China Investment Corp. has emerged as the winner of an auction, paving the way for it to acquire a property portfolio of nine Australian office buildings from Morgan Stanley’s real estate investment arm for an undisclosed amount, according to a company statement.
Investa Property Trust, currently held by Morgan Stanley Real Estate Investing, may fetch as much as A$3 billion (US$2.19 billion), according to unconfirmed media reports quoting insiders.
Investa owns office buildings in Sydney and Melbourne, as well as management contracts for A$6 billion of property.
Earlier this month, CIC said it was partnering with European real estate investment manager AEW Europe to acquire ten shopping centers in France and Belgium from CBRE Global Investors for €1.3 billion (US$1.42 billion).
Morgan Stanley Real Estate Investing has US$33 billion under management, of which 28% is Asian investments.