The Canada Life Assurance Company has purchased the Breite Strasse 3HOCH5 office building in Dusseldorf’s banking quarter for an undisclosed sum. The seven-storey building, comprising 6,500 m[sup]2[/sup] of office and retail space, was sold by investors Momeni Project Development, the NPC Group und HCI Developmentfonds I. The net initial yield was reported to be considerably below 5%.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
