Crescent Real Estate Equities and Morgan Stanley Real Estate Fund Complete Acquisition of The Woodlands Corporation.FORT WORTH, Texas--(BUSINESS WIRE)--July 31, 1997--Crescent Real Estate Equities Company (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ), one of the country's largest real estate investment trusts, in partnership with Morgan Stanley Real Estate Fund II, L.P. (MSREF MSREF Morgan Stanley Real Estate Funds ), today announced completion of the acquisition of The Woodlands Corporation. Crescent and MSREF will hold partnership interests of 42.5% and 57.5%, respectively, with Crescent serving as the managing general partner. The $543 million purchase price was partially financed through a combined $369 million revolving credit facility and term loan led by BankBoston and Morgan Stanley Senior Funding. Crescent also announced that it intends to offer Crescent Operating, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:COPI COPI Chevron Overseas Petroleum Inc. COPI Construction Output Price Index (UK) COPI Court-Ordered Protected Individual ) the opportunity to acquire for approximately $1 million all of the voting stock, representing a 5% equity interest, in a new corporation which will hold a 42.5% proportionate interest in the residential and commercial land assets. Crescent will retain a 95% non-voting interest in the land development corporation. Crescent also announced that Crescent Operating has acquired a 42.5% general partner interest in the tenant which will lease the conference center and country club from Crescent and MSREF. The offer of the voting interest and the interest in the tenant were made by Crescent to Crescent Operating pursuant to the terms of the Intercompany Agreement between the two companies. Crescent is a fully integrated real estate company which owns through its subsidiaries a portfolio of real estate assets, consisting of 72 office properties and 6 retail properties totaling 21.6 million square feet, 92 behavioral healthcare facilities, 4 full-service hotels totaling 1,471 rooms, 2 destination health and fitness resorts, and economic interests in 4 residential development corporations. The office and retail properties are located primarily in 19 metropolitan submarkets in Texas and Colorado. Morgan Stanley Real Estate Fund II, L.P., an affiliate of Morgan Stanley, Dean Witter, Discover & Co., is a leading international real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. with interests in more than $6 billion of properties and operating company interests worldwide. CONTACT: Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. , Fort Worth Dallas E. Lucas, 817/878-0426 cei-crescent.com or Morgan Stanley & Co. Inc. Owen D. Thomas, 212/761-4673 |
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