Ohio Police & Fire Pension Fund has approved a commitment to invest up to $50 million to Heitman’s debut Asia-focused property fund – Heitman Asia-Pacific Property Investors.
The firm is targeting $500 million for the 2015-vintage fund, and has so far raised $232 million, according to PERE Research & Analytics.
Heitman plans to use the capital to invest in core and developed markets in Australia, Japan, Hong Kong and Singapore. It will be invested in all assets classes, including specialty sectors such as self-storage, student housing and senior care accommodation are being considered for investment.
Heitman, which manages about $32.5 billion in assets across public and private real estate, began investing in the region back in 2008 and has been steadily building its investment track record transacting on a deal by deal or programmatic partnership basis.
The firm’s first real estate investment in the region was through a $266 million joint venture with the listed property developer Abacus Property Group to purchase real estate assets in Australia in 2011, with Heitman providing 75 percent of the equity and Abacus the remaining share. The first asset acquired under the joint venture was a commercial office building in Sydney for $35.6 million.