FRESH off its Investa bid, Morgan Stanley has bought the Daewoo building in South Korea for $US1 billion.
The price is the highest paid by a foreign investor for a single asset in
Daewoo Engineering & Construction Co has sold the property to Morgan Stanley’s real estate fund AHI Holdings B.V.
The 23 level building was marketed for sale in April this year.
Morgan Stanley trumped Macquarie Bank and
Daewoo said in a statement on Monday that as part of the deal it will renovate and redevelop the 30-year-old building.
Australian Property Journal
