September 13, 2006
Duke Energy Corp., the largest U.S. utility owner, sells 49 percent of its commercial and residential real estate unit, Crescent Resources, LLC, to Morgan Stanley Real Estate Fund.
On September 8, it was announced that Duke Energy Corp., the largest U.S. utility owner, has sold 49 percent of its commercial and residential real estate unit, Crescent Resources, LLC, to Morgan Stanley Real Estate Fund, the largest property owner among investment banks, for $1.4 billion. Willkie represented Banc of America Securities LLC in its role as financial adviser to Duke Energy in this transaction. Ownership of the new joint venture will be 49 percent by Duke, 49 percent by Morgan Stanley, and two percent by Crescent’s chief executive officer. Crescent is a land management and real estate development company formed by Duke more than 40 years ago. The company, with land interests in nine states, builds award-winning country club communities, neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks, and shopping centers. The deal was handled by partner Steven Seidman and associates Matthew Lux and Thomas O’Grady.
