Registration... Exhibition Opens
Breakfast Served Courtesy of:
IMN Opening Remarks
State/Future of the Funds Business: Lessons Learned from the Financial Crisis, Are they Permanent?
• Fund risk management • Legacy issues: Are you still working them out? • Club deals: The future of the industry? • Small, niche funds vs. the mega fund: Which way do you see the market going? • Fund structure changes • Fund consolidation: Will it continue? • Fund management vs. asset management • What changes are LPs driving? • Do you need an operating partner? • Are you seeing a lot of product in the market place? • Impact of the ’06-’07 loan maturity • Changing return expectation • Fundraising challenges • ILPA guidelines • New funds future
- Mark Grinis, Global Leader, Real Estate Investment Fund Services, ERNST & YOUNG LLP (Session Chair)
- David Bouch, Managing Director, EUROCAPITAL PROPERTY INVESTORS
- Scott O'Donnell, Senior Managing Director, HARBERT MANAGEMENT CORPORATION
- Jos Short, Founding Partner and Executive Chairman, INTERNOS REAL INVESTORS LLP
- Paul Vosper, Managing Director and Head of Client Strategy, EMEA, RREEF
- Antoine de Broglie, Chairman, STAM EUROPE
Large Funds Investment: How are you Sourcing your Opportunistic Opportunities?
• Western European vs. International: Where are your geographic allocations? • 24 hour cities vs. Regional markets • Are you willing to take a little risk? Is the economic cycle improving for value added? Considering economic realities in your investments • Are you chasing the quality products on the market? How do you plan to add value? • Are you going to Core? • Are the PIIGS attractive? • Buying from banks? • Exit: Is the demand there?
- Russell Platt, Chief Executive Officer, FORUM PARTNERS EUROPE (UK) LLP (Session Chair)
- Anuj Mittal, Managing Director, ANGELO, GORDON & CO.
- Ronald Rawald, Partner & Head of European Property, CERBERUS EUROPEAN CAPITAL ADVISORS, LLP
- Phillip Burns, Chief Executive Officer, CORESTATE CAPITAL AG
- Lars Huber, CFO - European Region/MENA, HINES EUROPE
- Christian Schulte Eistrup, Managing Director, Capital Markets, MGPA (UK) LTD.
The LP/GP Panel on the LP’s Role in Running a Fund: “What is so Funny ‘bout Peace, Love & Understanding?”
• “ I can’t stand up for falling down:” Fund exits-dissolution/give back $/extension • “Pump it up:” The sale process from both sides • “Watching the detectives”: Trends in continual monitoring of the fund manager • “Accidents will happen”: Evaluating legacy issues and investments gone wrong • “I don’t want to go to Chelsea”: The initial meeting • “A good year for the roses:” Evaluating successes • “ You better watch your step” Getting on and off of the LP watch list-choices for underperforming managers • Managing risk and investor expectations • Compensation/Key man issues • Skin in the game • Incentives for underwater funds • Investor due diligence • Where is the investor relations person spending all of their time?
- Joseph Smith, Partner, DEWEY & LEBOEUF LLP (Session Chair)
- Serge Platonow, Principal, COLONY CAPITAL LLC
- Sander van Riel, Head Continental Europe, ING REAL ESTATE SELECT
- Nancy Lashine, Principal, PARK MADISON PARTNERS
- Anne Gales, Partner, THREADMARK
Refreshments Courtesy Of:
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New & Small Funds: Overcoming the Barriers to Entry
• Offering & Pre-offering materials: INREV guidelines and country-specific issues • Building up a track record pre-new fund formation • Fund administration • Adventures in fundraising • Basle II Impact • Fund terms including incentive arrangements, commitment period length • On/Off shore • Reporting/Transparency • Joint ventures with established funds • Investment strategy • Fundraising • Investor experience: What types of investors are looking more towards smaller, niche managers? • Sourcing deals • Staffing & overhead • Compensation/Key man issues • Skin in the game • Incentives for underwater funds: Small fund choices • Compensating members of the GP: Allocation and terms of the carry • Structuring: admission and removal of members of the GP • Taxation of carried interests
- Nigel Hatfield, Partner, CLIFFORD CHANCE LLP (Session Chair)
- Howard Adler, Partner, DEWEY & LEBOEUF LLP
- Rodney Bysh, Managing Director, FELDBERG CAPITAL
- Maqbool Mohamed, Head of Business Development - EMEA, CITCO LONDON LTD.
