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Sutherland Represents Morgan Stanley in Joint Ventures Totaling $2 Billion

July 2, 2007

ATLANTA (July 2, 2007) – Sutherland Asbill & Brennan LLP represented Morgan Stanley Real Estate Advisor, Inc. and one of its major pension fund clients in two joint ventures totaling approximately $2 billion.

Morgan Stanley's pension fund client has entered into a joint venture agreement with publicly traded Nationwide Health Properties, Inc. (NYSE: NHP), a publicly traded real estate investment trust (REIT). The purpose of the venture is to acquire and develop assisted living, independent living and skilled nursing facilities. Subject to third-party approvals and other closing conditions, the ultimate value of the properties to be acquired is approximately $1 billion.

The second joint venture agreement is with REIT Inland Western Real Estate Trust, Inc. The purpose of this venture, valued at an estimated $1 billion, is to acquire and manage targeted retail properties in major metro areas of the country. The first portfolio of properties to be acquired by the venture has recently closed.

The cross-practice Sutherland team representing Morgan Stanley was led by Real Estate Partners H. Edward Hales, Jr. and R. Robinson Plowden and Associate Jennifer R. Van Ness; Partner M. Celeste Pickron and Counsel Robert B. Smith of the Tax Practice Group; and Partner Eric R. Fenichel of the Corporate Practice Group. The team also included Partners Lester M. Bliwise and William G. Rothschild and Associates Jason C. Kirkham, David F. Reid, Trent S. Shuping and Haley A. Sinclair, all of the Real Estate Practice Group.

Sutherland Asbill & Brennan LLP is an AmLaw 100 law firm known for solving challenging business problems and resolving unique legal issues for many of the nation's largest companies. Founded in 1924, the firm has grown to more than 450 lawyers with offices in Atlanta, Austin, Houston, New York, Tallahassee and Washington. For further information about the firm, please visit sutherland.com.

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