Doughty Hanson & Co Real Estate has sold Jakobsberg Centrum, a major shopping centre in Stockholm, to Blenheim Properties, a pan European real estate investment company based in London, for SEK865m (around €97m/US$128m).
The sale of Jakobsberg will generate a 2.3x return for the Doughty Hanson Real Estate Fund’s cash investment and is the sixth realisation from the Real Estate Fund.
With the proceeds of the sale, investors in Doughty Hanson & Co Real Estate will have received cumulative distributions of over 70% of cash invested by the fund, representing an overall return of 3.2 times on the fund’s cash investment and a gross IRR of 48%.
Doughty Hanson acquired Jakobsberg in March 2000 and implemented a value enhancement strategy by consolidating a formerly fragmented ownership after acquiring the nine-property portfolio from four separate vendors. The firm also initiated a major redevelopment programme including expansion of the retail area and improving the overall management of the shopping centre.