- Simon Piggott, Director, SEE PROPERTY FUND
- Simon Burgess, Head of EMEA Real Estate Fund Services, STATE STREET
- Karim Esch, Senior Client Manager, UNION INVESTMENT INSTITUTIONAL PROPERTY GMBH
Subscription Financing 2011
• How are investor concentration limits being addressed? • Managing debt maturities • What subscription lines, aftercare, and term hedging solutions can banks get approved? • How has documentation changed during the financial crisis? • Reps and covenants between the jurisdictions • LPA language • Is there a move toward a full security interest in collateral vs a simple power of attorney? • Working through a default or modification • Capital call changes • Credit approval from a lender or lenders if a facility is being syndicated? • Mezzanine facilities
- Dee Dee Sklar, Managing Director-Head of Subscription Finance, WELLS FARGO (Session Chair)
- John Lamb, Managing Director, BANK OF AMERICA MERRILL LYNCH
- Gavin Rees, , BARCLAYS
- Alex Wright, , BROCKTON CAPITAL
- Paul Hibbert, Senior Associate, CLIFFORD CHANCE LLP
- Ellen McGinnis, Partner, HAYNES AND BOONE, LLP
- Steve Willingham, Chief Financial Officer - Europe, MGPA
Fundraising: What is your Strategy for Attracting New Investors? Retaining Old?
• Marketing multiple funds with different objectives simultaneously: Can it work? • 3rd-party marketing v. In-house • Small funds: The talk vs. the reality • Getting past the one bad fund • Fund length; The latest • What are investors looking for? • Impact of AIFM, Solvency II and other regulatory changes on raising capital from European LPs
- Roger Singer, Partner, CLIFFORD CHANCE LLP (Session Chair)
- Gena Cheng, Managing Director, Marketing and Investor Relations , FORUM PARTNERS
- MICHAEL LARSEN, SENIOR MANAGING DIRECTOR, HARBERT EUROPEAN FUND ADVISORS LTD.
- Robert Short, Managing Partner, LANGHAM HALL UK LLP
- Keith Breslauer, Managing Director, PATRON CAPITAL ADVISERS, LLP
- John Mancuso, Director, Real Estate - EMEA, RUSSELL INVESTMENTS
Mezz & Senior Loan Underwriting by Funds: Are you Deploying? What Kind of Deals are Getting Done? What are the Investors Looking for?
• What kind of collateral are you underwriting? • Are you doing refi deals? • Are you planning to hold to maturity? • Single package with senior lender with established intercreditor agreement • How’s the fundraising doing? • How are you looking at distressed markets? • Risk/return profile • Equity vs. leverage • And what if there is a default? • Loan to own & CMBS/Mezz workout strategies
- Alan Samson, Partner & Co-Chair, Real Estate Group, GIBSON, DUNN & CRUTCHER LLP (Session Chair)
- Christopher Milner, Managing Director & Head of CRE Debt, BLACKROCK, INC.
- Andreas Wuermeling, Managing Director, Head of Secondary Markets, DEUTSCHE PFANDBRIEFBANK AG
- Cyrus Korat, Senior Investment Manager, DUET PRIVATE EQUITY LTD.
- Patrick Züechner, Head of Real Estate, GOTHAER ASSET MANAGEMENT AG
- Michael Zerda, Director, LASALLE INVESTMENT MANAGEMENT LLP
- Robert Mills, Partner, CLEARBELL CAPITAL LLP
- Lee Galloway, Senior Vice President, Portfolio Manager, PIMCO
Luncheon Courtesy of:
Evaluating the London Markets: Do you still think it is a Good Buy or Good Bye?
