European Real Estate

Overview

HMC entered the European real estate market in 1998 when it managed an affiliate’s participation in one of the first large real estate privatization transactions in Sweden.

To date, HMC or its affiliates have successfully completed over €3.6 billion of acquisitions across Europe including the United Kingdom, France, Germany, Spain, Scandinavia and the Netherlands.

HMC’s European real estate investment team seeks to identify opportunities across sectors and jurisdictions which exhibit high-quality cash flows, locations and structural integrity. Typically pursuing investments with equity requirements between €25 million and €100 million, the team looks for properties where value can be added by injecting both capital and development or operational expertise.

Investment Team

Roque I. Rotaeche
Principal (Madrid)

Mr. Rotaeche joined HMC’s European Real Estate Investment Team in 2007 and is responsible for HMC’s activities in Spain and Portugal. He has experience in sourcing, closing, financing properties and setting up joint ventures throughout the region. Mr. Rotaeche has been active in Spanish real estate investment since 2000 involving office, retail, logistics, hotel and residential asset classes. Prior to joining HMC, Mr. Rotaeche worked at CB Richard Ellis where he held the position of Institutional Investment Director for Spain and set up and managed Spain’s leading real estate investments group with specialist teams devoted to office, logistics, residential and hotels. During his tenure he led or sourced several deals including the design and structuring of most of the large corporate sale and leaseback transactions which took place in the period 2005 to 2007. He also provided strategic investment advice to several core and private equity funds ranging from acquisition advice to active asset management of their Spanish holdings. Mr. Rotaeche holds a Master of Business Administration degree from Instituto de Empresa and a Bachelor’s degree in Business Studies from London Metropolitan University. He is fluent in both Spanish and English.

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Eric R. Desautel
Principal (Paris)

Mr. Desautel joined the HMC European Real Estate Investment team in November 2007. Previously, he held the position of Senior Asset Manager with the French affiliate of Westbrook Partners. He has twelve years of experience in commercial and residential real estate acquisitions throughout France. Before that, he spent three years with Stern Stewart & Co, a New York-based management consultancy, both in their Paris and New York offices. Prior to joining Stern Stewart, he spent a year and a half based in Paris with Archon Group, a Goldman Sachs company, as a real estate acquisition analyst. Eric received an MBA in Finance from Columbia Business School and an M.S. from ESCP in Paris. He is fluent in both French and English.

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David King
Principal (London)

Mr. King joined the Harbert European Real Estate team in November 2007. Since joining the team, David has managed acquisitions and dispositions in excess of €4.5 billion in value. Prior to joining HMC he worked in London for the real estate finance team at Ernst & Young and the real estate investment banking team at JPMorgan Cazenove. He graduated in 2004 from the London School of Economics and holds a Bachelor of Science degree in Geography and Economics.

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Ryan Benevides
Vice President - Portfolio & Asset Management

Mr. Benevides joined the Harbert European Real Estate team in January 2020 and is responsible for Portfolio Management. Prior to joining HMC he was a Portfolio Manager at Kennedy Wilson Europe with responsibility for deal analytics, execution, and reporting for their €4.7 billion European business. Prior to joining Kennedy Wilson Europe, he held investment and portfolio management roles at CBRE Global Investors and GE Capital Real Estate in the U.S. and Europe; specializing in complex fund and deal structuring for value-add and opportunistic investments. Ryan is also a member and former Chairman of the ReimTech Roundtable, where member organizations focus on the application of cutting-edge technology in real estate investment management. He graduated from Bentley University with a Bachelor of Science in Finance.

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G. Huw Davies
Vice President - Asset Management

Mr. Davies joined the HMC European Real Estate Investment team in September 2006 from Hatfield Philips International where he managed a number of the UK and mainland European assets and loans of the Principal Transaction Group of Lehman Brothers. He qualified as a Chartered Surveyor in 1986. Prior to working at HPI, Huw spent over 20 years in private real estate practice becoming an equity director in the Investment Department of Gooch Webster. In his private real estate practice he mainly concentrated on the acquisition, disposal and valuation of investment properties for property companies, institutions and banks. He graduated in Economics from Cardiff University and in Land Economy from Cambridge University.

