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Heitman Has $700M in Investment Funds for 2004

CHICAGO-Heitman Value Partners LP expects to invest $350 million in the US and another $350 million in Europe next year and is actively searching for public and private partners for joint ventures.

By Barbara Jarvie | Updated on November 25, 2003

CHICAGO-Heitman Value Partners LP fund, with a pocket filled with $350 million, is seeking public and private operating partner for joint ventures to invest in various US markets in the coming year. Fund investors include California State Teachers Retirement System, Colorado Public Employees Retirement Association and TIAA-CREF. Heitman is allocating the same amount for European investments and an additional $200 million is available for indirect activity. Heitman anticipates making investments in residential, office, industrial and retail properties as well as in specialty sectors such as medical office, student housing, parking and self-storage facilities.

“We see opportunities in each of the asset classes,” Heitman president and CEO Maury R. Tognarelli tells GlobeSt.com. “The US and Europe markets represent attractive opportunities for added value.” Tognarelli adds that the fund intends to form property level joint ventures with proven real estate operating companies that are specialists in specific property types. The fund expects to invest in eight to 10 operating ventures with each invested in multiple properties. Tognarelli considers key US geographic markets to be in the Southeast, particularly Florida, Washington, D.C. and Southern California.

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