The number of small non-listed funds adopting the INREV Guidelines rose from 54% in 2009 to 71% in 2010, the association for non-listed European investment vehicles announced on Thursday. INREV defines small funds as those with assets under management of less than EUR 100 mln. Overall, 97% of non-listed real estate funds use more than 50% of the guidelines, a decrease of one percentage point on the previous year.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
