Doughty Hanson & Co Real Estate (DHCRE) has expanded its Italian residential portfolio with a €64m (£44.3m) acquisition of a group of historic buildings in central Rome.
The acquisition was made through Via Cavour, a joint venture between DHCRE and Italian real estate fund management company Fondi Immobiliari Italiani (FIMIT).
DHCRE contributed around €9m (£6.2m) of equity to the purchase.
The 140,000 sq ft site, which is located in the city’s Esquilino district, is bordered by Via Cavour and Via Giovanni Lanza.
It currently comprises six buildings which will be redeveloped into 76 flats with completion scheduled for the end of 2009.
Douglas Edwards, DHCRE principal, said: “We continue to be enthusiastic about the Italian residential market, where there is a significant opportunity to reposition and refurbish old and historic properties in the major cities.
“The track record that Doughty Hanson and Europa Risorse have developed positions us to leverage our skills and experience in the future.
“We chose Via Cavour for its central location, aesthetic quality and ability to convert to residential.”
Europa Risorse, the Milan-based property affiliate of Doughty Hanson and BPD Property Development, will open a branch office in Rome and will be development manager of the site.
DHCRE’s other Italian developments include: a 125,000 sq ft site for residential development in Brescia; Orti Antichi, a residential development in an historical quarter of Milan and Maciachini, a 1m sq ft mixed-use development in Milan.
References: EGi News 05/07/06
