Morgan Stanley shares rise on UK property deal and SpaceX IPO afterglow

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Summary · why it matters

Morgan Stanley shares rose 2.6% in afternoon trading after its investment management division and partner Ridgeback Group agreed to acquire the Private Rented Sector business of London & Quadrant Housing Trust, which trades as Metra Living, for approximately £1.05 billion. The deal secures a portfolio of about 3,200 homes across Greater London and includes Metra Living's operating platform, team, and existing debt facilities. The stock also benefited from the afterglow of the SpaceX IPO, which Morgan Stanley co-led the stabilization process for the largest IPO in history the previous week, as SpaceX continued to surge past Microsoft in market cap at a $2.94 trillion valuation. The shares closed at $225.16, up 1.9% from the previous close.

Morgan Stanley ▲

Space Exploration Technologies Corp. Class A Common Stock ▲

Impact on stocks 3

Financials▲ · 1 stocks

▲ PositiveCapitalrelevance

Morgan Stanley's investment management division acquires Metra Living for £1.05B, a financial deal.

Space Economy▲ · 1 stocks

Space Exploration Technologies Corp. Class A Common Stock

▲ PositiveCapitalrelevance

SpaceX IPO afterglow benefits Morgan Stanley as co-lead, but SpaceX itself is not directly discussed.

Artificial Intelligence▲ · 1 stocks

Microsoft Corporation

Mentioned

Off-coverage companies 2

Metra LivingPrivate▲ Positive

Capitalrelevance

Metra Living is the acquired entity; the deal is positive for its owners.

Ridgeback GroupPrivate▲ Positive

Capitalrelevance

Ridgeback Group is the partner in the acquisition; the deal is positive.