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Morgan Stanley may give up Crescent Real Estate
By siliconindia
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Wednesday, 21 October 2009, 22:08 IST
Bangalore: After getting many write-offs and losses from its unit Crescent Real Estate Equities, Morgan Stanley may hand over the branch to Barclays Capital. Barclays Capital had provided $2 billion as finance to Morgan Stanley at the time of acquisition in 2007.
Morgan Stanley had acquired Crescent for $6.5 billion in August 2007, including debt provided by Barclays Capital. The bank had planned to put Crescent's assets into real estate investment funds, but markets soon seized up and Morgan was left holding these assets.
The bank is also considering putting more capital into Crescent to keep it afloat. The due date for the payment of the debt is November 2. Also, the negotiations with Barclays could extend beyond the deadline.