Harbert Management Corporation
Scott O’Donnell - Harbert European Real Estate Funds
According to Scott O’Donnell, Senior Managing Director and Fund Manager for the Harbert European Real Estate Funds, . “This new capital will allow us to continue to implement the same investment strategy as in our previous funds and to do so on a selective basis.”
Two American companies gearing up for further expansion into Europe include the Alabama-based Harbert Management Corporation (HMC) and, from Indianapolis, investor and developer Scannell Properties.
Harbert Management Corporation (HMC), a value-add specialist, has finished raising equity for its latest European real estate fund, the Harbert European Real Estate Fund V (HEREF V).
Total equity commitments to HEREF V already amount to €662.4m, the largest amount it has ever raised for a Europe closed-ended fund. It has been investing in European real estate since 1998.
Investors in the latest fund come from both the US and Europe, and some €45.6m has been invested in three deals so far, with another three under exclusivity across the office, retail, logistics and residential sectors.
According to Scott O’Donnell, Senior Managing Director and Fund Manager for the Harbert European Real Estate Funds, “This new capital will allow us to continue to implement the same investment strategy as in our previous funds and to do so on a selective basis.”
HMC specialises in alternative assets, and it manages around $6.3 bn of AUM as at 31May 31, 2019. The company is privately owned and was founded in 1993. Its principal investors are foundations and endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes.
Meanwhile, Scannell Properties, which focuses on logistics and commercial property, has been beefing up its staff, hiring long-term Goodman executive Jordan Corynen to become DACH and Benelux manager, reporting to Head of Germany Heiko Richter. Richter was brought on board in March to service key occupier accounts and to identify strategic land-sites for both build-to-suit solutions and speculative logistics developments.
He said at the time, “The German real estate market saw record take-up in the logistics sector in 2018. However, with e-commerce booming and occupiers competing for limited space, in-depth knowledge of core locations are vital to success. I am looking forward to sharing my local expertise to identify and seize untapped opportunities for Scannell Properties and our clients.”
Amaury Gariel, European managing director, said recently that “Germany is the European market with the largest growth opportunities in our business.”
The privately-owned Scannell focuses on build-to-suit and speculative development projects throughout the United States, Canada and Europe. Founded 29 years ago, Scannell has completed 280 development projects totaling 4.6 million sqm in 44 US states and 3 Canadian provinces.
