Doughty Hanson & Co Real Estate has bought a residential development site in Brescia, Italy from Camozzi Holdings

The European fund manager plans to develop 200 residential apartments at the 129,170 sq ft (12,000 sq m) site. The investment by Doughty Hanson’s Real Estate Fund II, and its 12% joint venture partner BPD Property Development, will amount to around €40m (£27m) with Aareal Bank Italy providing the senior debt.

Doughty Hanson said the site has good transport links and is part of a municipality-sponsored urban renewal programme and its apartments will be targeted at higher and middle-income buyers. The scheme will be managed locally by its operating affiliate Europa Risorse. Construction will begin in the first half of 2007 with presales from mid-2007 onwards.

Doughty Hanson has been active in Italy since 1999. It is working on three Italian projects already including the 114-flat Orti Antichi scheme in Milan and the more than 1m sq ft (92,900 sq m) Maciachini office development in Milan. It is also developing a residential scheme in Via Cavour, Rome with joint venture partner FIMIT. It said several further residential schemes are under consideration.