Vornado, the second-largest real estate investment trust (REIT) in the US, has offered to pay the cash portion of its $23.2 bn (EUR 17.9 bn) bid for its larger peer Equity Office Property (EOP) up front after EOP's board decided to continue to back the takeover bid by private equity group Blackstone. The takeover bid is being touted as the largest ever property deal worldwide.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
