Banco Santander, Spain's largest bank, has sold its head office in Madrid to British investor Propinvest for EUR 1.9 bn in a sale-and-leaseback deal. Banco Santander, which acquired ABN Amro Bank last year together with Fortis and Bank of Scotland, will lease the building back for a period of 40 years.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
