Heitman pair backed by Silverstein and Poland’s richest man

Otis Spencer and Dennis Dart, Heitman's co-head of Europe and in-house legal counsel respectively, have left the company to form KSP Real Estate Investment Management with backing from billionaire businessman Jan Kulczyk and Larry Silverstein, the developer of the World Trade Center.

Two senior professionals at Heitman in Europe have quit the company in order to form an independent private equity real estate firm with backing from Poland’s richest man, Jan Kulczyk, and Silverstein Properties, the company of legendary US developer, Larry Silverstein.

Otis Spencer, managing director and co-head of Europe at Chicago-based Heitman, and Dennis Dart, its European executive vice president and in-house legal counsel, formed KSP Real Estate Investment Management (KSP REIM) in June in joint venture with Kulczyk Silverstein Properties (KSP), PERE has learned.

KSP is itself a real estate partnership formed just two years ago between veteran Silverstein who is best known for developing the World Trade Center, and Kulczyk, a self made billionaire said to be worth $2.7 billion by Forbes magazine whose conglomerate, Kulczyk Investments, owns interests in brewing, oil and gas, energy and infrastructure businesses.

KSP REIM is expected to formally launch in September when it will declare itself the investment management partner to KSP and outline plans to invest in real estate deals mainly in Poland and the Czech Republic.

It is thought that KSP REIM has up to €30 million of equity backing from KSP’s balance sheet earmarked to acquire seed assets. KSP is also expected to become a coinvestor in a maiden fund.

KSP REIM intends to tap KSP’s in-house project expertise and leasing know-how as an operating partner when it does make its investments.