Enasarco, the Italian pension fund for Italian financial planners and commercial agents, plans to start divesting EUR 3 bn worth of real estate assets from the fourth quarter of 2010. The disposal is part of the company's new strategy aimed at investing in high-quality real estate generating higher returns. The company's portfolio generates returns of roughly 1% at present.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
