Italy's Senate has approved legislation to introduce tax-efficient real estate investment trusts (REITs) as part of the 2007 Finanziaria budget law. The vote in the Senate took place on Saturday and the next step is for the Finanziaria to get final approval by the Camera dei Deputati this week, Italian newspaper IlSole24Ore has reported.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
