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Heitman closes value-added fund

by Andrea Waitrovich

Heitman Value Partners III raised $420.6 million. The value-added real estate fund invests in a variety of property types including apartments, industrial, office and retail as well as certain specialty sectors.

Fund III follows its predecessor, Heitman Value Partners II, which closed in 2007 with $800 million. HVP II’s investment objective was to assemble a diversified portfolio of traditional and specialty properties primarily using joint ventures with strong operating partners to execute value-creation investment strategies.

The fund series’ debut fund, Heitman Value Partners, closed in 2005 with $400 million in equity commitments. The vehicle was designed to make investments in apartment, office, industrial and retail properties as well as certain specialty sectors, such as student housing, medical office and self-storage, with the aim of providing its investors with value-add returns in the mid-teens.

Heitman is a global real estate i

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