Australian investment trust GPT Group has agreed to pay A$94 mln (EUR 70 mln) for the 50% it did not already own in UK peer Halverton Real Estate Investment Management. GPT already holds 50% of Halverton through a joint venture with Australian bank Babcock & Brown. Halverton has almost EUR 1.4 bn in assets under management and employs a total of 110 employees in nine European offices.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