• Is the risk premium justified? • Are core assets overpriced? Will the herd mentality hurt investors? • Second tier London properties: How is the market holding up? • London vs. the Continent: Where will your focus be for the next year? • Retail: Evaluating demand, Where to go; not go • Are low funding rates a catalyst in the strength of the market or are they holding zombie borrowers alive and prevent a clearing? • How sustainable is current tenant demand and rental levels in the City? • Impact of new skyscrapers like Walkie Talkie and Cheese • Yields of different asset classes • Is the Central London residential market overheated? Why do you think London is such a good opportunity? • Assessing the net lease market
- Van Stults, Managing Director, ORION CAPITAL MANAGERS (Session Chair)
- Serge Maton, Director, CARVAL INVESTORS UK LTD
- Carla Giannini, Managing Director, DLJ REAL ESTATE CAPITAL PARTNERS (UK) LIMITED
- David Gibson, Managing Director, IVG UK LTD.
Hotels: Are we Past the Low Point of the Cycle?
• What countries are you considering? • Is crossborder capital going to the hotel sector? • Gateway market performance • Small and budget hotels • Financing hotels: Is the spigot opening up?
- Jan Hazelton, Managing Director, TAYLOR GLOBAL ADVISORS (Session Chair)
- Marty Kandrac, Managing Director, THE BLACKSTONE GROUP INTERNATIONAL PARTNERS LLP
- Eric Jafari, Managing Director, UNION HANOVER SECURITIES
- Cristopher Broderick, Senior Vice President, HOTEL CAPITAL ADVISERS, INC.
• Internal GP structuring/key man issues • Fund governance changes • Jersey unit trusts and joint venture vehicles • What are some of the emerging structures for holding and financing property • Concessions to the first closers • Cause/Non-cause removal • Advisory board seat allocation
- Philip Hendy, Director of Jersey Real Estate Fund Services, STATE STREET (Session Chair)
- Paul Oliver, Principal, CURLEW CAPITAL
- Mike Pashley, Partner, European Chief Financial Officer, AREA PROPERTY PARTNERSHIP (UK) LLP
- Christopher Bennett, Managing Director, DCG
- Matt Maltz, Partner, ERNST & YOUNG LLP
- Tim Morgan, Partner, OGIER
Evaluating Underwater Fund Options Including Fund M&A/Buyout/
Management Buyout Panel
• What does Fund Bankruptcy mean? • Motivating existing staff • Extensions • Second defaults • Identifying interests of different parties and aligning them • Tax mitigation • Adding preferred equity • Difference when there is equity/no equity • Creating liquidity • Sale of interests • Transfer of assets to new fund • Lenders: What are they looking for? • Merger with another fund within the family • Selling all the properties and shutting off the lights • Valuing the fund • Purchasing bank real estate fund managers • Selling management rights • What are the valuations and deal terms? • Taking on funds: The integration • Why’d you have to go and make things so complicated? What are the complications that arise during a merger negotiation? • Taking over property from LPs who withdrew their properties from another manager
- David Moldenhauer, Partner, CLIFFORD CHANCE LLP (Session Chair)
- Douglas Weill, Managing Partner, HODES WEILL & ASSOCIATES
- Shawn Lese, Executive Director, MORGAN STANLEY
- Adam Calman, Principal, THE TOWNSEND GROUP
- Alex Price, Chief Executive, PALMER CAPITAL PARTNERS
Refreshments Courtesy Of:
Germany Investments: Is it Springtime for Real Estate Investments?
• What is happening in the macro environment? • Market performance and capital growth • Foreign investment attraction • Are core markets hot in Germany? Which markets are “core”? • Pfandbriefe market structures • Economy going forward • Enforcement rights and importance of covenants • Germany vs. UK market practices • Hot sub-markets • Comparing German vs. English structures • What type of properties are being financed by the banks? Can you get financing for the properties that banks aren’t financing?
