Doughty Hanson Sells Liljeholmsstrand
Doughty Hanson & Co Real Estate, one of the largest and most successful
European real estate funds, announces today that it has sold
Liljeholmsstrand in Stockholm.
The sale will generate a 2.0 times return on the cash investment by Doughty Hanson Real Estate Fund I,
returns US$34 million to investors and represents a gross IRR of 16%.
The sale is the eleventh realisation from Doughty Hanson & Co
European Real Estate Fund I.
Liljeholmsstrand was acquired by the Fund in December 2000 and consists of 38,000 square metres of
high-quality, waterfront office space just outside Stockholm city centre.
In the past 12 months, over 14,000 square metres of office space at Liljeholmsstrand has been leased to high-quality
tenants producing an economic vacancy rate of 7%, compared to a vacancy rate for the area of around 20%.
John Howard, Head of Doughty Hanson & Co European Real Estate, said:
“In the past few years we have worked intensively and successfully at
Liljeholmsstrand to decrease vacancies, in spite of a difficult leasing
market. Now that our leasing strategy has been implemented, we are
selling the property after five years of ownership.”