Spanish real estate firm Colonial suffered a EUR 2.38 bn loss in the first half of 2008 because of falling asset values amid Spain's housing market crisis and increasing borrowing costs. In a statement, the company said that the asset writedowns were attributable to 'extraordinary impairment losses' for investments in its retail unit Riofisa and construction firm FCC.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
