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CORRECTED - M.Stanley freezes German property fund

Mon Jul 13, 2009 5:44am EDT

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(Corrects to say the fund is now frozen for new subscriptions, not redemptions, adds that the fund remains closed for redemptions)

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FRANFURT, July 13 (Reuters) - Morgan Stanley (MS.N) has temporarily closed its German open-ended real estate investment fund, P2 Value, for subscriptions due to signs of significant downward value adjustments on properties held by the fund.

The U.S. bank announced the freeze on subscriptions in a statement on Monday. The P2 Value fund has been frozen for redemptions since end-October 2008. (Reporting by Peter Starck; Editing by Greg Mahlich)

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