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- ‘Making America Great Again’: Which CRE investors and which asset types/markets are benefiting? Losing out?
- What domestic and global macro-economic trends are likely to have the greatest impact on US CRE investments this year and how?
- Has there been a discernable impact on US CRE due to Brexit? Global political instability?
- Will international capital flows into US CRE continue at the same rate? What could affect this?
- Dust off your crystal ball: Interest rate predictions
- Quantitative Easing and the impact of the Federal Reserve: How does an unwind of the FED impact real estate pricing, cap rates, debt costs etc.?
- What proposed fiscal policy is likely to have the greatest impact on US CRE in the next 2-3 years? What should CRE investors be paying particular attention to?
- What has been the direct and indirect impact of recent natural disasters on the US economy and subsequently CRE?
- What can we learn from previous macro-economic cycles? CRE cycles?
- All things considered: Are you optimistic or pessimistic about US CRE investment opportunities over the next 2-3 years? (Neutral is not allowed)
- Has there been a fundamental adjustment or are we just in a really long CRE cycle?
- Looking ahead through 2018, do you think the real estate market is headed for more turbulence? Will there be a crash or a soft landing? Why? Peak pricing cannot continue…can it? What will happen?
- Do we need to reevaluate early/mid/late cycle investing? If so, how?
- What has been the impact of the new Administration on US CRE to-date? What further change do you expect to see this year?
- What are the biggest risks that CRE investors are worried about in the year ahead? Geopolitical risks? Risks to the economy, recession?
- Deal flow was substantially down in 2017: What can expect this year? What will be the main drivers/inhibitors to transaction volume?
- Is there a divergence in where capital is being spent by CRE investors? How is the current market climate different to recent years?
- What do you think are the main positives/opportunities and negatives/risks facing real estate markets in general? Maturing cycle, rising interest rates, peak values, slower growth?
- There has been less interest in value added from investors: Will this continue in 2018?
- New fund formats: What are the latest trends? Their pros/cons? Are they proving successful in attracting institutional investors?
- What property sectors face the biggest challenges or opportunities ahead? What mini-bubbles are brewing and in which sub-markets?
- Can the proliferation of debt funds continue? Is it easier raising debt vs. equity?
- How are CRE investors adapting investment strategies to current (and future) market conditions?
Warren de Haan
- GP alternative structure/co-investment flexibility & related fees
- Blind fund vs JVs vs programmatic JVs
- Institutional investors vs HNW (retail investors and offshore investors)
- Key principal/employees carried interest participations
- Carried interest, asset management & other fees/fee waivers
- Pooled vs. deal by deal distributions, clawbacks and escrows
- LP/Preferred deferred promotes/catch up distributions, take control, most favored nation & advisory board rights
The CRE industry is in uncharted waters: A protracted cycle; the prospect of rising interest rates; prices at historic levels; much talked about industry disruptors now having a discernable effect on CRE; equity funds playing in the debt space and a proliferation of debt funds; large funds expanding to core investments; LPs favoring large brand-name funds causing a capital raising squeeze on smaller funds; climate change’s impact on CRE and related industries; not to mention potentially huge regulatory and tax reforms and levels of geo/political uncertainty not seen in recent history. With so many new factors to equate as well as general unknowns, how to know where to invest across CRE asset classes/markets? Luckily, our panelists are here to give much needed insights on this issue.
- Are we back to 2006/2007 with buyers being more aggressive in their risk tolerance?
- What’s the current impetus for owners to sell? For buyers to buy at current prices?
- What impact is the late stage of the current cycle having on acquisitions/dispositions? Is now a good time to sell? Buy? How to know when to sell/when to hold?
- Who’s selling and who’s buying? What’s selling/what’s not?
- Is the pricing better in non-institutional markets?
- What’s the level of distressed opportunities? In what asset classes/geos?
- Have you changed your due diligence processes in the past year? If so how and why?
- As a buyer, how are you sourcing deals?
- As a seller, how are you marketing your properties/attracting buyer interest?
- Acquiring debt vs. equity
- Buying/selling single properties vs. complex portfolio transactions
Hilary A Shalla
Directly after the dispositions roundtable CRE executives looking to buy/sell CRE have the opportunity to meet and exchange business cards in an informal setting geared towards making business connections.
