Morgan Stanley has warned investors that an $8.8bn property fund could face the worst losses in real estate private equity history owing to the fall in value of investments made at the peak of the market.
Msref (Morgan Stanley Real Estate Fund) VI International could lose as much as $5.4bn, having been forced to take writedowns or hand back the keys on a range of investments round the world.
The scale of the projected loss as detailed in an investor report is not inconsistent with the damage caused among the many other funds raised and spent during the period – although the size of Msref VI makes the dollar loss appear particularly large. Msref VI was one of the largest funds raised to invest in real estate.
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