Pendragon, the UK-based car dealership, plans to raise £238.9 mln to reduce debt through a sale and leaseback deal of 81 of its properties to a joint venture owned by the Pendragon Group and NWPI. There will also be a five-for-one stock split.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
