Deka Immobilien, the property investment arm of Germany's DekaBank, said on Wednesday it has acquired the BAC Colonnade office building in Coral Gables, Florida, for around $83mln (EUR 53mln) from Crescent, a subsidiary of Morgan Stanley. The purchase does not include the adjacent 157-bed hotel which is part of the building complex.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
