Heitman completes four European deals in December

International real estate company Heitman completed four investments in Europe during December. The firm made two acquisitions in Hungary and one in Slovakia during the last two weeks of 2011 on behalf of its EUR 505 mln value-add fund, Heitman European Property Partners IV (HEPP IV).

Heitman purchased two Class A office buildings in Budapest on 23 December from London-based Aviva Investors. The financial details were not disclosed.

The properties, known as Alkotas Point and Science Park, total 25,000 m² and 30,000 m² of space, respectively. Alkotas Point was completed in 2002. Science Park was completed in 2004 and is 100% occupied. Both properties are well leased to multinational tenants, Heitman said.

Days earlier HEPP IV formed a joint venture with CEE developer Trigranit to own and operate four office properties totalling 70,000 m² in Budapest. The assets are known as the Millennium portfolio.

On 29 December, Heitman announced the acquisition for the fund of Aupark Tower, a 32,500 m² office property in Bratislava, Slovakia.

Heitman started December by forming a EUR 90 mln joint venture with Signature Senior Lifestyle to develop, own and operate senior care communities in London and the south east of the UK. This was Heitman's first property investment in the UK.

Launched in 2008 by Heitman, HEPP IV has EUR 505 mln in equity commitments and is about 60% committed. It is entering its final year of deploying capital in value-added property assets across Central and Eastern Europe.

Heitman was founded in 1966 and headquartered in Chicago. It manages $23.8 bn (almost EUR 22 bn) in assets invested directly and indirectly in real estate in North America, Europe and Asia. The firm's European private equity investments span 15 countries with $4.4 bn under management.

Heitman has over 40 people across Europe in its offices in London, Warsaw, Luxembourg and Moscow.