facebook
twitter
rss
account
search
search
 

Morgan Stanley buys Crescent Real Estate

May 22, 2007 at 10:34 PM   |   Comments

FORT WORTH, Texas, May 22 (UPI) -- U.S. real estate investment trust Crescent Real Estate Equities Co. said Tuesday it agreed to be acquired by Morgan Stanley Real Estate for $6.5 billion.

Morgan Stanley will buy the company for $22.80 a share, said Crescent, which has about 102.8 million shares outstanding.

With the assumption of liabilities, the deal is worth about $6.5 billion, it said. The purchase price is 12 percent higher than Crescent's prior 30-day average closing share price and 5.5 percent more than Tuesday's closing price of $21.62.

Crescent has been undergoing a restructuring since March 1 to focus on its core office properties. Crescent owns and manages about 70 office buildings, totaling 27 million square feet, in Sunbelt cities such as Dallas and Miami. It also has investments in resort residential developments and resorts and wellness retreats.

It reported net income of $33.4 million last year.

Morgan Stanley Real Estate manages $55.6 billion in real estate assets and $26.7 billion in public real estate securities.

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Scotland was tricked, 'yes' backers say Scotland was tricked, 'yes' backers say
2
Iran could retool pipeline for Pakistan Iran could retool pipeline for Pakistan
3
Iraq relying on oil wealth from Basra Iraq relying on oil wealth from Basra
4
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
5
Arctic oil bound for Europe, Gazprom Neft says Arctic oil bound for Europe, Gazprom Neft says
Trending News
Video
x
Feedback