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visit www.finance-monthly.com MoRgan stanley


DivestMent Morgan stanley has divested the whole of its indirect interest in an investment holding company which held four dormitories in Jalan Papan, woodlands, Kian teck and tampines in singapore. the transaction price for the divestment, which also included the sale of the remaining minority interests, was in the region of about s$380 million. Rodyk acted on the real estate aspects of the transaction for Morgan Stanley. The four dormitories, with a total gross


floor area of about 1.6 million square feet, will give its new owner the biggest stake in the purpose-built foreign worker dormitory market in Singapore. Morgan Stanley Real Estate Fund VI currently holds a majority stake in them. While Morgan Stanley is quitting the


island's dormitory market, it remains interested in the Singapore real estate sector. Its other investments there include a joint venture with Wing Tai and Greatearth that is developing the Ascentia Sky condo in Alexandra Road, and a tie-up with CapitaLand and Hotel Properties who own the Farrer Court site. In Shanghai, Morgan Stanley is said to have decided not to sell its upmarket Jinlin Tiandi apartment complex. In February, it was reported that Keppel Land unit Alpha Investment Partners was in exclusive negotiations with Morgan Stanley Real Estate Asia to purchase the property, which was estimated then to be worth about 900 million Yuan (S$182 million). Rodyk & Davidson LLP acted in the share


sale and real estate aspects of the transaction for Morgan Stanley. fi


savoye acquiRes


RetRotecH inc. savoye, european specialist in logistics automated systems, has completed an agreement to purchase all outstanding shares of Retrotech inc., a privately held engineering services firm, based in new york state. the combination of both companies represents approximately 100 million euros annual revenue. Savoye integrates equipment for


automated order preparation and fulfillment, mechanized packaging for shipping, high-speed sorting and pallet handling. The firm also develops software solutions for warehousing, transport and supply-chain flows. Retrotech, pioneered the Automated


Storage / Retrieval Systems (ASRS) modernization business in 1985 and has commissioned some of North America’s largest automated warehouses.


“Retrotech has earned a solid reputation


for first rate engineering services and support that we can now offer to our American customers” said Frédéric Mancion President of Savoye. “We look forward to building upon the Retrotech name, employees, location, and management team led by President Pete Hartman.”. “Savoye and Retrotech together offer


customers a wider range of capabilities and expertise within a disciplined process focused on business results” said Pete Hartman, President. Savoye, a division of Groupe Legris


Industries, has 550 employees and over 1,000 customers globally. It earned revenues of 82 M€ in 2009 primarily from equipment manufacturing, systems engineering, and software development. Retrotech specializes in the design, installation, modernization, and support of automated material handling systems (AS/RS) for warehouse/WIP tracking, control and order fulfillment. fi


t ransact ions


119


Rowan DaRtington HolDings acquiRes Rowan DaRtington &


co ltD Rowan Dartington Holdings, a consortium of private investors, has announced the acquisition of Rowan Dartington & co ltd, the private client stockbroker and wealth manager, from astaire group. subject to shareholder and regulatory approvals, the transaction is due to complete in March. Led by industry figure Graham Coxell,


who becomes CEO, the deal includes an investment from current staff of 15%. David Burrows remains in his position as Director and Chief Operating Officer, Sue Evans as Director and Andrew Morris as Managing Director of Signature. David Snow becomes a Non-Executive Director. Graham Coxell commented: “With £1bn


of client assets, Rowan Dartington has had to navigate through some significant challenges over the last few years but, despite this it has remained one of the most successful regional, full service stockbroking firms and a significant player in the industry. “It has been a difficult couple of years for


the company, but its values have remained the same since it was established – priding itself on putting customers at the heart of everything it does. It has now turned an important corner, and I’ve been impressed by the quality of service, the commitment of its employees and the returns that its investments make. The fact that a considerable proportion of staff chose to invest in the business alongside us as part of this deal, shows they have a firm belief in the future of the company.” Corporate finance advisers Novitas Partners advised the team on the deal. fi


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