Patrizia Projektentwicklung, a subsidiary of German listed Patrizia Immobilien, has sold the Isartor Palais property located on the Munich Altstadtring. The buyer is a pension fund in northern Germany. The parties agreed not to disclose the price.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