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Carolina Clemente
Vice President

Ms. Clemente joined HMC’s European Real Estate Investment team in June 2015 and is responsible for overseeing the implementation of asset management strategies for investments across Europe.
Prior to joining HMC, she was Associate Director of Asset Management at AEW Europe, with responsibility over a portfolio of c.€1bn of assets under management in Spain, Italy, Germany, Netherlands, Poland and Czech Republic. She led JV and operating partners to achieve target returns within the private equity funds through active lease, development, investment and sales management.
Prior to joining AEW, she spent 5 years at Prologis in different roles including Asset and Development Manager for Southern Europe where she managed a portfolio of c.€2bn in France, Italy and Spain. She led the acquisition and development of a 1M square metre mixed-use development where she served as Chairman of the Board.
She also has significant experience in retail investment, strategy and operations having worked at leading retailer Perimercados and Motion Retail Stores, which she co-founded.
Ms Clemente holds an MBA from INSEAD, a Masters of Industrial Engineering degree from University of Costa Rica and is a member of the Royal Institution of Chartered Surveyors (RICS). She is fluent in Spanish, English and Italian.

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Arturo Gross
Vice President

Mr. Gross joined the Harbert European Real Estate team in June 2015. Prior to joining HMC, he worked at the financial real estate advisory and debt restructuring firm Irea as an analyst specializing in the hotel sector throughout Spain. Previously he worked in New York for the Credit Risk and Project Finance team at Banco Santander.

He graduated in 2013 from the Universidad Pontificia de Comillas (ICADE E-2) with a degree in Business Administration.

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James Humphrey
Vice President

Mr. Humphrey joined the Harbert European Real Estate team in September 2018. Prior to joining HMC he worked in London for the real estate investment team at Patrizia and the real estate finance team at Anglo Irish Bank. He graduated from the University of East Anglia and holds a Bachelor of Science degree in Business, Finance and Economics and holds a Master of Science degree in Real Estate from the University of Portsmouth.

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Yasmine de Moussac
Vice President

Mrs. de Moussac joined HMC’s European Real Estate Investment Team in January 2019 and is responsible for implementing value-creating strategies for French portfolio assets. Prior to joining HMC, she spent four years with the Unibail-Rodamco-Westfield group in their Paris and Amsterdam offices, where she led or was actively involved in the asset management of flagship shopping destinations and exhibition venues. She was also charged with developing new mixed-use investment opportunities. Previously she worked on limited-recourse financings in the Energy and Infrastructure Project Finance team at Credit Agricole CIB in both Paris and New York. She holds an MBA from ESSEC Business School in Paris and is fluent in French and English.

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Lionel Amzallag-Asch
Associate

Mr. Amzallag-Asch joined HMC’s European Real Estate Investment Team in October 2020 and is responsible for due diligence and underwriting for French acquisitions. Prior to joining HMC, he spent four years with Savills Investment Management in London where he gained experience in asset acquisitions in various sectors and multiple European jurisdictions as well as implemented asset management initiatives. Previously, he completed four six-month internships in Paris with Accor Hotels, JLL, AXA IM Real Assets and AEW Europe. He holds a Master in Management – Grande Ecole from NEOMA Business School and is fluent in French, English and has an intermediate level of Spanish.

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Tara Xuereb
Finance Director

Ms. Xuereb joined HMC’s European Real Estate Investment team in September 2013. Prior to joining HMC, Ms. Xuereb worked at CBRE Global Investors where she most recently was an associate fund controller responsible for overseeing all fund accounting and financial information for two closed ended pooled UK property funds with a total initial capital contribution of £650 million. Prior to her role as fund controller, she was a fund accountant at CBRE Global Investors where she was responsible for the financial reporting to 13 institutional pension fund investors (including FTSE 100 companies) within the managed accounts business unit which had £4.5 billion of assets under management. Prior to joining CBRE Global Investors, she worked as a financial accountant and assistant fund accountant at Catalyst Capital LLP, a private real estate investment and asset management firm.

Ms. Xuereb is a Fellow Member of the Association of Chartered Certified Accountants (FCCA).  She graduated from Chapman University in California with a Bachelors of Science degree in Business Management with an emphasis in Management.

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Justin Christie
Finance Manager

Mr. Christie joined the Harbert European Real Estate team in April 2018 and is responsible for overseeing the financial management of Fund investments in continental Europe. Previously he worked with real estate and private equity clients in the audit department of KPMG in Jersey and in the transaction department of PwC in Malta. He qualified as a Chartered Accountant in South Africa in 2013 and as a Chartered Financial Analyst with the CFA Institute in 2016.

