Hedge fund manager ORN Capital has launched the first property derivatives hedge fund, capitalising on the growth in this emerging market. The ORN Property Derivatives Fund will focus initially on the UK where the property derivatives market is more developed. The fund has been seeded internally with ORN proprietary capital and will be open to external investors from March 2007.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
