Morgan Stanley to raise planned $6 billion for property fund

According to the Reuters’ report Morgan Stanley will soon raise $6 billion for a new global property fund having reduced its previously announced target. In September Reuters reported that the Morgan Stanley Real Estate Fund VII Global, the latest in a series of its international property investment funds, was planning to raise $10 billion.

The decision to cut its initial fund-raising target was taken by the bank later last year in view of a poor global market environment. According to the sources familiar with the plan the fund-raising work for the new real estate fund is scheduled to complete within a short time.

Yesterday the edition reported that U.S. private equity firm the Carlyle Group CYL.UL will raise its second Asia real estate fund with a target of $1 billion in a move to tap more property deals in key markets such as China and Japan.