- Cornelia Thaler, Partner, Head of German Real Estate Practice, CLIFFORD CHANCE LLP (Session Chair)
- Hartmut Glük, Director, THE CARLYLE GROUP
- Charles Graham, Chief Executive Officer, EUROPA CAPITAL PARTNERS
- Ralf Nöcker, Managing Director, CORESTATE CAPITAL AG
- Miles Stephenson, CEO, GARIGAL RETAIL
- Alexander Fischbaum, Investment Director, ORION CAPITAL MANAGERS (UK) LTD
- Manfred Wiesner, Managing Director, PERELLA WEINBERG REAL ESTATE UK LLP
Joint Ventures with other Property Companies
• What is your joint venture strategy? • The latest structures • JV’s on a fund level • The local/operator model • Views of different geographic market participants • Tax consequences of recaps • Workout language on docs • Joint ventures with REITs • Buying out your joint venture partner • Development joint ventures • Operating partners: How much skin should be in the game? • US Partnerships
- Adrian Levy, Partner, CLIFFORD CHANCE LLP (Session Chair)
- Raj Kotecha, Executive Director, AMRO REAL ESTATE PARTNERS
- Seth Schumer, Director, Real Estate, QUADRUM GROUP
- Philip Barrett, Managing Director, PRAMERICA REAL ESTATE INVESTORS LTD.
- Colin Campbell, Chairman, PRADERA
- Patrick Gylling, Partner & CIO, SVEAFASTIGHETER
The LP Panel: Looking at Non-Western European Opportunities
• What markets are of interest? Are PIIGS attractive or would you rather be in Asia? • Are you comfortable with transparency and fee structures of non-Western European funds? • Are you looking to increase your global CRE allocation? • Are Western European real estate markets becoming less attractive? • New fund evaluation
- Steen Ehlern, Managing Partner, Switzerland, FERGUSON PARTNERS FAMILY OFFICE (Session Chair)
- Philippe Winssinger, Chairman of the Board of Directors and the Investment Committee, IMMOFINRE GROUP
- Mona El Naggar, Managing Director, TIFF
- Eric Byrne, Managing Director, Global Head – Multi-Managers & Securities, Global Real Estate, UBS AG
Basel III Impact & Other Key Regulatory Developments: What will the Impact be?
• What will Basle’s impact be on financing? • Solvency ratios for insurance companies and regulatory risk capital weighting • Crossborder regulatory update • Minimum energy efficiency from 2018 in the private rented sector • New EU regulations that will impact funds • Which regulations may harm the market? • Investment manager regulation: European Alternative Fund Manager Directive/US Investment Advisors Act • Proprietary trading by financial institutions • Compensation limits • Placement agent regulation/ prohibition • Credit rating agency & Bond insurance regulation • Tax Trends
- Simon Crown, Partner, CLIFFORD CHANCE LLP (Session Chair)
- Lars Ohnemus, CEO, BPT PARTNER SERVICES A/S
- Peter Cosmetatos, Chief Executive, CRE FINANCE COUNCIL EUROPE
- Wulf Meinel, Managing Director, THE CARLYLE GROUP
- Luke Zubrod, Director, CHATHAM FINANCIAL
- Paul Rivlin, Joint Chief Executive, PALATIUM INVESTMENT MANAGEMENT
Day One Concludes
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International: Hot or Not
This panel of local practitioners and platinum card-holding frequent fliers will discuss their favourite markets
• Brazil: Hot or Not? • Asia: Where are the hot spots? • Finding partners who know what is hot • Establishing a hot track record in local markets • Risk premiums of hot spots • China and India: New developments in the two hottest, most populous markets • South Africa: Is it hot enough to be the “s” in BRICS? • Caliente markets in Latin America • Identifying the next hot market
- David Boyle, Chief Investment Officer and Co-Head, MORGAN STANLEY ALTERNATIVE INVESTMENT PARTNERS (Session Chair)
- Raj Bhandari, Managing Director, ADAM REALTY PARTNERS PVT. LTD.
- Elliot Glausiusz, Head of Investment, IMMOFINRE GROUP
- Ferhat Guven, Managing Director, PALADIN REALTY PARTNERS - EURASIA
- Parry Singh, Co-Founder & Senior Managing Director, RED FORT CAPITAL, LLC
What are the Options for an LP Pulling Out Of Fund?: Evaluating Market Liquidity & Secondary Fund?
