Tuesday, 9th February 2010

 

23 November 2009 - Press Briefing

BarCap acquires Morgan Stanley real-estate subsidiary

Morgan Stanley has sold Crescent Real Estate Equities Co. to lender Barclays Capital and John Goff, the property operator’s co-founder, drawing a line under its disastrous $6.5bn (€4.3bn) takeover of the business in 2007, according to a report in The Wall Street Journal.

The $2bn Barclays loan, which had been extended several times since its maturity date of August 3, came due on Friday. Morgan Stanley suffered $951m in writedowns and other losses from Crescent, which owned 54 office buildings, resorts and housing projects at the time of the 2007 takeover.

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