Abacus Property Group (ASX:ABP) has formed a joint venture with international real estate investment management firm Heitman.
Under the JV both companies are targeting to invest $600 million in office, retail and industrial properties in major Australian gateway cities.
The first acquisition to be made by the JV is a commercial office building in North Sydney for $35.6 million.
CEO Dr Frank Wolf says the JV with Heitman forms part the company’s third party capital strategy.
In the first half of its 2011 financial year, Abacus Property Group reported a profit of $10.5 million.
