with the announcement of Morgan StanleyÆs purchase of a majority stake in Shama, an upmarket boutique apartment company. The firm acquired the property from Schroder Investment Management, which manages a real-estate fund sub-advised by Macquarie.

ShamaÆs management also participated by taking a stake in the company. Shama owns five properties in Hong Kong island comprising 233 apartments and six restaurants.

ôMorgan Stanley and Shama will...

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