Morgan Stanley Looks To Jettison Roughly $150M Stake In London’s Walkie Talkie Building
Morgan Stanley’s real estate arm is looking to sell its 12% stake in London’s Walkie Talkie skyscraper, worth nearly $150M.
People familiar with the matter said China Investment Corp., which also owns a share in the tower, is considering taking over Morgan Stanley's interest. The world's second-largest sovereign wealth fund has six weeks to reach an agreement with Morgan Stanley before the sale is offered to other buyers, Bloomberg reports. The building’s other co-owners, Canary Wharf Group, Brookfield Property Partners and the Qatar Investment Authority, are also considering grabbing the share before it goes public.
Morgan Stanley’s desire to sell in Britain’s post-Brexit market comes as investors are backing away from the market — investment in London office buildings fell 29% last year to its lowest level in five years.
