| Investa bought by Morgan Stanley |
Investa, one of Australia's largest property groups has agreed to be taken over by Morgan Stanley, in a deal worth an estimated 4.7bn Australian dollars. The deal still has to be approved by shareholders, but the offer is a 14% premium over Investa's Wednesday closing share price.
if it goes through it will be the largest purchase of an Australian property firm by an overseas company.
Morgan Stanley said the deal was part of its strategy to increase its real estate presence in Australia. undefined undefined undefined undefined undefined undefined Investa has about A$7bn of commercial and residential assets. The firm's shares have risen 50% over the past year on the back of takeover speculation.
In recent months Australian property prices have continued to rise on the back of increase trade with Asia Pacific.
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