- 2017 real estate transaction volumes were down but lenders continue to find deals: Where and what were the most popular debt plays last year?
- Increased competition from a proliferation of capital sources: Where is the new capital coming from and what do they want to lend on?
- How long will we remain in a “borrowers’ market” and what factors could reverse this?
- With interest rate hikes expected, how are lenders approaching interest rate risk mitigation in financing strategies?
- What are the prospects for a rollback of regulations such as Dodd Frank and will they have a favorable impact on CRE lending?
- What impact, if any, have the much discussed CMBS risk retention regulations had on the CMBS industry?
- New construction and development: What is/isn’t getting financing this late in the cycle?
- What does the coming year hold for senior lenders such as Banks, Life Cos and CMBS?
- What are notable trends in development lending across property types? How is this impacting new supply?
- How will the mezzanine lending business change? Does it need to change?
- Some high profile CRE investors are selling to get out while others are buying - they can’t both be right: What’s your CRE investment sentiment for the next 12 months? What factors are influencing this? How can you account for the ‘unknowns’?
- What is your current approach to CRE investing? Has the new administration changed your investment strategy? If so, how?
- Are you having trouble deploying capital? Where and in what are you investing? When do you think asset prices will normalize?
- Are you considering niche CRE asset classes? Are you innovating and if so, how?
- Where's the best risk-adjusted return investment in CRE right now?
- New development vs. acquisition vs. improving your existing portfolio vs. harvesting
- Are you willing to take on more or less risk than a year ago? Are you building risk-protection into deals? If so, how? Have you seen any notable changes in the types of deals coming across your desk in the past year? If so, how and why?
- What are realistic IRRs for core/value add/opportunistic today? What returns are you targeting?
- Peak markets: Buy, hold or sell?
- What market/macro factors are your biggest concerns in terms of CRE investing for 2018-2020?
Concurrent Sessions: Choose Between Tracks A, B or C
- As late cycle lending typically gets more conservative, how do terms/conditions compare amongst the different debt sources today? How is aggressive competition within senior lending impacting the terms you are offering? Your deal flow? What is your overall willingness to lend today?
- CRE lending standards tightened amongst banks in 2017: What loan types/assets/markets are being flagged? Preferred? What to expect this year?
- How are you viewing risk in the current market? How are you underwriting at this point in the cycle? How are you approaching interest rate risk mitigation?
- Risk retention rules: What impact have they had on you to-date?
- Can we expect more European banks and European institutional lenders to enter the US CRE senior debt markets? What assets/markets are they targeting and how do loan terms/rates compare to their US counterparts?
- What are you looking for in a borrower/deal? What are red flags for you today? What structures are necessary to have you involved? What equity must borrowers put in?
- How are you viewing construction loans? What are the must-haves for you to even look at a deal? Where are pricing levels? What is the outlook for construction finance this year?
- Fixed or floating: What are your customers choosing?
- How are you looking at mezzanine finance, preferred equity and crowdfunding in deals?
- What top three factors will have the biggest impact on your deal flow this year?
In this session we focus on different disruptors that are having a fundamental impact on the CRE industry. From the Whole Foods acquisition by Amazon sending shockwaves throughout the retail sector (and indirectly benefitting the industrial sector) to ride-sharing and driverless cars. From telecommuting to micro apartments and the subsequent shrinking of square footage being rented. What do CRE investors need to know and consider to stay ahead of the curve?
- Ride sharing and driverless cars: What can we learn from the early adopters of driverless cars? When/where will they be more widespread? What to do with parking lots? Where will parking lots still be needed? What will the impact be on Retail? Offices? Residential communities? What has been the impact of ride sharing on CRE to-date?
- How are millennials driving demand for real estate? Are they now moving to the suburbs? If so, what kinds of suburb? What are they looking for in living space? Work space? Retail? Leisure?
- Curtailed immigration: Shortages in labor, renters, buyers – which asset classes/markets will be affected most?
- Decoding the key demographic/lifestyle trends driving supply/demand across asset types: Industrial, last mile logistics and retail; co-living & micro apartments; creative office, co-working & telecommuting; medical; hotel & experiential destinations
- Rebuilding US infrastructure: What is the potential impact on CRE?
- CRE Blockchain: The next big thing? What are the potential ramifications for the CRE industry?
- Which asset classes are more prone to risk from industry disruptors than others?
