Bahrain-based International Investment Bank (IIB) and the Saudi Economic Development Company (SEDCO), a private Islamic investment firm in Saudi Arabia, have announced the sale of the 25,000 m[sup]2[/sup] office building located at 33, Grosvenor Place in the prestigious Belgravia area of London for $409 mln (EUR 312.4 mln). The identity of the buyer was not disclosed.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
