Morgan Stanley Real Estate Fund IV (Msref IV) has secured its first UK public-to-private deal with the acquisition of Saville Gordon Estates, the real estate group.

Msref IV formed a newly incorporated company, Chambercroft, for the sole purpose of making the offer. The deal is a management buy-out, lead by Roger Carey, chief executive of Saville Gordon, and values the fully diluted share capital of the company at £200m (€316m). Including net debt of about £299m, the offer values Saville Gordon at about £499m.