Morgan Stanley buys into Hong Kong serviced apartments

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

By Simon Osborne

April 03, 2006

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 continue to build a regional apartment brand focusing on AsiaÆs gateway cities, especially in China,ö says Zain Fancy, Morgan StanleyÆs head of Asia-Pacific Real Estate in Hong Kong. The firmÆs next target is in Shanghai...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222