Doughty Hanson & Co European Real Estate Fund II has made its second Italian residential investment with the purchase of a 120,000 sq ft site in Brescia, Italy.
The fund and its 12% joint venture partner, BPD Property Development, invested €40m (£26m) in the site, which they bought from Camozzi Holdings, with finance provided by Aareal Bank Italy.
Doughty plans to build around 200 flats on the site which forms part of a municipality-sponsored, urban renewal programme.
Construction is due to begin in the first half of 2007, with marketing and apartment sales from mid-2007 onwards.
The residential scheme will be managed locally by Doughty’s operating affiliate, Europa Risorse.
References: EGi News 19/10/06
