Heitman purchases Paris residential property

Global real estate investment management firm Heitman has acquired a 34-unit residential asset in Paris on behalf of an affiliate of the firm.

Financial details were not disclosed.

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 said it planned 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.

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