Hercesa, the Spanish real estate group owned by the Cercadillo family, has acquired a 18,000 m[sup]2[/sup] plot in Orhideer in the west part of Bucarest. The company said the site will house a 80,000 m[sup]2[/sup] residential area and announced the construction of 800 homes in the next few years. The price of the acquisition was not disclosed.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
