Morgan Stanley Buys RE Advisory Businesses

Morgan Stanley Real Estate has completed the acquisition of some of Lend Lease's U.S. real estate equity investment advisory businesses, according to Morgan Stanley.The terms of the deal -- involving Lend Lease's Prime Property Fund, its Arch Street series of multifamily funds, and a group of individual accounts -- were not disclosed. The acquisition has pushed the level of U.S. real estate assets being managed by Morgan Stanley to $19 billion, including $10 billion of assets from this deal, according to the company. Owen D. Thomas, global head of Morgan Stanley Real Estate, said the acquisition would augment the company's "already strong presence in opportunistic and real estate securities investing." E. Davisson Hardman, a senior manager on Morgan Stanley's real estate investment team, will be responsible for the company's expanded U.S. real estate investment businesses.