The UK arm of GE Real Estate has made its first foray into the City of London’s insurance district, with the £15.75 mln (EUR 23 mln) acquisition of 10 Lloyd’s Avenue from Liverpool Victoria Friendly Society. Walbrook Land Ltd will act as asset manager. The eight-storey, 24,000 square-foot building is fully leased by six tenants, including law firm Kennedys.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
