Private equity firm Doughty Hanson has mandated Invesco Real Estate (IRE) to manage €533 mln worth of value-add assets in Spain, Italy and the UK.
Private equity firm Doughty Hanson has mandated Invesco Real Estate (IRE) to manage €533 mln worth of value-add assets in Spain, Italy and the UK.
Doughty Hanson's eight-member value-add team will join IRE as part of the deal.
In February last year, Doughty Hanson announced it would withdraw from its real estate and technology businesses to focus on private equity, following the death of cofounder Nigel Doughty.
‘Doughty Hanson’s value-add business provides a good strategic fit with IRE,’ said Stephen Marquardt. ‘I am confident that they are best positioned to continue our legacy of creating value, investing responsibly and generating returns for our existing investors’.
IRE is a global real estate company based in the US. In Europe, the company managed 142 assets across 13 European countries and had $8.8 bn (€6.4 bn) of assets under management before winning the new mandate.