Heitman has invested part of Heitman European Property Partners III in two development joint ventures in Slovakia.
Heitman and Slovakian investment and real estate developer GRUNT have formed the joint venture agreements for the Breètanka residential project located in the Koliba district of Bratislava, and a second project in Pekná cesta, a new residential quarter in the same city.
Roman Feranec, GRUNT finance head said in a statement: “We see the cooperation with Heitman as being of more strategic value and we are interested in expanding it into other real estate projects in Slovakia as well as throughout the region.”
Heitman closed European Property Partners III in January 2006, raising €350 million ($410 million) of equity. It said at the time it would target office, warehouse, residential and retail property investments in Poland, Hungary, the Czech Republic, Slovakia, Slovenia, the Baltic States, Romania and Bulgaria. Gordon Black is in charge of the firm’s European operations.
Last year, the firm closed a Russia and Ukraine-focused vehicle on $145million (€101 million) with a commitment from GE.
It also announced the creation of Crescent Euro Industrial II, a €300 million warehouse, distribution and logistics vehicle in France, Germany and Italy.
More recently, the firm decided to expand its real estate investment activities in the Asia-Pacific region.