NEW YORK CITY-Morgan Stanley is looking to raise anywhere from $1 billion to $3 billion for a new global real estate fund.
The investment firm's Morgan Stanley Real Estate Funds unit reportedly is trying to secure a large contribution from China Investment Corp., according to the Wall Street Journal. China Investment Corp. has a 6.4% stake in Morgan Stanley.
The fund would be Morgan Stanley's eighth global real estate fund. The news report states that people familiar with the private fundraising effort, say that Morgan Stanley is banking on investors being attracted to the fund based on the profitability of its current $4.7-billion pool. See story in the Wall Street Journal.
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