Invista Real Estate Investment Management has acquired a French portfolio through a joint venture with Propinvest for EUR 348 mln. The British property fund manager, which launched an initial public offer in September, said it has conditionally exchanged a contract to acquire 34 high-quality assets across France, with a concentration of about 50% by value in the Ile-de-France region around Paris.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
