M&G Real Estate has purchased Fleet Place House – a 92,000 sq ft (8,550 m2) office building in the City of London for £111.7 mln (€124 mln). The deal, which was made on behalf of an Asian separate account mandate, is the first direct acquisition in the UK as part of a broader strategy to invest in value-add opportunities.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
