European real estate manager Doughty Hanson & Co Real Estate (DHCRE), through its DHCRE Fund II, has announced the purchase of Howick Place, London, in a joint venture with the AIM-listed property company Terrace Hill Group for EUR 37.5 mln.
European real estate manager Doughty Hanson & Co Real Estate (DHCRE), through its DHCRE Fund II, has announced the purchase of Howick Place, London, in a joint venture with the AIM-listed property company Terrace Hill Group for EUR 37.5 mln.
The property was acquired from House of Fraser Stores Limited, which currently uses the asset as its head office building. In a statement, DHCRE said it will re-develop the site as a mixed-use office and residential scheme. The estimated value of the re-developed building is expected to be close to EUR 269 mln.
This is the fifth investment by the Fund and the second in the UK, with the first one involving the Kings Hill Business Park, held in joint venture with the Philadelphia-based Liberty Property Trust.
DHCRE’s Fund II owns a diversified portfolio of high quality assets and developments. It targets investment opportunities in France, Germany, Italy, Scandinavia and the UK.
