T 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 on 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.” 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.” REAL ASSETS European Real Estate 50 Investments in Sixteen Years 14.3% Net Internal Rate of Return Across Four Funds, including Co-Investment Funds €1.0 Billion Equity Invested 11