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Investment Criteria

HMC’s European real estate investment team seeks to diversify across asset classes, markets and investment risks. We endeavor to focus upon real estate fundamentals and to add value and minimize risk through structuring and by employing our understanding of the development, operation and management of real estate. Our team attempts to understand the key risks of each transaction and to transform those risks into opportunities to unlock value. Throughout Europe we continue to invest with an emphasis on office, light industrial and warehouse, retail/mixed use and residential. We typically seek:

  • Transaction size: typical equity requirements between €25 million and €100 million
  • Markets: demonstrating solid infrastructure, economic diversity, and the prospect for growth
  • Local operating or development partners: with solid experience and track record in the local market and in the specific sector targeted
  • Infill locations: demonstrating high barriers to entry
  • Value-add opportunities: including repositioning of existing assets or new development
  • Pricing inefficiencies: financially distressed assets or assets in out-of-favor sectors and markets
Portfolio

Current Portfolio

Harbert European Real Estate Fund VI, LP

RESIDENTIAL PORTFOLIO - MARCH 2023+
RESIDENTIAL PORTFOLIO - MARCH 2023+
Two investments in established residential areas in Madrid and Dublin to deliver 546 market rate multifamily units.
SKYFALL - OCTOBER 2023
SKYFALL - OCTOBER 2023
Portfolio of seven high-quality PBSA assets comprising 1,594 beds, strategically located across five Russell Group university markets.

Harbert European Real Estate Fund V, LP

BISHOP - MARCH 2019 / SEPTEMBER 2019
BISHOP - MARCH 2019 / SEPTEMBER 2019
Portfolio of thirteen multi-let and modern office buildings comprising 73,916 m² located predominately in the Randstad region of the Netherlands.
RESIDENTIAL PORTFOLIO - SEPTEMBER 2018+
RESIDENTIAL PORTFOLIO - SEPTEMBER 2018+
Six investments comprising 37 sites in established residential areas across Spain and one in Dublin to deliver up to 1,462 units through varied living products including for-sale apartments and affordable and market rate multifamily.
BALLONTI - JULY 2019
BALLONTI - JULY 2019
Dominant 52,661 m² freehold covered shopping centre built in 2008 and refurbished in 2015/16, located within Bilbao’s metropolitan area, Spain’s fifth largest city.
CASTELLANA NORTE - FEBRUARY 2020
CASTELLANA NORTE - FEBRUARY 2020
Grade-A business park located just north of Madrid’s CBD comprising 44,069 m² across four freehold office buildings.
SONAE - DECEMBER 2019
SONAE - DECEMBER 2019
Portfolio of three institutional quality shopping centres with simple two-floor layouts comprising 73,819 m² and located in the Lisbon and Porto regions of Portugal and built between 2005 and 2007.
SPARK PORTFOLIO - SEPTEMBER 2019
SPARK PORTFOLIO - SEPTEMBER 2019
Eight multi-let convenience retail shopping centres located across the Netherlands and all dominant in their local catchment areas.
LYON - SEPTEMBER 2020
LYON - SEPTEMBER 2020
Institutional quality logistics asset spanning 50,579 m² located in Lyon, France. The acquisition was on a forward funding basis and reached practical completion in February 2022. The building was constructed to a BREEAM Very Good Standard.
MERLIN – MARCH 2021
MERLIN – MARCH 2021
Portfolio comprising three multi-let industrial estates in the UK across 333,354 m² and approximately 39 development acres, located in Manchester, the country's second largest city.
BEAUVAIS – SEPTEMBER 2021
BEAUVAIS – SEPTEMBER 2021
Institutional quality logistics asset spanning 110,844 m² located in Beauvais, France. The acquisition was on a forward funding basis with practical completion due in Q1 2023. The building will be constructed to a BREEAM Very Good Standard.
WEST STARS – DECEMBER 2021
WEST STARS – DECEMBER 2021
Portfolio of three light-industrial development sites comprising 38,367 m² in the North and West of France. The buildings will be constructed to a BREEAM Very Good Standard.

