Heitman closes Pan-Asia Property Fund
Global real estate investment management firm Heitman has announced the final close of the Heitman Asia-Pacific Property Investors Fund (HAPI) as it has exceeded the fund’s target of US$250 million, with US$338 million in total.
The fund, which is a closed-end value added fund, remained focused on identifying opportunities to create value through asset repositioning, expansion or redevelopment, with initial commitments to investments made in Tokyo, Melbourne and Hong Kong.
The firm said it would focus the remainder of the capital on the most developed and liquid markets in the region including Tokyo, Osaka, Sydney, Melbourne, Brisbane, Hong Kong, Singapore and Seoul, where the fund would continue to select traditional property types such as retail, logistics, residential and office.
Heitman’s Asia-Pacific Private Equity and HAPI portfolio manager, Skip Schwartz, said the fund’s investment strategy was designed to benefit from the extensive investment of the firm and the Asia Pacific Private Equity investment team in the region.
“Heitman made its first investment in the region in 2011 and since that transacted on more than US$3 billion of real estate across the Asia-Pacific region,” the firm said.
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