CORRECTED-Co-head of M.Stanley Real Estate to step down

(Corrects property company name in third paragraph to "Deutsche Immobilien Chancen AG" instead of Dubai International Capital)

LONDON, Dec 22 (Reuters) - John Carrafiell, joint global head of Morgan Stanley Real Estate (MS.N), is stepping down from his role in January, a spokesman said on Monday.

Carrafiell, who took a leading role in the 1.7 billion pound

($2.51 billion) acquisition of London's Canary Wharf business district in 2004 - Britain's biggest-ever property deal - will hand over his duties to New York-based co-head Sonny Kalsi next month.

Carrafiell's next career move is unclear but he will remain a senior adviser to the bank and continue to serve on the boards of Morgan Stanley-backed property companies including Canary Wharf Group, retail developer and investor Multi Corporation, German property company Deutsche Immobilien Chancen AG and Spanish property firm Grupo Lar.

Morgan Stanley Real Estate is one of the world's most prolific property investors. It managed $91.3 billion of assets worldwide, including $29.2 billon of assets in Europe at Sept. 30.

(Reporting by Sinead Cruise; Editing by Erica Billingham)

(See www.reutersrealestate.com for the global service for real estate professionals from Reuters)