- What other industry disruptors are on the horizon? What technology/asset classes are the ones to watch? What new property types are in the pipeline?
CRE executives who have successfully secured foreign capital from a variety of sources/for a variety of projects will lead this conversation. Active participation and Q&A is encouraged from the floor.
- 2016 was a record-breaking year for foreign investment in US CRE. How did 2017 fare? Any notable trends?
- How has the Trump administration’s policies and approach impacted the U.S. as a place for foreign investors to invest?
- FIRPTA, CFIUS and PATH act and the impact of recent changes. What else is on the horizon that might impact foreign investment in US CRE?
- China: Can we expect further restrictions on capital outflows? What has been the impact on US CRE investment to-date? Are the Canadians the ones you should be talking to?
- What are the main sources of foreign capital and how do they compare? How to source/access?
- Are foreign investors looking beyond gateway markets and core properties? What asset classes/geos/markets are attracting the greatest amount of foreign capital?
- What are typical return expectations? Typical investment criteria that foreign investors have at a property level and at a fund/partner level?
- Which foreign investors are pulling back? For which asset classes/markets is interest waning?
- Assessing sovereign wealth fund activity in US CRE
- How to bring capital in and out in the most efficient manner?
- What is the state of the bridge/mezzanine finance industry? Why the proliferation of lenders? Who are the new lenders? Is the market overcrowded?
- Where do you stand the from a risk-reward perspective? Is there a flight to yield?
- How are you approaching interest rate risk mitigation in your financing strategies? How are you underwriting at this point in the cycle?
- As yields continue to shrink are you looking at other investments? If so, what and how do they compare in terms of risk and relative return? How are your investors viewing this?
- What is the appetite of institutional investors for CRE bridge/mezzanine investments today?
- In a crowded market, how are you differentiating your lending programs? Are your investment parameters changing? Asset class preferences? What are the structural features that are evolving?
- Are you/would you team up with a senior lender to create a ‘one-stop-shop’?
- As core markets have primarily run their course, where are today’s best market opportunities, both domestically and internationally? Can we expect meaningful changes to the bridge/mezzanine markets as they relate to gateway and secondary/tertiary markets?
How does the ROI of alternative CRE asset classes and the economics of these deals compare to the traditional food groups? How is the capital raising environment for these asset classes? What is the level of LP interest and the availability of finance? Repurposing buildings for alternatives: Where are there synergies? Where are opportunities still prime for the picking, and where are markets becoming too frothy?
- Data Centers
- Last mile logistics
- Medical Office/Health
- What are the primary 2017 tax act provisions that are relevant to commercial real estate?
- How What will the 2017 tax act affect commercial real estate?
- Should real estate companies restructure their operations?
- How will like kind exchanges change?
- What’s next for commercial real estate in light of the 2017 tax act?
- Will Congress clarify any of the provisions in the 2017 tax act?
- Is Treasury likely to issue regulations under these provisions?
While there are a lot of capital sources for CRE, there are fewer options for small cap funds and new or non-established borrowers. Our panelists evaluate senior and mezzanine financing options for acquisitions, new development and refinancings across asset types/markets for small funds/new borrowers. In doing so they examine when one capital source may make sense over another for any given deal and what it takes to secure in the current market.
- Banks/insurance cos./pension funds
- Debt funds/mortgage REITs
- Private lenders
- Crowdfunding/Reg A+
- Family offices
- Foreign capital
How do fundamentals look for this market? What will be the impact of curtailed immigration on the Multi -Family market?
- How to invest in an overbuilt market? Where are you seeing opportunities within Multi-Family? What is your current investment strategy and what returns are you targeting?
- Is the abundance of supply offsetting demand? Assessing supply vs. demand within the different markets and within the different Multi-Family sub-types
- With Millennials starting to move out of city centers are the suburbs the ‘new urban’? If so, what are the suburbs to watch?
- Mixed use; smart building tech? Who are your targeted tenants and how are you attracting them in a highly competitive market?
- Financing for Multi-Family tightened last year: How are lenders viewing this asset today? What does it take to get financing for new development this late in the cycle? Are certain sub-types being favored over others?
- How to approach valuations in markets where prices for Multi -Family properties have risen significantly above previous peaks? How are the high valuations impacting returns?
- What are other factors that could negatively or positively impact the Multi-Family market in the next 2-3 years?
