It’s not just the US sovereign that’s recently taken a credit beating.
A Moody’s report on US public finance rating revisions out Tuesday shows how the fiscal ripple effect continues to deteriorate credit conditions in US municipalities. This may not be big news to muni watchers, but there have been other reports out recently that are worth tying together. Read more
Morgan Stanley has agreed to buy Investa Property Group, Australia’s largest publicly traded office building manager, for A$4.7bn ($3.9bn), in the biggest overseas acquisition of an Australian real estate investment trust, reports Bloomberg. Morgan Stanley has now announced $12.5bn of real estate acquisitions in the past two weeks, including debt. Also on Wednesday, reports the FT, Morgan Stanley’s real estate unit acquired a 3 per cent stake, worth about $1.4bn, in Mitsubishi Estate, Japan’s second-largest real estate group and an owner of prime assets in Tokyo’s Marunouchi business district.