Union Investment has purchased a 14,000 m2 office building in Planegg near Munich from LIP Ludger Inholte Projektentwicklungs, representing its first new acquisition for its special real estate fund UII German M. The transaction volume was not disclosed.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
