Investa Property Group, an Australian real estate company owned by Morgan Stanley (MS) funds, announced that it has decided not to proceed with the initial public offering at this time. There were reports recently that Investa plans to raise up to A$750 million through initial public offering.
Investa, which has been exploring a number of options to expand its business including a potential IPO of a number of assets in the Sydney and Melbourne CBD's, stated that there was a disconnect between the public and private market pricing of the real estate.
Investa said it is instead proceeding with other options to grow the business amid an improving outlook for the property sector.
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