HONG KONG/NEW YORK Morgan Stanley (MS.N) is close to raising $6 billion for a new global property fund, falling short of its earlier target of $10 billion, sources with direct knowledge of the plan said.
The Morgan Stanley Real Estate Fund VII Global, the latest in a series of its international property investment funds, originally targeted to raise $10 billion, Reuters reported in September.
The bank decided to reduce its fund-raising target late last year due to a poor global market environment and the fund-raising work for the new real estate fund is expected to be completed soon, said the sources with direct knowledge of the plan.
On Monday, Reuters reported U.S. private equity firm the Carlyle Group CYL.UL was raising 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.
(Reporting by George Chen in HONG KONG and Megan Davies in NEW YORK, Editing by Jacqueline Wong)
MUMBAI An up to $261 million share sale in Castrol India Ltd by BP Plc due to take place on Wednesday according to a term sheet seen by Reuters had not taken place as of the end of the trading day, according to exchange data.
HONG KONG/JERUSALEM Beijing Xinwei Technology Group has agreed to buy Israeli satellite operator Space Communication for $285 million, the companies said on Wednesday.
STOCKHOLM Swedish forestry and hygiene products group SCA plans to split into two listed companies in 2017, it said on Wednesday, sending its shares to a record high and fuelling speculation the forestry business might become a bid target.