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. Last Updated: 07/27/2016

Morgan Stanley Makes First Foray

Morgan Stanley's real estate arm has made its first foray into Russia market by buying 10 percent of developer RosEuroDevelopment, the U.S. investment bank said Monday.

Morgan Stanley's Special Situations Fund III, a global fund that buys non-controlling stakes in real estate companies, bought the stake via a dedicated capital increase, Morgan Stanley said in a statement.

No terms for the transaction were disclosed.

"We believe Russia's strong economic growth and its fundamental undersupply of quality real estate provide an attractive opportunity to expand our investment platform," said John Carrafiell, global co-head of Morgan Stanley Real Estate.

Carrafiell added that RosEuroDevelopment would use the capital injection to invest in several projects in Moscow and other parts of Russia. The developer specializes in building shopping and entertainment centers, business centers, logistics parks and residential complexes.