"Today's challenging property market conditions throughout the world make this an attractive climate for investment," says Gordon Black, Heitman managing director. "We believe such opportunities exist across Central and Eastern Europe--and we are pleased to have been able to raise this level of capital commitments to take advantage of this historic opportunity."
The fund will focus on a diversified portfolio of both properties and debt investments. Chicago-based Heitman will form joint ventures with companies that can serve as operating partners. Throughout Europe the fund will focus on retail, residential, office and logistic buys.
The fund was started in 2008 and had an initial closing last September. The fund has three years from now to invest the money but has not made any purchases yet.
Heitman has investments in 15 countries totaling more than $3.6 billion of assets under management.
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