Doughty Hanson has sold the IZD Tower in Vienna to Matrix Property Fund Management for €247m.
The 38-storey, 63,400m² office tower is in Donau City, east of Vienna’s city centre and was bought by the fund manager with €30m equity in 2000. It has generated an internal rate of return of 26%, or a 3.9 times return on cash, for Doughty Hanson & Co Real Estate Fund I.
Separately, Doughty Hanson has refinanced the Ilmarinen retail portfolio in Finland, returning €35m to investors and generating a 17% internal rate of return. Doughty Hanson bought the portfolio in 2004 and has sold four of the eight assets since. Senior debt for the refinancing was provided by Hypo Real Estate Bank International.
