Morgan Stanley Real Estate's Prime Property Fund Completes AMLI Residential Properties Trust Acquisition
07 Février 2006 - 8:31PM
Business Wire
Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced
today that it has closed on the previously announced acquisition of
AMLI Residential Properties Trust (AMLI) in an all-cash transaction
totaling approximately $2.1 billion. Under the transaction, all
common shares and limited partnership units have been acquired for
$37.75 per share in cash. Additionally, AMLI's management team will
remain in place to manage the AMLI properties acquired by PRIME.
AMLI will be delisted from the New York Stock Exchange effective at
the close of business today. "The completed acquisition of AMLI,
with its high-quality multifamily assets, outstanding management
team and organization, strong development capabilities, and
recognized brand name in the sector, is a milestone for PRIME,"
said Dave Hardman, Managing Director and Head of U.S. Real Estate
Investing at Morgan Stanley. "We are excited to build upon the
track record established by the AMLI management team and employees
by working together to grow the franchise going forward." Gregory
T. Mutz, AMLI Chairman and CEO said, "We are pleased that the value
of AMLI's franchise has been recognized in this sale. The employees
and senior management of AMLI are excited to have the opportunity
to create value in the future for the investors in PRIME. AMLI's
management team looks forward to leading AMLI going forward and
growing its presence in the multi-family housing industry." About
Prime Property Fund and Morgan Stanley Real Estate PRIME, a $4.9
billion diversified core real estate fund, is managed by Morgan
Stanley Real Estate. PRIME's assets include office, retail,
multifamily, industrial, self storage and hotel properties and are
located in major real estate markets throughout the United States.
Morgan Stanley Real Estate is comprised of three major global
businesses: Investing, Banking, and Lending. Since 1991, Morgan
Stanley has acquired $73.1 billion of real estate assets worldwide
and currently manages approximately $40 billion in real estate
assets on behalf of its clients. In addition, Morgan Stanley Real
Estate provides a complete range of market-leading investment
banking services to its clients including advice on strategy,
mergers, acquisitions and restructurings, as well as underwriting
public and private debt and equity financings. Morgan Stanley is
also a global leader in real estate lending and, using its own
capital, originated upwards of $24 billion in commercial mortgages
in 2005. Morgan Stanley (NYSE: MS) is a global financial services
firm and a market leader in securities, investment management, and
credit services. With more than 600 offices in 28 countries, Morgan
Stanley connects people, ideas and capital to help clients achieve
their financial aspirations.
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