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REAL ASSETS
European Real Estate

The European Real Estate strategy’s Managing Director, Scott O’Donnell, joined HMC after working
in conjunction with the firm in 1998 on a transaction privatizing all the assets of Sweden’s phone
company. “Getting to know Raymond during that experience,” O’Donnell remembers, “convinced me that
we made a very good strategic fit. We both wanted to build something. And we both believed that our number
one focus should be making money for clients. When you do that, everything else takes care of itself.”

o date, HMC and its affiliates have successfully
completed over €3.4 billion of transactions in the
United Kingdom, France, Germany, Spain, Ireland,
Poland and Scandinavia. Philosophically, our
approach is defensive in nature. “We don’t count
Ton market trends for success. We’re exceedingly
intentional about when and how we invest, and we analyze every
potential downside before we ever make an investment.”

Our investment team targets opportunities in attractive locations
offering high-quality cash flows and structural integrity. “We also
strongly believe that biggest is not necessarily best, which is why
we typically pursue investments between €20 million and €100
million — properties where we can add value and generate strong
risk-adjusted returns by injecting capital as well as development
and/or operational expertise.

“We’re strong believers in grassroots fundamentals. We preach
it and we live it: If you can’t get your head around a deal simply
and easily, walk away from it.” And while O’Donnell takes pride
in his team’s level of talent, he’s quicker to point out the discipline
that’s applied to everything they do, “because,” he says, “sometimes
the right answer is not to invest.”

50 €1.0 Billion

Investments in Sixteen Years
Equity Invested
14.3%

Net Internal Rate of Return
Across Four Funds, including Co-Investment Funds

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