Heitman's euro venture.Heitman, a multi-national real estate investment management firm, announced that its has established a joint venture with Engel Engel means angel in German, Danish, Dutch and Norwegian and may refer to:
The joint venture has been formed to develop for-sale housing on a total of 7 sites across the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , Hungary Hungary, Hung. Magyarország, officially Republic of Hungary, republic (2005 est. pop. 10,007,000), 35,919 sq mi (93,030 sq km), central Europe. and Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, . The scope of these developments will exceed 5,000 residential units, with an estimated aggregate development cost of *240 million. The first phases of the developments are scheduled to be completed by 2005/2006. The venture is Heitman's first in the residential market in Central Europe where there is currently significant demand for new housing. Heitman has extensive experience in the residential sector having acquired 17,000 apartment units with a total value of $2.4 billion in the past 10 years in the U.S. The fund's legal affairs were handled by Weil, Gotshal & Manges. |
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