Muhammad A. Nadhiri
- CRE tech spend: In which business functions to invest? Where can the greatest ROI be realized?
- When to update vs. overhaul
- Selecting the right solution….and tech provider: Key considerations
- Implementation: Avoiding common mistakes & easing the headaches
- Tracking ROI
- Update: The latest & greatest CRE tech solutions on the market
- The next big thing….
- What are notable exit trends from the past year?
- Is there a ‘best’ exit strategy today?
- How to know when the time is right? When to defer an exit?
- Key considerations in selecting an exit route: Understanding processes, timelines and costs
- Impact on fund economics
- LP/investor issues/considerations
- Tax planning, structuring and compliance issues
- Are we experiencing a temporary dislocation or a permanent shift in Retail?
- How optimistic are you about Retail as an asset class and why? Are you still investing, hanging tight or withdrawing? Why? Are you looking at other asset types? Warehousing/industrial?
- How are lenders and LP investors viewing Retail CRE as an investment today? What projects are/are not getting financed? What are lenders looking for in a Retail deal today?
- Where has there been market correction and where can further correction be expected?
- What are the implications of Amazon/Whole Foods? eCommerce: What further impact can be expected? Which physical store-retailers will thrive and which will be challenged in the coming years? Will retailers ever expand again?
- Does the rise in experiential Retail offer positive investment opportunities?
- What are good Retail niches/geos to invest in for the short-medium term? Grocery anchored necessity retail vs. strip centers vs. power centers vs. lifestyle vs. malls
- What opportunities within distressed Retail CRE are there? Are you actively pursuing deals? Why/why not?
- What is the future of Retail? Where to from here? What other industry disruptors are on the horizon?
- How can Retail owner/operators manage the transition to the future (whatever that might be)?
- Workforce housing vs Affordable housing: What are the differences and why does it matter?
- Creating a profitable business model: Successful strategies for integrating affordable housing into market rate projects
- Making the #s work: Utilizing government subsidies with conventional financing
- Comparing financing models: Private financing vs. government subsidies vs public-private partnerships -which works best?
- Are there notable differences in the way different regions are working with private equity on affordable housing?
- Pitfalls and opportunities in mixed income and mixed use projects
- Hold periods and other exit risks
As the issue of risk continues to be a critical issue for CRE investors, we are pleased to hold this popular roundtable once again. Is risk being properly priced? Is there a stretch for yield? What returns justify the risk? How to justify buying at the current pricing in your exit strategies? How to price risk at a project level? At a portfolio level? How to determine where to invest that will have the least negative impact on the risk spectrum? Participants in this session discuss approaches and strategies for pricing risk and for devising a risk-adjusted approach to CRE investment in today’s environment. This is intended to be an interactive roundtable format where all participants are invited to be actively involved.
- How did this market sector fare in 2017 and what does this bode for 2018? Any notable trends within the different for-sale residential ‘food groups’? Land? Where is there overbuild? What markets are underserved? Where is there under-valued land (or is that just an oxymoron)?
- How do fundamentals look? Has the new administration had a discernable impact on this sector? If so, how? What to expect in 2018?
- Japanese builders are entering the US homebuilding business: Will they do what Honda and Toyota did do the US automakers?
- Who will be the homebuyers of 2018? Millennials? Where are home-buyer affordability levels?
- Are mortgage companies opening their doors wider? What will be the drivers for this?
- Is the end of the housing cycle near? Are we close to overvaluing land again? How to invest in this sector at this stage?
- Affordable housing vs. master planned communities vs. condos vs. first-time buyers vs. age-specific housing vs. other?: Where are you allocating capital? What IRRs are you targeting today? Your risk tolerance?
- Building supplies and labor costs: Is there an end in sight to rising costs? What impact will curtailed immigration have on labor and new construction?
- Foreign capital: How is it changing the landscape of this market? What to expect for 2018? What are the prime capital sources for this market today and what are they now favoring?
- How much institutional capital is now out there for CRE and where is it coming from?
- With the top 10 CRE fund raising firms accounting for the majority of fund raising, what does this portend for smaller and mid-sized managers?
- How do institutional investors view the increasing concentration? How does their reducing their number of manager relationships impact the industry? Do the big funds revert to the mean and simply become industry indexes?
