Morgan Stanley has raised $800m of debt for its latest $2bn opportunistic property fund.
JP Morgan Chase has provided the subscription facility for Morgan Stanley Real Estate Fund IV-International, a fund targeting property investments outside the US.
The fund is still raising capital but is understood to be near to closing. The facility, secured on the capital commitments made by investors, is the largest ever provided to an opportunity fund.
It allows the fund to make quick decisions on investments without having to call on its investors to hand over the cash they have committed.
Since 1990, Morgan Stanley’s opportunity funds have spent more than $11bn on property in Europe, out of a total of $20bn worldwide.
· Asset manager ING Furman Seltz, a subsidiary of banking group ING, has launched a property hedge fund, Windridge Partners International.
