Doughty Hanson, the London-based private equity firm, has sold the landmark Maximilianhofe office and retail development in Munich to Quinlan Private for €270 million (€350 million).
The sale of the complex has generated a return of 5.7 times the firm’s equity investment, including a refinancing in November 2005 that returned €29.9 million to investors.
Doughty bought the site in 2000 from the Free State of Bavaria before embarking on clearance and development.
The firm subsequently attracted tenants to the 20,000 square meter property including Bain Capital, and law firms Weil Gotshal and Manges, Kirkland and Ellis, and Milbank Tweed Hadley and McCloy.
The site is located between the historical buildings of the Bavarian State Opera and the Kempinski Hotel Vier Jahreszeiten. Upon acquisition, part of the deal included the development of a rehearsal stage for the State Opera through a public-private partnership.
Doughty invested in the site out of its first European Real Estate fund, which has so far sold 16 of 21 investments. The vehicle has returned 3.7 times the fund’s cash investment and hit a gross internal rate of return of 38 percent.
Doughty’s European Real Estate II fund closed on €590 million in mid-2006 and has so far invested €130.8 million in five deals in the UK, Italy, and Sweden.
Doughty Hanson returns €80m via Quinlan sale
The UK private equity real estate firm is making almost six times its equity investment on the sale of a German property to the real estate firm founded by former Irish tax inspector Derek Quinlan.
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