Doughty Hanson Reaps $558M in Italian Sale

MILAN, ITALY-Four years after acquiring rights to build this city’s Maciachini Center, fund manager Doughty Hanson & Co. has sold the mixed-use commercial development for $558 million. The one-million-sf complex is opening in four stages through the end of the decade.

“Maciachini has set the gold standard for high-quality office developments in Milan,” Doughty Hanson principal John Howard says when revealing the bifurcated purchase by a Luxembourg investment fund and Italian property developer. “Having initiated and progressed this high-standard development, it is now an opportune moment for us to sell.”

Doughty Hanson was able to strike the necessary preleasing deals to attract investor interest, explains Howard. The first three phases are already underway with commitments from top-rated, multinational tenants. The inaugural 290,000-sf of office space is completed and leased to such firms as Macquarie Bank, Mattel, Montblanc and Universal Music, while another 300,000 sf will be occupied by Zurich Italia in June to be used as the firm’s headquarters. Autogrille, Europa Risorse, Panini Giusto and Virgin Fitness are among the tenants preleasing the 100,000 sf of restaurant, retail and entertainment space soon to open at Maciachini Center.