• Where is the market? What has changed over the last year? • Why are institutional investors using the market? • Due diligence • Role of fund being bought • Non-Western fund options • Valuation methodology • Sector fundraising • What makes a good secondary market investment • Role of fund of funds • Impact of fund restructurings
- Jeffrey Giller, Partner, Head of Real Estate, STEPSTONE GROUP (Session Chair)
- John Gellatly, Head of Europe, Global Indirect Real Estate (GIRE), AVIVA INVESTORS
- Paul Parker, Managing Director-Real Estate Europe & Asia, LANDMARK PARTNERS
- Marc Weiss, Partner, PARTNERS GROUP REAL ESTATE, LLC
- Zeynep Fetvaci, Head of Business Development, PEAKSIDE CAPITAL ADVISORS
- Tom Richardson, Research Analyst – Private Real Estate, RUSSELL INVESTMENTS
Making Up for the Debt Shortfall: Funding & Financing Unstabilized, Construction/Development & Recap Deals
• White knight financing: Reality or a princess’ dream • Debt Funds as a source of capital • Can you get phase two financing for successful projects? • Entity level recaps • Debt restructuring case studies • Alternative senior funding sources: Are Insurance companies stepping up? • Mezz fund terms • Recap structures • Cost of additional equity • Cross-border financing • Availability of debt
- Wilson Lee, Founding Partner, FIRST GROWTH REAL ESTATE CAPITAL, LLP (Session Chair)
- Peter Denton, Head of Real Estate Finance, BNP PARIBAS REAL ESTATE
- Nehal Farooqui, Managing Director, CANTOR FITZGERALD
- Richard Kaufman, Founder and President, CITY-CORE DEVELOPMENT, INC.
- Madeleine Forrest, Director-Origination, DEUTSCHE PFANDBRIEFBANK AG
- Chris Philip, Partner, PLUTO CAPITAL
Separate Accounts, Club Deals, Co-Investments & Joint Ventures with LPs
• Why are you looking at alternative structures? • How much capital has been raised into these alternative structures? • Discretion and control in these environments • Separate v. commingled funds: Considering fund resources • What are you looking for in a partner? • Are sovereigns interested? • Fees • Governance and what are the options when the club can’t agree • What size of fund do you need to effectively use this strategy? Staffing needed to manage • Club deals vs. club-like funds
- Oliver Ash, Managing Director, RICHMOND (Session Chair)
- Jonathan Driscoll, Group Chief Executive Officer, BREAM REAL ESTATE GROUP
- Rüdiger von Stengel, Managing Director and Partner, ART-INVEST REAL ESTATE MANAGEMENT
- Massy Larizadeh, Head of Investor Relations, CUSHMAN & WAKEFIELD INVESTORS
- John Humberstone, Partner, ORCHARD STREET INVESTMENT MANAGEMENT LLP
- Jyrki Konsala, Director, AMPLION
The High-Net-Worth Investors Panel
• Comparing high-net-worth vs. institutional investors • Discretion: How comfortable? • Fund vs. Syndicate • What do HNWIs want to hear? • Family offices and private bank real estate investment preferences • Attitude to offmarket, club deals and co-investments? • Partnering on a fund-level
- Roland Schmidt, Principal, FORTE CAPITAL (Session Chair)
- Ramsey Mankarious, Chief Executive, CEDAR CAPITAL PARTNERS
- Ivor Smith, Partner, F&C REIT ASSET MANAGEMENT
- Taco van Heusden, Managing Director-Real Estate, HANSON ASSET MANAGEMENT LTD.
- Eddie Lorin, Co-Founder/Managing Director, STRATEGIC REALTY CAPITAL LLC
Fund Performance, Risk Management & Measurement
• How did different sectors perform? How volatile have they been? • Impact of funds back to investors and term extensions • Performance and fees • Impact of overall capital value increases/decreases vs. true performance • Role of leverage and risk-adjusted returns • Standards of measurement • Evaluating how investment styles behave during market cycles • Alternative Investment Fund Managers Directive (AIFMD) and its role in risk management
- Candace Valiunas, Head of European Real Estate, CAMBRIDGE PLACE PROPERTY SERVICES LTD (Session Chair)
- Michael Clarke, Senior Managing Director, Institutional Real Estate, MESIROW FINANCIAL
- Daniela Klasen-Martin, Managing Director, DCG
- Maarten van der Spek, Senior Strategist Real Estate, PGGM INVESTMENTS
- Mikkel Bülow-Lehnsby, CEO & Partner, NORDIC REAL ESTATE PARTNERS
Fundraising from Non-Traditional Sources; Attracting Non-European Fund Capital
• Step one…• Attracting US capital vs. Pre-recession • Interest in opportunities in other than quality properties in quality markets • How to land a sovereign fund • Regulatory, cultural and structural considerations • Sovereign and Middle Eastern capital: Just headlines?
