Doughty Hanson sells EUR 700m of property in three days

Doughty Hanson has announced it is selling the Maciachini Center office development in Milan, bringing the UK property fund manager's total sales volume to almost EUR 700 mln in just three days.

In a statement on Wednesday, Doughty Hanson said the Maciachini Center was acquired by Luxembourg-based investment vehicle Milareal and Italian developer Via Imbonati for EUR 380 mln.

Located in the heart of Milan's northern growth axis, the prime development site was bought by Doughty Hanson four years ago. Since then Maciachini has been under development in a phased programme involving speculatively constructed and build-to-suit buildings under the firm's Real Estate Solutions programme. When completed, Maciachini Center will comprise 95,000 m² of new buildings for offices, retail shops, bars, restaurants and cafes, a fitness centre and secured parking for 1,300 cars.

Doughty Hanson & Co Real Estate has been active in Italy since 1999, and many of the fund's investments have involved real estate solutions for corporate clients. Maciachini was an investment from Doughty Hanson & Co Real Estate's first fund.

On Monday, Doughty Hanson & Co Real Estate said it had agreed to sell its office portfolio in the Kista district of Stockholm to a property fund managed by Norway's DnB NOR Bank for SEK 2.9 bn (about EUR 315 mln). The sale was the first divestment carried out by the Doughty Hanson & Co Real Estate II fund.

Doughty Hanson acquired the portfolio of three high-quality office properties in June 2006. The portfolio comprises approximately 120,000 m² and is let to more than 50 tenants, including the Swedish Defence Research Agency, Ericsson, Tele2, Fujitsu and Baxter Medical.

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