RPT-Morgan Stanley to sell Australian real estate unit to China's CIC

July 27, 2015 10:23 PM

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SYDNEY, July 27 (Reuters) - Morgan Stanley said on Monday it has agreed a deal to sell its Australian real estate unit Investa Property Group to China Investment Corp, a sovereign wealth fund.

No price for the sale was disclosed in a statement, but a source with direct knowledge of the sale told Reuters in April that the firm was expected to fetch more than A$3 billion ($2.19 billion) after having attracted more than 20 bids.

Also read: Hong Kong CKI makes $5.4 billion bid for Australian energy Duet Group

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