Harbert European Real Estate Fund IV, LP

FOX - AUGUST 2018
FOX - AUGUST 2018
Multi-let office building comprising 6,304m² located in close proximity to La Défense.
DUO - APRIL 2018
DUO - APRIL 2018
Two adjacent office buildings of institutional quality comprising 32,989m² located in Düsseldorf.
NORTH STARS – JUNE 2016
NORTH STARS – JUNE 2016
Portfolio of five multi-let light industrial assets located across the Northern part of France.
SPANISH RESIDENTIAL – MAY 2016+
SPANISH RESIDENTIAL – MAY 2016+
Seven Prime sites in established residential areas of Madrid, Malaga and Valencia with significant pent-up demand, for the development of a combined 989 units.
WEBB – MARCH 2016
WEBB – MARCH 2016
Portfolio of 46 assets of mixed property type across the UK including offices, retail warehousing and High Street Retail units comprising approximately 1.5 million square-feet.
KINGS HILL – NOVEMBER 2015
KINGS HILL – NOVEMBER 2015
Flagship business park comprising 487,261 square-feet across 14 buildings located in the South East of the UK.
EASTGATE – AUGUST 2015
EASTGATE – AUGUST 2015
Dominant 351,806 square-feet covered regional shopping centre located in Inverness, Scotland.

Harbert European Real Estate Fund III, LP

EL MANAR – JULY 2015
EL MANAR – JULY 2015
High-grade retail park located just outside Valencia, a regional hub on Spain’s Mediterranean Coast, comprising 24,039m² of retail space and 1,344 car parking spaces built between 2006 & 2009. Sold in July 2017.
EMPEROR – DECEMBER 2014
EMPEROR – DECEMBER 2014
Portfolio of seven multi-let and two single-let office assets of primarily institutional quality located across the UK comprising a total floor area of 803,467 square-feet.
HABANERAS – DECEMBER 2014
HABANERAS – DECEMBER 2014
Modern and well-occupied shopping centre located in Torrevieja on the east coast of Spain comprising 258,700 square-feet and 819 car parking spaces. Sold in May 2018.
MADRID RESIDENTIAL – NOVEMBER 2014
MADRID RESIDENTIAL – NOVEMBER 2014
Four Prime residential sites in affluent districts of Madrid with compelling supply and demand dynamics for the development of a combined 154 residential units.
BOULOGNE – SEPTEMBER 2014
BOULOGNE – SEPTEMBER 2014
Renovation of a freehold office building comprising 80,966 square-feet in Boulogne, a well-established western suburb of Paris.
ORPINGTON – MARCH 2014
ORPINGTON – MARCH 2014
Seed asset located in a London commuter town for a platform to convert obsolete secondary office buildings to residential use. Sold in June 2017.
UK PORTFOLIO – JANUARY 2014
UK PORTFOLIO – JANUARY 2014
Mixed-use portfolio of fifteen assets located predominately in the South East of the UK comprising a total floor area of 984,943 square-feet. Final sale in June 2018.
DIAMOND – DECEMBER 2013
DIAMOND – DECEMBER 2013
Portfolio of six dominant retail warehouse parks located across the UK comprising a total floor area of 424,426 square-feet.
DOUMER – JULY 2013
DOUMER – JULY 2013
Two adjacent properties with ground floor retail and upper residential floors, located within an upscale area of the west end of the city center of Paris, France. Sold in June 2018.
RICHELIEU – MARCH 2013
RICHELIEU – MARCH 2013
Headquarter office building totaling around 31,000 square-feet and located in the financial area of the central business district of Paris, France. Sold in February 2015.
UNITED – JUNE 2012
UNITED – JUNE 2012
Four established multi-let industrial parks located centrally in the UK comprising approximately 4.5 million square-feet and an additional 61 acres of development land.
FARNBOROUGH BUSINESS PARK – APRIL 2012
FARNBOROUGH BUSINESS PARK – APRIL 2012
Grade-A business park located in the M3 corridor, an established office location within the UK. Sold in January 2018.
EDEN – DECEMBER 2011
EDEN – DECEMBER 2011
Six distribution assets located in the Midlands region of England comprising a total floor area of 654,219 square-feet. Sold in November 2014.
CHISWICK TOWER – NOVEMBER 2010
CHISWICK TOWER – NOVEMBER 2010
Multi-tenanted 143,000 square-foot, 18-storey office building in West London. Sold in March 2013.