- Jeremy Gates, Managing Director, Founder, REAL ESTATE CAPITAL INVESTORS LIMITED (Session Chair)
- Franklyn Chang, Partner, EATON PARTNERS, LLC
- Maria Carmen Pou, Chief Executive Officer, B P & PARTNERS LTD.
- Douglas Hannah, Managing Director, SILVERLEAF ADVISORS, LLC
- Andreas Mondovits, Managing Director, UBS GLOBAL ASSET MANAGEMENT
• Joint ventures with banks • Comparing US vs. Euro NPLs • Getting to the NPLs: Entity-level purchases • Evaluating the structure • Property-level due diligence • Legal and practical issues • Would you invest in the Italian NPL market? Spain? • Current bid/ask • Have more NPLs been available? What are the drivers? • The Irish market: Bank restructuring, available assets and legal structures
- Ruprecht Hellauer, Managing Director, ALBULUS ADVISORS GERMANY GMBH (Session Chair)
- Michael Bolton, CEO & President, CLAYTON EURO RISK
- Fabrizio Grena, Executive Director, GOLDMAN SACHS
- Andrew Halhead, Director Underwriting, HUDSON ADVISORS
Refreshments Courtesy Of:
New York, London, Paris, Munich vs. Regional, Second Tier and Secondary Cities
As cap rates fall from six to five and the values of the core cities and their trophy assets rise are their still opportunistic deals to be made? Is it time to explore the second tier or secondary markets?
• What defines a core market? Core asset? • Prime properties in regional cities • Evaluating the second tier in the UK • Would you invest in a second tier property in a regional market? • Major CEE cities vs. Western European cities • Where are the best risk adjusted returns? • Execution in different markets • US outside NYC • Is liquidity for secondary markets improving? • Buying debt in secondary markets • Finding financing • Which secondary market is your hidden gem? • Assessing local market strength
- Michael Montebaur, Managing Director, APG HANSEATIC FUNDS GMBH (Session Chair)
- Gary Zdolshek, Principal, INVESTORS DIVERSIFIED REALTY, LLC
- Maurizio Grilli, Senior Global Strategist, GROSVENOR
- MARCUS CIELEBACK, GROUP HEAD OF RESEARCH, PATRIZIA IMMOBILIEN AG
- Alexandra Krystalogianni, Head of International Property Forecasting, SCHRODER INVESTMENT MANAGEMENT LIMITED
Evaluating The Economy and its Future Performance: Are you Underwriting for a Double Dip, Inflation or Deflation?
As the old joke goes give me a one-handed economist, but in today’s environment the economist has added a third hand. How should a private fund manager effectively position his portfolio for opportunistic returns in a three-handed economy?
• So what will the economy be like for the next year? Next 3? • Comparing Europe vs. the rest of the world • Role of current/expected inflation in underwriting • What is your Double dip investment strategy? • Is real estate really an inflation hedge? • Which of these scenarios would provide the best buying opportunity? • Core vs. Opportunistic: Which way to go?
- David Castillo, Senior Managing Director, FURTHER LANE SECURITIES LP (Session Chair)
- Alessandro Bronda, Head of Global Property Investor Solutions, ABERDEEN ASSET MANAGEMENT
- Ben Habib, Chief Executive Officer & Founder, FIRST PROPERTY GROUP PLC
- Edward LaPuma, Senior Managing Partner, LCN CAPITAL PARTNERS
- Ubbe Strihagen, Director, SCHRODERS
12th Annual European Real Estate Opportunity & Private Fund Investing Forum Concludes