Morgan Stanley buys chunk of Duke Energy real estate holdings

(Charlotte, NC-AP) September 8, 2006 - Duke Energy continues to pare down its holdings and operations.

The Charlotte-based company Friday announced it created a joint venture for its real estate holdings with a Morgan Stanley unit in return for nearly $1.5 billion in cash after taxes.

Duke Energy's real estate subsidiary, Crescent Resources, develops country clubs, apartment and condominium communities, office buildings, and other projects.

It's holdings are in North Carolina, Georgia, South Carolina, Florida, Virginia, Tennessee, Texas, Arizona and Washington, DC.

Morgan Stanley bought 49 percent of the new joint venture. Duke Energy will hold on to another 49 percent, and the remaining two percent is owned by Crescent's chief executive officer, Art Fields.

The new company will keep the name Crescent Resources, stay headquartered in Charlotte and keep its current managers.

Posted 5:45pm by Chantelle Janelle