摩根士丹利(Morgan Stanley)向投资者发出警告，称旗下一只规模为88亿美元的房地产基金，可能出现地产私人股本行业历史上最大亏损，原因是该基金在市场高峰时进行的投资如今价值大幅缩水。

　　Morgan Stanley has warned investors that an $8.8bn property fund could face the worst losses in real estate private equity history owing to the fall in value of investments made at the peak of the market.

　　摩根士丹利房地产基金(MSREF)第六期国际基金的亏损可能高达54亿美元，之前它已被迫进行减记，或对全球众多投资项目进行清理。

　　Msref (Morgan Stanley Real Estate Fund) VI International could lose as much as $5.4bn, having been forced to take writedowns or hand back the keys on a range of investments round the world.

　　一份投资报告中详细列出的预期亏损规模，与同期内发起并投资的很多其它基金并无不同——不过该基金的规模使得亏损显得尤为巨大。该基金是投资于房地产业规模最大的基金之一。

　　The scale of the projected loss as detailed in an investor report is not inconsistent with the damage caused among the many other funds raised and spent during the period – although the size of Msref VI makes the dollar loss appear particularly large. Msref VI was one of the largest funds raised to invest in real estate.

　　亏损来自于以下一些物业投资：如欧洲央行(ECB)在法兰克福的总部、东京的一处地产开发项目，以及欧洲各地的洲际酒店(InterContinental)等。

　　The losses are based on investments in properties such as the European Central Bank's Frankfurt headquarters, a development in Tokyo and InterContinental hotels across Europe.

　　对于其中一些投资，该基金已经作了放弃处理，实际上相当于注销了资产，其中包括一个21亿欧元的德国写字楼投资组合项目。该基金已将此项目控制权交还给贷款方皇家苏格兰银行(RBS)，后者正与其它私人股本集团谈判，拟出售该项资产。8亿美元的欧洲酒店投资组合也被移交给贷款方。摩根士丹利已对其在该基金的投资进行了完全减记。

　　There are some investments where the fund has simply handed back the keys, in effect writing off its equity, including a €2.1bn portfolio of German offices. The fund has given control back to the lender, Royal Bank of Scotland, which is in talks to sell on the assets to rival private equity groups. An $800m portfolio of European hotels has also been handed to its lender. Morgan Stanley has fully written down its exposure to the fund.

　　尽管市场近期出现反弹，例如英国的一些地产价格有所回升，但全球地产市场的估值水平仍远低于高峰时期。持续的经济复苏，也将有助于缩减摩根士丹利房地产基金的亏损规模。

　　Values in property markets round the world are still much lower than at their peak, although there has been a recent rebound in markets such as the UK that has seen some equity restored to deals. A sustained recovery would also help scale back the losses experienced by the Msref fund.

　　译者/功文