CHICAGO—Heitman LLC's senior officers have acquired OM Asset Management (OMAM) plc's 50% stake in the real estate investment management firm. The $110-million buyout closed this past Friday, bringing control and ownership of Heitman in-house.
“The acquisition of OMAM's interest in Heitman represents another significant milestone for the firm in our ongoing mission to be one of the leading real estate investment management firms,” says Heitman CEO Maury R. Tognarelli. “The consolidation of the firm's ownership is indicative of the confidence we have in ourselves and further aligns our interests with those of our clients.”
UK-based Old Mutual plc had held a 50% stake in Heitman since 2000, an outgrowth of Old Mutual's $1.46-billion merger with Boston-based United Asset Management Corp. This past August, OMAM, its US subsidiary, announced an agreement to sell the 50% stake to Heitman's senior officers.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
