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Doughty Hanson JV Buys Howick Place to Redevelop

LONDON-The JV pays approximately US $116 million for the property, which it plans to redevelop with office and residential uses for an additional $155 million.

By Brian K. Miller | Updated on January 09, 2007

(To read more on the multifamily market, click here.)

LONDON-Real estate fund manager Doughty Hanson & Co. Real Estate has acquired Howick Place, London SW1, in a joint venture with the listed property company Terrace Hill Group plc. The JV plans to redevelop the historic site with office and residential uses. The property was acquired from House of Fraser Stores Limited, which currently uses the property as their head office building.

Doughty Hanson & Co European Real Estate Fund II is investing US $48.87 million of equity in the investment. Kevin Grundy, head of the UK market for Doughty Hanson says the property is well located within the fast-growing Victoria office and residential market. Philip Leech, group managing director of Terrace Hill Group says the investment “should generate significant returns for the joint venture.”

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