Doughty Hanson acquired the site in January 2001 in co-operation with private investors and proceeded to develop 290,000 sf of office space. Tenants include Accenture, Allianz, BMW and Siemens. In addition, full permitting has been granted for an additional 76,000 sf of office space.
Next door, Doughty Hanson and two private investors continue to own a plot of land for which they are renewing planning permission to develop Metronom, which will include an additional 323,000 sf of office space and 215,000 sf of residential.
Doughty Hansen says the total return to investors for the sale of Office Park Nové Butovice will be 5.4 times their equity investment. The sale returned US$47.5 million to investors and a refinance in 2005 returned US$1.7 million.
The official seller of the office park is Doughty Hanson & Co.'s European Real Estate I. Doughty Hanson & Co.'s European Real Estate II closed recently with commitments of €590 million (US$ 772 million). Fund II targets investment opportunities in Italy, France, Spain, the Germanic Region, the Nordic Region and the UK.
Fund II has made five investments to date, committing about 22% of the fund's equity. The investments include a portfolio of 19 commercial buildings at Kings Hill Business Park, Kent in a joint venture with Liberty Property Trust; two residential development joint ventures in Italy--in Rome and in Brescia; a portfolio of six office buildings in the Kista submarket of Stockholm; and Howick Place, London SW1 in a joint venture with Terrace Hill Group plc.
When all distributions have been made on realized deals to date in the first fund, investors will have received cumulative distributions from 17 of 21 deals 275% of total invested capital for a gross IRR of 38%.
Combined, the two funds have completed 26 investments in eight countries, representing, in aggregate, 14 million sf of space valued at €4 billion (US$5.2 billion).
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