Irish Life Assurance has acquired the Ilot Saint Michel mixed-use property in the centre of the Belgian city of Liege from Netherlands-based ING Real Estate for EUR 70mln. ING Real Estate said the divestment of the property was one of the final steps of a programme begun a few years ago to optimise and balance direct investments in Europe on behalf of ING Insurance.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
