London, Oct. 8, 2020 – Heitman LLC (“Heitman”), a global real estate investment management firm, today announced the acquisition of a 34-unit residential asset in Paris. Heitman acquired the asset on behalf of an affiliate of the firm.
The 34-unit residential property is located in the 12th arrondissement of Paris and is located within walking distances of several transportation nodes, including metro stations directly connecting the area with Paris’ city centre. Heitman plans to implement a variety of value-creation initiatives, including the development of five maisonnettes that will house eight additional units and select renovations to the existing residential building.
“Heitman has deep living sectors experience – encompassing rented-residential, senior housing, and student housing – across Europe and we are pleased to extend those capabilities to Paris, continental Europe’s largest, deepest, and most liquid institutional market,” said Tony Smedley, Heitman Managing Director and Head of European Private Equity. “The living sectors provide an attractive combination of stability and growth and we look forward to continuing to build a value-oriented pan-European portfolio of both traditional and specialty asset types diversified across sector and region.”
Heitman was advised by L’Etude CHEUVREUX and BOREAL.
Founded in 1966, Heitman LLC is a global real estate investment management firm with approximately $43 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with additional offices in North America, Europe, and Asia-Pacific, Heitman’s more than 325 employees offer specialized expertise – from a specific discipline to local insight.