Morgan Stanley Real Estate will throw open the doors to its data room by the end of next week in a sales process now under way for its $9 billion Investa real estate business.
Information memorandums are understood to have been sent out to prospective bidders for the business that includes $3.5bn of predominantly office properties and management rights, thought to be worth several hundred million dollars.
But some of the companies hoping to enter the data room are likely to be left disappointed, with access said to be by invitation only.
Out of the listed Australian property players, Dexus Property Group and GPT are among those who may be granted access, along with global candidates such as LaSalle Investment Management and the Abu Dhabi Investment Authority. CBRE is also a suitor and Blackstone has been tipped to be gunning hard for the Investa business.
Morgan Stanley and UBS are advising Investa on the sale of the group, while Macquarie and Fort Street are advising its listed vehicle IOF. Already, investment banks are working for suitors, with a large contingent said to be coming from Asia, including China’s Fosun and Mapletree and Ascendas out of Singapore.
Goldman Sachs is allied with LaSalle Investment Management and ADIA but has yet to lock in an advisory role with the pair, while Citi and BAML are also engaged by interested parties.
Investa owns some of the country’s most iconic office towers, such as Deutsche Bank Place in Sydney, along with a smaller portfolio of residential and industrial land projects.