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Heitman Has $1B Buying Power in Third Euro Fund

WARSAW-The real estate investment management firm raises euro 350 million ($410 million) that it will leverage with debt to acquire more than euro 1 billion ($1.2 billion) of real estate. About 20% of the total equity is already invested in four projects totaling euro 200 million ($234 million).

By Brian K. Miller | Updated on January 16, 2006

WARSAW-Heitman LLC has closed its third European investment fund, having raised $410 million of equity from US, Middle Eastern and European pension funds and insurance companies. The Chicago-based firm has until December 2008 to invest the money. With 65% to 75% financing, the fund can acquire upward of euro 1 billion ($1.2 billion) in assets.

Heitman European Property Partners III Fund is targeting all the real estate food groups and will invest in several countries, including Poland, Hungary, the Czech Republic, Slovakia, Slovenia, the Baltic States, Romania and Bulgaria. Working mostly out of Warsaw, Heitman has a team of 45 people investing the fund.

Gordon Black, managing director of Heitman’s European private equity group, tells GlobeSt.com that about 20% of the fund has been invested to date in four projects with a total cost of around euro 200 million ($234 million). Those investments include stabilized office properties in the Czech Republic, an existing logistics park in Slovakia that will be expanded, and residential developments in Poland and Bulgaria.

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