Doughty Hanson sells ITN building

Doughty Hanson & Co Real Estate has sold the ITN building at 200 Gray’s Inn Road in London for £112m to Catalyst Capital. Doughty Hanson acquired the ITN building in April 2001. The firm increased rental income by 18% through rent reviews and lease restructuring and, in addition, completed a £3.5m capital improvement programme at the property.

The sale of the ITN building is the ninth realisation from Doughty Hanson’s European Real Estate Fund I. Investors in Doughty Hanson & Co Real Estate will have received cumulative distributions representing an overall realised return of three times on the fund’s cash investment and a gross realised IRR of 50%.

CB Richard Ellis advised Doughty Hanson & Co Real Estate on the sale. Catalyst Capital was advised by Allsop.