Hypo Real Estate Group has sold its asset management subsidiary Collineo Asset Management to family-owned bank group Sal. Oppenheim. The transaction is still subject to several closing conditions including regulatory approvals. Hypo expects the deal to be completed by the end of the year or early first quarter 2009. The parties have agreed not to disclose details of the purchase price.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
