European property investment and advisory company Pensus said Thursday it had formed a joint venture with Australian property fund manager Orchard Funds Management. The joint venture, Pensus Funds Management, will be headquartered in London and gives Orchard its first access to the European property market.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
