Portuguese investment and asset management company Imorendimento said last week it has launched a new closed-end property fund, Historic Lodges, for urban redevelopments in the historic centre of Gaia, the second-most important city in Oporto's Metropolitan Area (northern Portugal).
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
