Cases & Deals

Morgan Stanley Real Estate and others complete a secondary private placement of £23.3 million of Ordinary Shares by shareholders of Songbird Estates PLC

Clients Morgan Stanley Real Estate Fund IV International Funds, the Special Situations II Funds and Princes Gate Investors III, L.P.

Jones Day represented MSREF IV International Funds, the Special Situations II Funds, Princes Gates Investors III, L.P. and certain investment accounts managed by PG Investors III, Inc. ("MS Sellers") in the sale of shares held by them in Songbird Estates PLC under a secondary private placement carried out by Morgan Stanley Securities Limited. A total of 21.55 million B Ordinary Shares of 10p each were sold by all of the sellers at a price of 210p per share, of which over 11 million B Ordinary Shares were sold by the MS Sellers. The other sellers were investment vehicles and trusts connected with Simon Glick and his family and The Canary Wharf Employee Share Ownership Plan Trust on behalf of members of the management of Canary Wharf Group plc.

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