A consortium consisting of RREEF, Pirelli Real Estate, Luxembourg-based Borletti Group and Generali Group has completed its acquisition of a 49% stake in Highstreet, a joint venture between Goldman Sachs and Arcandor, the investment company that owns the majority of the German department stores operated by Karstadt, for EUR 800mln.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
