Wednesday, Apr 23, 2008
More financial alchemy? This has to stop - the same mistakes are being made again!
Bloomberg: Morgan Stanley Raises $2.5 Billion for Real Estate
Morgan Stanley, like Blackstone Group LP and Lone Star Funds, is raising money to take advantage of a drop in asset prices following the collapse of the U.S. subprime mortgage market. MS plans to invest $30 million to $100 million of equity per investment, mainly in commercial property assets including offices, hotels, stores and industrial buildings.
``There's a dearth of investors for that part of the capital structure in the U.S., so you can achieve returns you haven't been able to achieve for a decade in the U.S. in mortgage debt,'' he said. ``We've looked at buying from people that have originated the debt and own it,'' said Carrafiell. ``We've also been approached by banks to team up with them to provide that slice of a new mortgage they're about to write"
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