Which is more interesting for you business-wise, the well-established capitals of Central Europe, or the up and coming ones like Bratislava, Bucharest, Moscow.
They are both interesting from different perspectives. The established capitals have more niche opportunities that require some real looking for, while the up-and-coming ones allow for the chance to get in earlier.
Which one will you spend the most time in this year?
Most likely in Prague, but as a base for the entire Czech Republic, but I will be spending a lot of time in Bratislava, as well.
Where do people have the most fun after work?
Tough one as the happy hours in all the markets seem equally packed!
Where are the women the prettiest?
Bratislava.
How long have you held your current position, and will you be there in three years?
I've been co-director of our European Acquisitions for over 3 years and I certainly expect to be here. Not just since we just raised our third fund but also because new opportunities evolve over the course of time.
What keeps it from getting boring?
The competition. It was never easy, but now it is definitely a bit more of a challenge to not only find the right opportunities, but the right opportunities that fit our investment profile and that we are able to secure. A lot of that will come from our faster, more stream-lined process and adjustment of target returns.
What's your favorite transaction from the last two years?
The Bratislava Business Center deal. I would say it was more rewarding than necessarily favorite, not only due to the complexity of it and the fact that it was the first major real estate transaction in Slovakia, but also the fact that both sides worked very well together and were committed to closing with each other.
Was university worth it, besides the CV factor?
School was absolutely worth it. I never thought I wouldn't go to school but my studies there were not so job-specific. Like a lot of degrees, it was very much about gaining a broader range of knowledge.
What was your first job after you finished school?
I have actually been with Heitman since I graduated. I first was in our US Private Equity Group, doing transactions in the US. Then I moved over in 2001, right after 9/11, and have been focused on Europe ever since.
Will yields break 7 percent in the next 12 months? In which sector?
I think they will get very close to 7 but not break it. Granted, 12-18 months ago, there was skepticism as to how fast the 8% mark would be reached. It will likely be reached in the office sector, as I think there still is the spread among the other product types that will keep some semblance of balance in the market.
Are developers in Central Europe too greedy?
There's no way to answer that question without giving the wrong impression - but I do think that developers recognize that there is an expectation among buyers that if a rich price is going to be paid, the investors expect not only top quality product but also a due diligence process that is thorough and clean. At some point, investors are going to ask themselves why would I go through the brain damage to pay a 8% yield, for example, deal with someone who cut corners on finishes and can’t provide me the documentation I need?
Who do you respect the most in business?
I think the guys who founded Google have done pretty well for themselves with a pretty simple, straight-forward idea . . .
What's the last biography you read? (doesn't have to be business)
It's actually been a while since I read a biography, but I am about to read (when I can find the time), Trump: The Art of the Deal!
Should he keep the toupee or go bald?
Definitely keep it.
Does anyone actually call you Harold?
Every once in a while - but there aren't many Skips running around, so it's pretty easy for people to remember.
Do you subscribe to GQ, Men's Health, or Playboy? Which one would be the best gift for you?
Actually none of them. They all have great articles . . .but probably GQ or Men's Health to keep me focused!
Is it easier to get lucky in Europe as compared to USA ?
Since I came over with my wife, I can’t say from experience, but I have heard some good stories about life in Europe.
What's better : Victorias Secret or Chantelle?
Victoria's.
Do you chase you secretary around the desk?
No. She would beat me up.
If you could have any super-power, what would it be? Would you use if for good or evil?
I always thought it would be pretty amazing to fly. It would definitely save time in between meetings!