MOSCOW, Sept 13 (Reuters) - Morgan Stanley’s real estate fund is in talks to buy a Moscow shopping centre for between $1.1 billion and $1.2 billion from Capital Partners, three industry sources told Reuters on Thursday.
“The buyer - Morgan Stanley’s Real Estate fund - is conducting due diligence, the property is not being offered to other potential buyers any more,” said one of the sources, who had also considered buying the Metropolis mall.
Capital Partners Chief Executive Erkan Erkek and a Morgan Stanley representative declined comment.
Built in 2009, Metropolis is one of the largest shopping malls in Russia. Investments in Russia’s commercial real estate market could reach between $6.5 billion and $7.0 billion this year, compared with $7.66 billion in 2011, according to consultants Cushman & Wakefield.
Earlier this year, Morgan Stanley’s global real estate fund reportedly bought a mall in the Russian city of St Petersburg for more than $1 billion.