The Westfield Group, Australia's listed shopping centre giant, has raised A$1.3 bn (EUR 780 mln) by the sale of a 50% interest in the Merry Hill shopping centre in the UK to the Queensland Investment Corporation. The joint venture has appointed Westfield as the property, leasing and development manger for the Birmingham mall.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
