Saving banks consortium Groupe Caisse d'Epargne and French property company Nexity have begun 'exclusive negotiations' to set up a major property group by July 2007, with Groupe Caisse d'Epargne merging its Credit Foncier real-estate financing unit with Nexity.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
