morgan-stanley-offers-54-billion-for-investa

Morgan Stanley offers $5.4 billion for Investa

The real estate arm of the US bank will buy the Australian property trust at a 56% premium to its net tangible assets.
The real estate funds division of Morgan Stanley has made an all-cash bid of A$3.08 per stapled security to shareholders in the Australian listed property trust Investa Property Group. The purchase will be conducted via a scheme of arrangement and values Investa at A$6.6 billion $5.4 billion, or a 56% premium to its net tangible assets.

Investa is AustraliaÆs eighth largest LPT by market cap and focuses on commercial property in the countryÆs large cities, though it has also recently purchased a residential housing development company. Morgan Stanley says it is the assets in the gateway cities that attracted the bank to the portfolio. ôInvestaÆs portfolio of attractive assets in AustraliaÆs major cities is...
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