Doughty Hanson buys Italian resi-led scheme

Fund manager Doughty Hanson has bought a 2.4m sq ft residential-led development opportunity in Padua, northern Italy for an undisclosed sum.   The site, which lies to the east of the city centre, already has consent for a 738, 590 sq ft scheme.   Doughty plans to build 400 houses and 182,990 sq ft of shops. Construction is expected to start towards the end of 2008.   It is the third investment by Doughty Hanson’s European Real Estate Fund II in Italy. A holding company created by Doughty Hanson called DH Residencia, and its partner BPD Property Development, will work on the development in joint venture with San Lazzaro Srl, a company controlled by Mauro Bertani Immobiliare and Edilbasso Group.   Financing has been provided by Unicredit Banca per L’Impresa and MPS Capital Services, with Doughty investing €12m (£8.5m) of equity.   Doughty Hanson’s two funds have collectively 16.1m sq ft of space with a portfolio value of €4.2bn (£2.8bn).   helen.roxburgh@rbi.co.uk