Portuguese property firm Sonae Sierra on Thursday announced the start of its EUR 102 mln shopping centre project, Gli Orsi, in the Italian city of Biella. The 40,700 m[sup]2[/sup] project will offer space to 100 shops, plus 19 restaurants and coffee shops, and will be open for business in the autumn of 2008.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
