Fraport, the owner of Frankfurt airport, has signed a Letter of Intent (LOI) with chemical company Celanese/Ticona, under which the latter has agreed to close its chemical plant at Kelsterbach by the middle of 2011 to allow the building of a new runway. All aeronautical obstacles are to be removed by Celanese/Ticona and it is to transfer the entire property to Fraport by 2015.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
