US investment bank Morgan Stanley was the biggest investor in the European property sector this year, according to the ranking of the top 500 European commercial real estate deals in 2007 published in the December edition of PropertyEU Magazine. Morgan Stanley initiated deals with a total investment volume of EUR 4.5 bn from January to end-November. Germany accounted for two portfolio transactions worth a total EUR 2.5 bn and another two office deals in Frankfurt worth a combined EUR 1.3 bn.