DTZ believes that in the best case scenario the first phase of the subprime crisis - a serious liquidity squeeze on the banking sector - may be over. But the property adviser cautions that what it describes as the credit crunch proper - a marked tightening in the pricing and availability of debt - will continue well into next year.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
