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AUSTRIA - Doughty Hanson sells IZD Tower to Matrix

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Doughty Hanson & Co Real Estate has sold the IZD Tower in Vienna to Matrix Property Fund Management for EUR 247m. The building is a 30-storey landmark, comprising 63,400 square metres of office space with 1,250 underground parking spaces, adjacent to the United Nations complex. It is the largest office tower by area in Vienna, located within Donau City, east of the city centre.

Doughty acquired the IZD Tower in December 2000 during construction of the building, investing EUR 30m of equity. Since this time the tower has attracted prime tenants, including the US Mission to the United Nations, Ernst & Young, Oracle and Baxter. The sale generates a 3.9x return on the cash investment by Doughty Hanson & Co Real Estate Fund I, and returns $105m to investors, generating a gross IRR of 26%.
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