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Heitman holds first close of €380m for Euro fund

The Chicago-based real estate investment firm has held a first close of its fourth value-added vehicle, Heitman European Property Partners IV.

Heitman has held a first close of its latest European value-added vehicle, Heitman European Property Partners IV, on €380 million.

The firm said in a statement the fund would target property portfolios and debt investments across Europe, including the retail, residential, office and logistic sectors.

HEPP IV is the fourth in the value-added series. In October, Heitman’s predecessor fund, HEPP III, invested in two residential development joint ventures in Slovakia. HEPP III €350 million in January 2006, with the firm at the time saying it would investments in Central and Eastern Europe.

Heitman managing director Gordon Black said today that despite market conditions “the various economies of Europe offer compelling opportunities”.

The Chicago-based firm has been active in Europe since 1995, and employs around 50 people Moscow, Frankfurt, Luxembourg, London and Warsaw.