Peter Land joins Harbert Management's London office as the firm continues to pursue its diversified strategy across the continent.

The aptly named Peter Land recently joined Alabama-based Harbert Management's London office as a principal. Land will be working on Harbert's pan-European property investment strategy.

“He'll run the gamut,” says Scott O'Donnell, a senior managing director at the firm. O'Donnell points out that Land has worked on deals from Ireland to Romania, a skill set that will no doubt complement Harbert's opportunistic investment strategy in Europe. Land will also focus on transactions across property sectors, including office, retail, industrial, hotel, warehouse and land development.

“He has developed an immense book of contacts in Germany.”

Prior to joining Harbert, Land was vice president of Lehman Brothers in London, spending six years working for the investment bank's principal transactions group. While at Lehman, he focused on German deals. “He has developed an immense book of contacts in Germany,” O'Donnell says.

Previously, Land worked with Canadian property developer TrizecHahn in Germany and later cofounded the group's Budapest office, working on the Westend City Center, a 400-merchant shopping center near Budapest's western train station. He began his career with Siemens in the retail market division and public switching systems. Land holds a BS in economics from the University of Toronto and an MBA from INSEAD.

Harbert's last vehicle, Harbert European Real Estate Fund, closed in July 2003 on $220 million (€171 million) and is now fully invested. The fund pursued a diversified strategy in terms of both property type and geography. “We have pretty broad and deep experience throughout the European market,” O'Donnell says.

While the firm's mandate allows for investment across the continent, Harbert has recently been focused on property deals in Spain, Germany and the United Kingdom. But O'Donnell adds that the firm is driven by the underlying fundamentals, rather than geography.

The firm typically chases deals of between $10 million and $75 million in urban infill locations with high barriers to entry. In 2004, it purchased Swiss Re's former offices in Leadenhall and Mitre Streets in London for a reported £7.5 million ($14 million; €11 million). Last summer, it sold the Montecarmelo shopping center north of Madrid for approximately €30 million.

Harbert Management focuses on a number of real estate, private equity and public securities strategies and has approximately $5 billion in assets under management.

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Winter leaves Cerberus to start German fund
Ralph Winter is reportedly leaving Cerberus Asset Management's German arm to start a new fund. Trade reports say five professionals from the private investment firm's German staff have followed managing director Winter to his new venture; Saul Goldstein has reportedly been tapped to take over Winter's position at Cerberus. Winter has been managing Cerberus's real estate division in Germany since the New York-based firm opened its Frankfurt office in February 2003, a move spearheaded by former Vice President and current Cerberus chairman of global investments Dan Quayle.

Carlyle adds Harris to roster
The European arm of The Carlyle Group has appointed Mark Harris as an associate director in the UK real estate team. Harris was formerly the development director at London-based, mixed-use developer Crown Dilmun, where he was responsible for a variety of projects in the UK and Europe, including residential, commercial and serviced apartments. At Carlyle, Harris will be responsible for managing recently acquired projects in the UK, as well as reviewing new investment opportunities. In March, Carlyle announced a £750-million joint venture with London-based Skelton Group to develop projects in the UK.

Bank of Scotland appoints new RE head in the north
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CPP, ING buy London offices
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Heitman buys in Prague
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GI Partners in Asian takeout
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Doughty picks up Swedish portfolio
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CapMan acquires Helsinki property
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