Business property promoter Newstone will develop a 21,000 m[sup]2[/sup] office development in the Stade de France district of Saint-Denis, a northern suburb of Paris. The investment will amount to about EUR 80 mln. The operation will be carried out in partnership with a major Anglo-Saxon fund, French property newspaper Business Immo reported.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
