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Heitman, Abacus Complete First Buy of $600M Fund

NORTH SYDNEY, AUSTRALIA-The new joint venture will invest $266 million in equity, and has already closed on an office/hotel here for $35.6 million.

By Robert Carr | Updated on June 27, 2011

NORTH SYDNEY, AUSTRALIA-Heitman LLC and Abacus Property Group have formed a joint venture to invest $600 million in commercial properties in major Australian cities. The venture has already acquired its first building, an office at 32 Walker St. here for $35.6 million.

Heitman is contributing about $200 million of equity, while Abacus is providing another $66 million. Both companies will perform asset management, and Abacus will perform the property management for the planned portfolio.

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