NEW YORK--(BUSINESS WIRE)--Morgan Stanley Real Estate Investing (MSREI) announced today the acquisition of a loan portfolio comprised of 45 assets with a principal balance of $196 million from an offshore bank. The portfolio was acquired in partnership with Kearny Real Estate Company. Terms of the transaction were not disclosed.
The loan portfolio comprises a combination of performing, sub-performing and non-performing loans, with underlying collateral including residential condominiums, apartments, office, industrial and residential land primarily in California, Nevada, Washington, New Jersey and New York.
“We are delighted to complete the acquisition of another portfolio of loans with Kearny Real Estate Company, one of the longest-standing operating partners of MSREI,” said John Klopp, Co-Chief Executive Officer and Co-Chief Investment Officer of MSREI. “We believe our firms’ combined expertise in portfolio acquisitions and loan resolutions make us well-positioned to maximize the value of these assets."
MSREI is the global real estate investment management arm of Morgan Stanley. Established in the early 1990’s, MSREI has been one of the most active real estate investors for more than two decades, acquiring over $175 billion of assets in 36 countries. MSREI leverages the expertise, relationships and franchise of Morgan Stanley with more than 300 dedicated real estate investing professionals located in 15 offices around the world providing acquisition, finance and asset management services. MSREI manages strategies across the risk/return spectrum on behalf of its clients, including some of the largest pension funds, sovereign wealth funds and high net worth investors worldwide.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 42 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.