Morgan Stanley said on Monday that it has agreed to sell its Australian real estate unit Investa Property Group to China Investment Corp, a sovereign wealth fund.
No price was disclosed, but a source with direct knowledge of the sale told Reuters in April that the firm was expected to fetch more than A$3 billion ($2.19 billion) after having attracted more than 20 bids.
Nearly half of the bids came from Asia, including from China's biggest privately owned business, Fosun International Ltd. CIC was mentioned at the time as a leading contender.
The deal is subject to approval by the Foreign Investment Review Board in Australia.
Investa is the owner of A$3 billion of property, including office buildings in Sydney and Melbourne, plus management contracts for A$6 billion of property.