Morgan Stanley launches open-end fund
Morgan Stanley Real Estate Investing is launching Prime Plus Property Fund, a core-plus U.S. real estate fund. The fund will invest alongside Morgan Stanley’s $14.7 billion Prime Property Fund. Morgan Stanley declined to comment on the fund. The new fund will invest 70 percent to 80 percent of its capital in the Prime Property Fund, an open-end core property fund launched in 1973. The remainder will be invested in core-plus and value-added properties. Morgan Stanley is expected to raise $400 million to $500 million this year for Prime Plus Property Fund, which will target major East and West Coast markets.