Sponda, the Helsinki-based real estate investment company, has purchased the Elovainio shopping centre development in the western Finnish town of Ylojarvi from developer Rakennustoimisto Palmberg for EUR 62 mln. The vendor will continue to be responsible for building the shopping centre and will arrange financing during construction. Sponda will pay this on completion of the property in the spring of 2009.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
