Jerusalem Economic Corporation (Jec) has acquired seven properties in a sale-and-leaseback transaction in Northern France for almost EUR 72.8 mln. Israeli financial newspaper Globes said the 221,500 m[sup]2[/sup] portfolio was bought from a major manufacturing company and generates a annual rental income of EUR 6.6 mln. The unidentified seller is leasing back the properties for a 12-year term.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
