Sydney-based Valad Property Group has announced the acquisition of a 50% stake in an office development in Luxembourg in a joint venture with Belgian developer Valeres. valad - which acquired UK based groups Scarborough and Teesland in 2007 to expand its European operations - said that Contern Business Park is located close to Luxembourg Airport.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
