Crescent shareholders approve Morgan Stanley buyout

Shareholders of resort-and-office REIT Crescent Real Estate have consented to Morgan Stanley’s $6.5bn acquisition bid.

Texas-based Crescent Real Estate Equities announced today that its shareholders have voted to approve the firm’s acquisition by Morgan Stanley Real Estate.

“We are pleased to have such support from our shareholders,” John Goff, vice chairman and chief executive officer of Crescent, said in a statement. “We look forward to working closely with Morgan Stanley Real Estate for a smooth and seamless transition.”

Morgan Stanley announced in May it had agreed to buy Crescent Real Estate for $22.80 (€16.68) per share, including the assumption of debt, in a transaction valued at $6.5 billion. The deal is expected to close this Friday.

The Crescent portfolio would give Morgan Stanley control of 63 office buildings across the US, totaling about 26 million square feet. The office properties include the 1.2-million-square-foot Fountain Place in Dallas; the 3-million-square-foot Houston Center and the 10-building Greenway Plaza complex in Houston; and the 1.1-million-square-foot Hughes Center in Las Vegas.

Crescent also holds investments in resort properties in Arizona, California and Massachusetts, totaling approximately 700 rooms, as well as resort residential developments across the US.

The firm was founded in 1994 by Richard Rainwater, who currently owns 14.5 percent of Crescent’s common shares.