Land Securities has announced the sale of Clive House, Petty France, London, to Real IS for over £65 mln (EUR 82mln). The 7,896 m[sup]2[/sup] former Passport Office dates from the 1930's and was redeveloped for the Ministry of Justice in 2004/5, which holds a long-term lease with set annual rent uplifts.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
