Work has commenced on a £200 mln (€227 mln) office scheme in Hammersmith, West London, between institutional asset manager Legal & General Investment Management (LGIM)'s Real Assets division and Mitsubishi Estate London, an affiliate of Japanese investor Mitsubishi Estate.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
