China Investment Corp., the country’s sovereign wealth fund, has agreed to purchase nine Australian office buildings from a Morgan Stanley real estate arm for an undisclosed sum.
The properties are held by Investa Property Trust, which CIC International Co. will acquire from Morgan Stanley Real Estate Investing, the U.S. firm said in a statement.
The CIC bid was worth more than A$2.45 billion ($1.79 billion), the Australian Financial Review reported, without saying where it got the information.
Blackstone Group LP, Brookfield Asset Management Inc. and Dexus Property Group were competing to purchase the Investa property assets, people familiar with the matter had said earlier.
Morgan Stanley is still discussing the sale of Investa Office, the property management division of Investa, according to the statement.
CIC established its CIC International unit in 2011 to invest in overseas assets, according to the company’s website.