Dutch property developer AM said on Thursday it had acquired the Brussels-based operation of Dutch peer City Projects. AM said the takeover gives it access to the Belgian market. City Projects is owned by Dutch developer André Snippe, who will remain with the company as a director. Both companies declined to disclose financial details of the deal.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
