AURORA, ONTARIO-Magna International proposes to spin off to its shareholders 100% of MI Developments, which would own substantially all of Magna's automotive real estate in addition to Magna's interest in Magna Entertainment Corp., North America's largest owner and operator of horse racetracks.

SINGAPORE-The $200-million Singapore Flyer, to be completed in late 2005, will hold the world's highest observation wheel. Its foundation is a three-story terminal building comprising tourist-related speciality shops as well as entertainment and food and beverage outlets.

BEAVERTON, OR-Liberty Mutual Insurance Group signs on for 22,000 sf in the office building anchoring the new retail, commercial and residential community being built around a light rail station in Downtown Beaverton.

NEW ORLEANS-A partnership led by two New Orleans businessmen acquires the Bourbon Orleans for $14.3 million and is now spending $12 million to restore the historic hotel. The seller is Wyndham International Inc., which has inked a 20-year management agreement to continue operating the facility.

PALO ALTO, CA-The provider of business integration software is acquiring the four buildings that comprise its corporate headquarters here and has signed a 51-year lease for the land beneath the buildings.

SEATTLE-After a brief stint with Insignia/ESG, one of the Puget Sound's oldest, largest and most productive commercial real estate services firms aligns itself with Chicago-based GVA and prepares to expand into the Portland, OR market at the end of the month.

PALO ALTO, CA-The provider of business integration software is acquiring the four buildings that comprise its corporate headquarters here and has signed a 51-year lease for the land beneath the buildings.

BENIDORM, SPAIN-Starwood Hotels & Resorts Worldwide Inc. and Xeresa Golf S.A. ink a long-term management agreement for operation of two hotels under construction adjacent to the Terra Mitica theme park in Benidorm.