M. Stanley's Australia property arm worth at least $2.3 bln after early bids-source

April 23, 2015 5:26 AM

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SYDNEY, April 23 (Reuters) - Morgan Stanley's sale of its Australian real estate unit, Investa Property Group, is expected to fetch more than A$3 billion ($2.3 billion) and has attracted more than 20 bids, a source with direct knowledge of the deal told Reuters.

Bankers selling the owner of A$3 billion of property, including office buildings in the cities of Sydney and Melbourne, plus management contracts for A$6 billion of property, closed a first round of bids this week with more than 20 expressions of interest, said the source on Thursday.

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