Land Securities Trillium (LST), the property partnership unit of British property giant Land Securities, has completed the acquisition of the specialist public private partnership (PPP) firm Secondary Market Infrastructure Fund (SMIF) for £527 mln (EUR 798 mln). The sellers were STAR Capital Partners, Halifax Bank of Scotland and AMP Capital. Land Securities. LST assumed SMIF's net debt of about £400 mln.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
