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Strategies & Market Trends : World Outlook

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To: Glenn Norman who wrote (724)	4/21/2001 10:47:24 PM
From: Don Green	Read Replies (1) of 48908

Yo_ Norman How are you doing??? Morgan Stanley To Invest Heavily In Japanese Property Sunday, April 22, 2001 TOKYO (Nikkei)--Morgan Stanley plans to invest 5 billion dollars over the next three years in Japanese real estate, The Nihon Keizai Shimbun learned Saturday. The big U.S. investment bank hopes to cash in on a depressed real estate market expected to come back to life with the lifting last November of a ban on Japanese real estate investment trusts. A boom is anticipated despite the continuing decline in land prices, which were down 4.9% on average at Jan. 1 from a year earlier, the Land Ministry reported last month. Morgan Stanley plans to buy office and apartment buildings, mainly in greater Tokyo, believing that some prices in the capital have bottomed out. It has already snapped up the Ebisu Prime Square development in Tokyo's posh Ebisu district from failed Chiyoda Mutual Life Insurance Co. for some 40 billion yen. The property comprises a 62-unit apartment building, a 22-story office building and three commercial wings and has a total floor space of 70,000 sq. meters. (The Nihon Keizai Shimbun Sunday edition)

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