News

Morgan Stanley buys workers' dorms in Singapore for 153 million sgd (USD $105M)
Wednesday, December 26, 2007; Dec 27, 2007

Morgan Stanley recently bought three workers' dormitories for 153 million Singapore dollars from Singapore state-owned industrial landlord JTC Corp to expand its real estate asset portfolio in the city-state, the Business Times reported, citing unnamed sources. The newspaper said Avery Strategic Investments, an entity linked to the US bank, has teamed up with a local party to buy additional properties of this kind from the private sector in search of better yields. Being targeted are dormitories that have blue chip companies as tenants, who are leasing space in these facilities for their foreign workers. There are currently over 20 other major dormitories housing foreign workers in Singapore, the newspaper said.