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Report: Morgan Stanley agrees to buy Investa's 50% stake in Sydney property

Morgan Stanley Real Estate Investing is buying Investa Office Fund's half-stake in the office complex at 10-20 Bond St. in Sydney's central business district, The Australian reported.

Mirvac Group, which co-owns the property with the Oxford Properties Group Inc.-owned real estate investment fund, exercised its preemptive right to the interest and nominated Morgan Stanley's real estate arm to acquire the asset, according to the publication.

The deal is estimated to be worth approximately A$309.5 million, the March 14 report added. The estimated value represents the worth of Mirvac's own 50% shareholding in the 38,282-square-meter property, which comprises two buildings and a ground floor retail plaza.