Derivatives specialist fund manager Reech AiM said on Tuesday that its maiden European property hedge fund, the Iceberg Alternative Real Estate fund, booked a return of 2.87% in December 2007. The company said this took the fund's total return, net of fees and expenses, to 24.51% since its inception in May 2007, a 61% outperformance of the EPRA UK index, which saw a total return of -36.8% in the same period.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
