Morgan Stanley hands over Crescent to Barclays venture
Bloomberg / New York Nov 23, 2009, 00:32 IST
Morgan Stanley agreed to hand over a real-estate business acquired in 2007 to Barclays Capital, ending the New York firm’s obligation on a $2 billion loan after taking almost $1 billion in losses.
Barclays Capital, the investment banking unit of London-based Barclays Plc, formed a joint venture with Goff Capital Inc to acquire Crescent Real Estate Equities, the companies said. Morgan Stanley has been in negotiations since last month with Barclays Capital over the loan, which originally was $3.3 billion.
A Morgan Stanley real-estate investment fund acquired Fort Worth, Texas-based Crescent, which owns more than 17 million square feet of commercial properties, for $6.5 billion in cash and assumed debt.
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