Morgan Stanley's open investment fund P2 Value has acquired an office development in Arcueil, a southern suburb of Paris, for EUR 81.13 mln. The property will provide some 13,774 m[sup]2[/sup] of offices and 580 parking spaces, French newspaper Business Immo reported. Let to France telecom on a 9-year leasing contract, the building is scheduled for delivery in the end of 2007.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
