Efficiency and compliance for European expansion

Having built a substantial business in the Americas, vertically integrated real estate investment and management company Jamestown decided in 2018 to expand into Europe. With the goal of acquiring and managing large-scale, industrial, adaptive reuse projects across the continent, Jamestown made its first major acquisition in 2019: Groot Handelsgebouw in Rotterdam, the Netherlands.

The company’s key challenge at this time was a lack of administrative infrastructure in Europe – specifically to manage the special purpose vehicles (SPVs) it established for major acquisitions, and to deal with the complexities of compliance across the continent.

Jamestown also needed a partner to assist with payroll and HR administration as it hired new employees, as well as to provide administrative services for its newly formed corporate subsidiaries in several European countries.

As Chris Kopecky, chief financial officer of Jamestown, explains, “There are considerable differences in regulatory, financial reporting and tax structures across countries in Europe. What is more, it was challenging to have so many different local service providers who could not easily be held accountable.”

Jamestown now uses TMF Group for a comprehensive package of payroll, HR and accounting services for its own operations in Europe, as well as for the SPVs it establishes with each acquisition.

The services TMF Group provides around Jamestown’s SPVs are mainly focused on entity management (such as annual legal compliance services, and provision of local resident directors) and accounting and tax compliance to ensure the entities remain in good standing.

TMF Group provides Jamestown with payroll and HR consultancy services for its operational office in Amsterdam, the Netherlands, as well as for the employees it has in Italy, Spain and the UK (Employees Without Establishment (EWEs). The HR consultancy services have focused on advising Jamestown on the appropriate employee benefits for certain countries, such as healthcare insurance packages, as well as introducing the company to local providers where appropriate.

TMF Group’s in-market support has also brought significant benefits for Jamestown’s European management team. Thomas Sandlin, head of asset management, Jamestown Europe, explains, “TMF Group’s centrally managed team frees us from dealing with day-to-day processes. What previously required roughly one day per week of my time managing expenses, invoices, and payroll can now be achieved in just a couple of hours. We also have been able to hire several new employees across multiple markets, which would have been challenging without TMF Group support.

This well-managed solution gives me confidence in our payroll, and ensures all employees and vendors are paid on time and are properly treated, and that proper records are kept. We are free to focus on value creation in our business.”

The European market was new for us. TMF Group has helped us create a solution from the ground up. They have deep local market knowledge, and they do exactly what say they are going to do.

Jamestown is a global, design-focused real estate investment and management company with a clear mission to transform spaces into innovation hubs and community centers.

Jamestown employs more than 400 people worldwide with headquarters in Atlanta, Georgia, and Cologne, Germany, and offices in Amsterdam, Bogotá, Boston, London, Los Angeles, Madrid, Milan, New York, and San Francisco.

Since its founding in 1983, Jamestown has executed transactions in excess of US$35 billion. As of 30 June 2021, Jamestown has assets under management of US$12.4 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe.

Current and previous projects include Chelsea Market in New York City, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Building in Boston, and Groot Handelsgebouw in Rotterdam. Jamestown also invests in real estate startups and technology businesses that differentiate its properties and enable innovation across its portfolio.

• Jurisdictions where we serve them: Colombia, Germany, Italy, the Netherlands, Portugal, Spain, and the United Kingdom
• Services provided:
  • Entity management (including operational entities and Special Purpose Vehicles)
  • HR consultancy
  • Payroll
  • Accounting