AXA Real Estate Investment Managers has sold a real estate portfolio consisting of 54 properties to a Morgan Stanley managed fund. The portfolio comprises a total of 216.000 m[sup]2[/sup] floor space that is principally used for commercial purposes. CB Richard Ellis and Clifford Chance advised on the transaction. The financial details of the transaction were not disclosed.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
