Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, May 14, 2013

CORRECTED-Westbrook buys Tokyo office property as market rebounds-sources, (NYSE: MS)

U.S.-based Westbrook Partners led the acquisition of a majority stake in a Tokyo office tower for about 30 billion yen ($295 million) as the market rebounds in the capital of the world's third-largest economy, according to people with direct knowledge of the deal. The price is half what a fund managed by Morgan Stanley paid for 66 percent of the building at the peak of the market seven years ago.Kenedix Inc, a Japanese property investor, and other foreign investors invested in the deal, the sources said, who asked not to be named because the transaction is not yet public.The transaction, which closed in April, is the latest example of foreign investment funds tapping Tokyo's resurgent property market, which is expected to gain momentum under stimulus measures introduced by Prime Minister Shinzo Abe.Japan's real estate market crashed in the wake of the 2008 global financial crisis and rents in Tokyo have fallen ever since. But vacancy rates at the capital's best buildings started to drop last year and there are signs that tenants are now willing to pay more to secure the most popular locations.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $23.68. In the past year, the shares have traded as low as $12.26 and as high as $24.47. On average, 19408800 shares of MS exchange hands on a given day and today's volume is recorded at 0.



Source