Doughty Hanson & Co (DH), Invesco Real Estate (IRE) and Urban & Civic (U&C) are pleased to announce the sale of 1-5 Howick Place in London SW1. The 173,000 ft² (16,072 m²) mixed-use development in Victoria is the product of a joint venture between Doughty Hanson & Co European Real Estate II LP and Urban & Civic that created high quality office and residential space on a former House of Fraser office site. The sale marks the first exit from a portfolio that has been asset managed by IRE on behalf of DH since the completion of a management agreement in April 2014.
Kevin Grundy, Head of European Value-Add Strategies, IRE said “The success of Howick Place is a testament to the importance of hands-on, local asset management. Since joining IRE last year from Doughty Hanson, a number of us have continued to manage this development since its inception and we are particularly pleased to have achieved this final milestone. Howick Place is an excellent case study for IRE’s pan-European strategy to deliver returns by transforming underperforming properties into core assets through intensive management.”
Jane Harrison, Director of Asset Management - UK, IRE added, “The sale of Howick Place caps a six month period of exceptional activity during which we increased occupancy from 12% to 100%. We are pleased to have completed our business plan and created a property that respects the architectural sensitivity of the Westminster Cathedral conservation area and exceeds tenant expectations in terms of specification and environmental credentials.”