Heitman Central Europe Property Partners Fund

Location:

Regional

Project number:

7004

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

FI

Target board date:

27 Jun 2000

Status:

Completed

PSD disclosed:

12 Jun 2000

Project Description

The Central Europe Property Partners Fund is a US$ 200 million investment fund that will seek to achieve long-term equity gains through investment in property projects in the Czech Republic, Hungary and Poland.

The objective of the Fund is to provide investors with superior risk-adjusted returns through investments in property projects (primarily office buildings, warehousing/distribution and retail shopping centres) in the Czech Republic, Hungary and Poland. The Fund’s intention is to sponsor developments and/or redevelopments resulting in international-standard buildings that are attractive to institutional users and investors.

Transition Impact

The transition impact of the project will be most evident in its contribution to the development of sector-focused funds in the region. The existence of property funds is a key component in developing a secondary market for property. Another area of transition impact will result from the Fund’s investments to improve and expand the local markets for office space, warehousing/distribution infrastructure and retail facilities.

The Client

Heitman International, a subsidiary of the property advisory firm Heitman Financial Ltd., is organising the fund as a Luxembourg-based investment fund for the purpose of investing in office, warehousing/distribution, retail and residential properties throughout the Czech Republic, Hungary and Poland. At present, Heitman International manages nearly US$ 250 million in assets in central Europe.

EBRD Finance

The ebrd’s maximum commitment will be US$ 40 million or 20 per cent of total fund capital (whichever is the lower of the two). The Bank would commit US$ 25 million at the Fund’s first closing with total Fund capital of US$ 130 million.

Project Cost

Up to US$ 200 million.

Environmental Impact

The Fund will follow the ebrd's Environmental Procedures for Property Development and Acquisition Funds. In implementing these procedures, the Fund will assess and address, to the ebrd’s satisfaction, potential environmental issues associated with its investments, which are required to comply, at a minimum, with national requirements for environment, health, safety and public consultation.

Technical Cooperation

None.

 

Business opportunities

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