"April 23 (Bloomberg) -- Morgan Stanley, seeking profits amid the decline in real estate values, raised an additional $2.5 billion for a global property fund that will invest part of its assets in U.S. mortgage debt.
About half of the new money in the Special Situations Fund III will be spent in the U.S., Spain and the U.K., as well as other developed markets in Europe and Asia, said John Carrafiell, joint global head of real estate investing for Morgan Stanley. The rest will be invested in emerging markets.
Morgan Stanley, like Blackstone Group LP and Lone Star Funds, is raising money to take advantage of a drop in asset prices following the collapse of the U.S. subprime mortgage market. The second-biggest U.S. securities firm plans to invest $30 million to $100 million of equity per investment, mainly in commercial property assets including offices, hotels, stores and industrial buildings. "
Full Article by Hui-yong Yu
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