Doughty Hanson & Co Real Estate has sold publishing group Handelsblatt’s Dussedorf headquarters to European property manager IXIS AEW Europe for around €40m (£26.9m).
The deal completes the sale of all assets held in Doughty Hanson’s Holtzbrinck portfolio, which was bought from German publishing group Georg von Holtzbrinck in January 2003.
It marks the 12th realisation from Doughty Hanson & Co European Real Estate I, from a total of 21 investments across eight European countries.
With the proceeds of the sale, investors in the fund will have received cumulative distributions of more than 143% of cash invested by the fund, representing an overall return of 3.1 times the fund’s cash investment and a gross IRR of 41%.
The 1982-built Handelsblatt headquarters comprises 106,566 sq ft of offices located in Düsseldorf’s “Bankenviertel” central office location.
In July 2006, Doughty Hanson closed Doughty Hanson & Co European Real Estate II, its second real estate fund, with commitments of €560m (£377m).
References: EGi News 07/08/06
