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Morgan Stanley rises to top spot in Q3'17 REIT M&A league tables

Morgan Stanley dethroned Bank of America Merrill Lynch to take over the top spot on SNL Financial's third-quarter 2017 league tables by deal value, garnering $12.35 billion in total deal credit.

Morgan Stanley, which was unranked in the 2016 league tables, advised Digital Realty Trust Inc. on its acquisition of DuPont Fabros Technology Inc., which closed in September. The firm also advised Starwood Waypoint Homes in its stock-for-stock combination with Invitation Homes Inc., which awaits a shareholder vote in November, as well as Monogram Residential Trust Inc. in its sale to a Greystar Real Estate Partners LLC-led fund.

Bank of America Merrill Lynch and Citigroup Global Markets Inc., which occupied first place and second place, respectively, in the first-half rankings, each ticked down a notch in the third-quarter rankings. Both had three deals to their name, though their overall deal credit was much lower than Morgan Stanley's.

Among legal advisers, Hogan Lovells, the leader in the rankings at the end of the first half, remained in the top spot, having advised on five deals through the end of the third quarter with an aggregate deal value of $8.76 billion, followed closely by Sidley Austin LLP and Kirkland & Ellis LLP, which claimed deal credit, respectively, of $8.29 billion and $8.10 billion.

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SNL Financial is an offering of S&P Global Market Intelligence.