Germany's largest state, North Rhine-Westphalia, has sold its residential property company Landesentwicklungsgesellschaft NRW (LEG) to Goldman Sachs' Whitehall Funds for about EUR 3.4bn, marking Germany's largest deal since the credit crunch erupted last summer.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
