European private equity firm Doughty Hanson has sold the Maciachini Center office building in Milan to a joint venture between Luxembourg investment company Milareal Sarl and Italian developer Via Imbonati, for €380m (£273m).

The deal was completed in behalf of its first European Real Estate Fund.

1m sq ft

Doughty Hanson originally purchased the site in 2003. The scheme, which has had four phases of development, totals more than 1m sq ft and includes offices, retail, bars, restaurants, cafes and a fitness centre.

It was developed in partnership with Italian developer BPD Property Development.

Opportune moment

John Howard, head of Doughty Hanson & Co Real Estate, said: ‘It is now an opportune moment for us to sell Maciachini to Milareal Sarl, which is acquiring a superior, stable asset and to Via Imbonati, which will develop the last phase of this exciting location.’