Degi, the investment arm of insurer Allianz, rates 10 German property companies and eight private equity investors as potential candidates for tax-investment real estate investment trusts (REITs). So far, no REITs at all have been launched in Germany since the introduction of the legislation at end-March.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
