CHICAGO-Heitman LLC, headquartered here, has closed its Heitman Value Partners II fund with $800 million of equity commitments from 20 clients and $15 million of its own capital. Heitman expects to acquire more than $2.4 billion in real estate within three years, says Maury Tognarelli, president and CEO. Heitman partner Tom McCarthy will oversee the fund.
The focus of the fund will be value-add properties, Tognarelli tells GlobeSt.com. Heitman “is looking to achieve (leveraged) returns that are in the 12% to 14% range net of all costs,” he says. The fund will invest in a variety of property types including residential, office, industrial, retail and specialty sectors such as medical office, student housing and self-storage facilities. Heitman will focus on the US, Canada and Mexico for acquisitions. more...
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