Harbert European Real Estate Fund II, LP

CRICK – JULY 2010
CRICK – JULY 2010
Prime UK distribution warehouse adjacent to the M1 motorway and close to Daventry International Rail Freight Terminal. Sold in September 2013.
LEOPARD – AUGUST 2009
LEOPARD – AUGUST 2009
Four multi-let industrial estates comprising 2.1 million square-feet of lettable floorspace and 150,000 square-feet of expansion rights located in the Southeast of England, within close proximity of London. Grand Union asset sold in February 2013, Poyle asset sold in August 2013 and Luton asset sold in July 2014. Final sale in February 2018.
GREEN BOX – JUNE 2009
GREEN BOX – JUNE 2009
Five state of the art, high-bay warehouses providing 857,819 square-feet of warehousing/distribution space in established UK locations, adjacent to the M25 and the M1 motorways. Sold in November 2010.
PARC MAIL (LYON) – MAY 2009
PARC MAIL (LYON) – MAY 2009
Eleven modern, institutional quality, office buildings comprising 236,655 square-feet of Grade-A space within the larger Parc Technologique in South East Lyon, France. Sold in December 2014.
BERGEN – AUGUST 2007
BERGEN – AUGUST 2007
Preferred equity investment in a 160 unit residential development located on an island archipelago on the west coast of Norway, 20 miles south of Bergen. Sold in January 2015.
ESSLINGEN (GENESIS) – JULY 2007
ESSLINGEN (GENESIS) – JULY 2007
Development of 405,000 square-feet of industrial warehouse and office space, located eight miles from Stuttgart, Germany. Sold in December 2013.
OSTFILDERN (FLEET) – APRIL 2007
OSTFILDERN (FLEET) – APRIL 2007
A 175,000 square-foot industrial warehouse development, let to DHL, 4.5 kilometers from Stuttgart airport. Sold in December 2012.
RONDA – DECEMBER 2007
RONDA – DECEMBER 2007
Two tracts of land totaling 497 hectares in Andalucia, Spain, acquired to meet demand among Europeans for quality residences in well developed, low density, golf course communities. Sold in 2017.

Harbert European Real Estate Fund BV

EUROPEAN WAREHOUSES
EUROPEAN WAREHOUSES
Four warehouse developments pre-let to a NYSE listed company who is a world leader in its industry, combining 282,000 square-feet located in Paris, France; Leeds, England; Dublin, Ireland; and Munich Germany. Paris asset sold in November 2009 and Leeds asset sold in December 2009. Paris and Leeds assets sold in November 2009, Dublin asset sold in June 2012 and Munich asset sold in August 2012.
CADOGAN HOTEL
CADOGAN HOTEL
A landmark 65-room Grade II listed hotel, centrally located in an affluent residential and business area within the west end of London. Sold in March 2011.
GEORGES CLEMENCEAU
GEORGES CLEMENCEAU
A 70,955 square-foot office building with 124 parking spaces, located in the Nanterre submarket of Paris, to the West of La Défense. Sold in January 2011.
LOS ARCOS
LOS ARCOS
Joint venture for the purpose of acquiring and developing large parcels of rustic land well suited to second-home communities in Western Andalucia, Spain. Sold in August 2007.
LEADENHALL/MITRE STREET
LEADENHALL/MITRE STREET
Refurbishment of two office buildings with a combined 38,200 square-feet located in EC3, the insurance submarket of the City of London, England. Sold in May 2006.
MONTECARMELO
MONTECARMELO
Joint venture with a highly experienced local developer to develop a 136,560 square-foot grocery store anchored retail center in a new master planned community in Madrid, Spain. Sold in July 2005.
JEAN JAURES
JEAN JAURES
A 43,739 square-foot office building located in a desirable part of Paris’ Golden Crescent in France. Sold in November 2004.
LIBERTY CORNER
LIBERTY CORNER
An 87,156 square-foot class A office building development in Warsaw, Poland. Sold in October 2004.
SIRIUS
SIRIUS
A 71,737 square-foot class B+ office building located in Paris, France. Sold in September 2004.
GAUGUIN
GAUGUIN
A 52,724 square-foot class B+ office building located in a well established business park, adjacent to Charles de Gaulle airport in Paris, France. Sold in September 2004.
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Contact
HARBERT EUROPEAN REAL ESTATE
LONDON OFFICE

4th Floor, 45 Old Bond Street
London, UK W1S 4QT

Contact:
David King
dking@harbert.net
+44 207 408 4120

MADRID OFFICE

Pinar, 5
Madrid 28006 Spain
+34 91 745 6859

PARIS OFFICE

29 rue de Bassano
75008 Paris France
+33 (0)1 76 73 28 00