Morgan Stanley’s North Haven Net REIT Raises $58.6 Million as Class I Inflows Rise

Class S subscriptions slipped for a second straight start-of-month closing, and Class E brought in about $3.9 million, down from $5.9 million in October.

November 9, 2026

North Haven Net REIT, the perpetual-life, non-listed net lease REIT advised by a Morgan Stanley subsidiary, sold 2,786,798 common shares in a November 2 closing for aggregate consideration of approximately $58.6 million. The total is slightly below the $59.6 million the trust raised at its October 1 closing.

The trust is externally managed by MSREF Real Estate Advisor, Inc., and invests mainly in commercial real estate leased long-term under net lease structures to tenants that consider the properties essential to their business operations. It issued the November shares at its most recently determined net asset value per share, under the Regulation D exemption that covers its continuous private offering. Four share classes were sold in the closing:

• Class S: 1,423,616 shares for about $30.0 million, including about $0.3 million of upfront selling commissions and dealer manager fees.
• Class I: 1,164,166 shares for about $24.4 million.
• Class E: 187,123 shares for about $3.9 million.
• Class F-I: 11,893 shares for $250,000.

How the classes moved

Class I was the only one of the trust's three largest classes to grow. It took in about $24.4 million, up from about $21.2 million in the October closing.

Class S fell to about $30.0 million from $32.4 million in October, after drawing about $38.0 million in the September 1 closing. It remained the largest single source of capital in the November closing, as it has been in each start-of-month closing since July. Class E dropped to about $3.9 million from roughly $5.9 million a month earlier.

Class F-I, the trust's most uneven class in recent months, brought in $250,000, compared with $105,000 in October and about $2.4 million in September.

Since July, when the trust raised $63.5 million in its July 1 closing, North Haven's start-of-month closings have ranged from $58.3 million in August to $68.1 million in September. November's total sits just above the August low.