Morgan Stanley‘s global real estate fund is to buy a mall in St. Petersburg for more than $1 billion, Bloomberg reported on Monday, writes Reuters. It will buy the Galeria asset from private equity firm Meridian Capital CIS Fund and will invest the money from Morgan Stanley Real Estate Fund VII, a global fund $4.7 billion in size.
Reuters – Morgan Stanley’s global real estate fund is to buy a mall in St. Petersburg for more than $1 billion, Bloomberg reported on Monday citing sources.
It will buy the Galeria asset from private equity firm Meridian Capital CIS Fund, the news agency said, and will invest the money from Morgan Stanley Real Estate Fund VII, a global fund $4.7 billion in size.
Morgan Stanley recently agreed to reduce the fund’s size by $700 million. [ID: nL3E8CD239]
Moscow was ranked 12th in terms of investment opportunities in a 2011 report by PWC detailing emerging trends in real estate in Europe. Above it were cities including Berlin, Istanbul, London, Munich and Stockholm. The report ranked Moscow’s prospects for existing property performance, new property acquisitions and development prospects as “fair”.
Morgan Stanley could not be reached for comment.
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