The US venture capitalist bought the 280,000-sf ITN building in April 2001 for its European Real Estate Fund I and has increased rental income by 18% through rent review, lease restructuring and a euro 5.2-million ($6.3-million) capital improvement program. Tenants include independent news producer ITN, ITV, London Weekend Television and law firm SJ Berwin.

The ITN Building is one of the most prominent buildings in London's Midtown area. Designed by Sir Norman Foster Associates, it was completed in 1990. The property was put on the market in February for more than euro 163 million ($200 million), a yield of around 7%.

Hanson & Co bought the building from City & West End Developments for euro 138 million ($169 million) in November 2000.

This is the ninth sale from Fund I, which has made investments topping euro 1.5 billion ($1.8 billion) since its launch in 2000. Hanson's new real estate fund, Doughty Hanson & Co European Real Estate Fund II, is scheduled to be launched later this year with plans to invest in French, German, Italian, Nordic and UK property.

Hanson was advised by CB Richard Ellis. Catalyst Capital was advised by Allsop.