Morgan Stanley to make it big down under

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Morgan Stanley's sale of its Australian real estate unit, Investa Property Group, is expected to fetch more than $2.3bn and has attracted more than 20 bids, a source with direct knowledge of the deal told Reuters.

The news agency reports that bankers selling the owner of $2.3bn of property, including office buildings in the cities of Sydney and Melbourne, plus management contracts for $4.6bn of property, closed a first round of bids this week with more than 20 expressions of interest, said the source on Thursday.

Nearly half of the bids came from Asia, including from China's biggest privately owned business Fosun International and sovereign wealth fund China Investment Corp, said the source.

To access the complete Reuters article hit the link below:

Morgan Stanley's Australia property arm worth at least $2.3 billion after early bids - source

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