AMLI will be delisted from the New York Stock Exchange effective at the close of business today.
"The completed acquisition of AMLI, with its high-quality multifamily assets, outstanding management team and organization, strong development capabilities, and recognized brand name in the sector, is a milestone for PRIME," said Dave Hardman, Managing Director and Head of U.S. Real Estate Investing at Morgan Stanley. "We are excited to build upon the track record established by the AMLI management team and employees by working together to grow the franchise going forward."
Gregory T. Mutz, AMLI Chairman and CEO said, "We are pleased that the value of AMLI's franchise has been recognized in this sale. The employees and senior management of AMLI are excited to have the opportunity to create value in the future for the investors in PRIME. AMLI's management team looks forward to leading AMLI going forward and growing its presence in the multi-family housing industry."
About Prime Property Fund and Morgan Stanley Real Estate
PRIME, a $4.9 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. PRIME's assets include office, retail, multifamily, industrial, self storage and hotel properties and are located in major real estate markets throughout the United States. Morgan Stanley Real Estate is comprised of three major global businesses: Investing, Banking, and Lending. Since 1991, Morgan Stanley has acquired $73.1 billion of real estate assets worldwide and currently manages approximately $40 billion in real estate assets on behalf of its clients. In addition, Morgan Stanley Real Estate provides a complete range of market-leading investment banking services to its clients including advice on strategy, mergers, acquisitions and restructurings, as well as underwriting public and private debt and equity financings. Morgan Stanley is also a global leader in real estate lending and, using its own capital, originated upwards of $24 billion in commercial mortgages in 2005.
Morgan Stanley (NYSE: MS) is a global financial services firm and a market leader in securities, investment management, and credit services. With more than 600 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.