London & Stamford Properties has sold its portfolio of Belgian warehouse units in the first transaction since the company's EUR 408 mln flotation on the AIM junior market of London Stock Exchange last week. The sale to Belgian-based real estate investment trust Ascensio for just over EUR 30 mln leaves London & Stamford with a mixed warehouse and office portfolio in the UK worth EUR 78 mln.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
