Britain's Warner Estate has agreed to pay 700 pence a share for JS Real Estate in a deal that values the AIM-listed property company at £114 mln (EUR 173 mln). Warner said in a statement on Friday that the acquisition would improve its position ahead of conversion to a real estate investment trust (REIT) later this year.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
