Investors have approved a year-long extension of a $4.7 billion property megafund from Morgan Stanley, a company spokesman told Reuters on Friday. The spokesman said the investment bank's property asset-management arm had agreed to a "trimming of fees" in the fund, known as Morgan Stanley Real Estate Fund (MSREF) VII Global.Morgan Stanley Real Estate Investing had also agreed to reduce the fund's size by $700 million, the spokesman said, adding that since the fund had not yet drawn down all the cash from investors, it had agreed to a reduction in commitments rather than returning cash.The fund's life was due to end this June, but only 40 percent or about $1.9 billion of the money had been put to work. . The fund will now have until June 2013 to invest the rest of what is now $4 billion in committed capital.Morgan Stanley's property team has said they feel the time is right to strike deals in depressed property markets globally.
Morgan Stanley is a global financial services firm that, through its subsidiaries and affiliates, provides its products and services to a group of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $17.17. In the past year, the shares have traded as low as $11.58 and as high as $31.04. On average, 32227800 shares of MS exchange hands on a given day and today's volume is recorded at 0.
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