- Public/private pension plans, endowments, family offices, High-Net-Worth (HNW) individuals and Sovereign Wealth Funds (SWFs): How are they differing in their appetite for investing in non-brand name funds? What are their key criteria? The asset classes they are currently favoring/avoiding?
- What is the anatomy of a successful fundraise today for smaller funds? Any notable changes in deal structures, terms, conditions over the past year? What fund investment strategies are having a tough time raising capital? Which are attracting investors? Will debt funds continue to outperform in their fundraising?
- What non-traditional equity sources can small to mid-sized managers tap into?
- How important are placement agents today?
- Missing the fundraising target: What next?
Concurrent Sessions: Choose Between Tracks A, B or C
- What do you see as the CRE market’s great challenge in the year ahead? Opportunity?
- What are your risk tolerance levels today? Are you optimistic about 2018 or pulling back on your CRE investments? Where does CRE fit in your portfolio?
- Co-investments, (solo) direct investment, separate accounts or something else? What is your preferred route to CRE investment and why?
- What are your 2018-2020 investment goals? What IRRs are you looking for? What assets/markets are your sweet spots? Has this changed over the past year?
- Are you doing/considering impact/socially-responsible CRE investing?
- What do you look for in a JV partner or a fund manager? Turn offs? How much capital do you expect GPs to put in? How do you ensure interests are continually aligned?
- How can funds/prospective partners get on your radar? What advice would you give those looking to do business with you? What are critical steps towards relationship building?
DJ Van Keuren
W. Colin Walker
- What is your Office investment strategy for the year ahead and why? What returns are you targeting? Is financing easy to come by? Are your LP investors voicing concerns?
- Have businesses right-sized their footprints now or is there more downsizing to come? In which markets?
- What further industry disruption is expected within Office CRE investments? Within what timeframes? What windows of opportunity might this create? What do owner/operators need to be considering now?
- The suburban office market vs. Central business districts (CBDs): Where are glimmers of hope for traditional office? Creative office?
- With not enough demand for traditional use, what trends are we seeing in the repositioning and adaptive reuse of Office?
- Are tenant profiles changing? Are there ‘up and coming tenants’ to watch for?
- Tenant negotiations: Have they changed in the past year? What are current hot button issues? Do tenants have greater bargaining power today and on what points are owner/operators conceding?
- What will be your biggest challenge as an investor in Office this year? How are you preparing to address it?
- What is your strategy for survival in today’s climate? How are you co-existing with the big funds as they expand into the turf of non-brand names?
- Are we experiencing a fundamental shift in which only the big players and niche/minority funds survive? Are many of your peers leaving the market? How to know when to call it quits?
- How optimistic are you about 2018 and why? Are you playing it safe at this stage in the cycle?
- What will be your main focus for the year? Challenges?
- Are the barriers to market entry now too high for new (non-brand name) funds? What are today’s numbers?
- Fundraising: What does it take to persuade institutional investors to back you over the industry giants? How important is it to register as an RIA as a ‘stamp of approval’ to attract LP investors? What compliance infrastructure is necessary for registering with the SEC?
- What are the golden rules to work by for success if you are a small-mid-sized fund today?
We are welcoming back this popular session from last year. Session participants discuss their recent JV experiences on CRE deals from their respective perspectives: Equity provider; operating partner; LP; lender and attorney. All scenarios discussed are real deals.
- Have there been notable changes in key aspects of your JV deals in the past year? If so, what does this bode for 2018?
- Top 10 most heavily negotiated issues
- Stumbling blocks and how to address them
- Must-have documentation
- Partner/service provider selection
- Red flats and when to walk away
- “In hindsight”…. and key take-aways
- What were the drivers behind the slowdown in the hotel industry last year? What are other notable hotel trends from 2017 and what do these indicate for 2018? How does Airbnb continue to impact this industry?
- “Suban” hotels: The next big thing?
- Non-traditional structures and non-traditional hotel offerings: What new approaches to creating meaningful value are we seeing within the hotel industry? A fad or here to stay?
- Brand proliferation: What are the ones to watch? What are the new hotel subtypes?
- High-end luxury experiential destinations: How is this subset faring? What are the latest destinations?
- Shortening the development cycle: New approaches to building faster and cheaper
- What are the industry disruptors? What do hotel investors need to be considering?
- Urban development: What, where and why?
- Rebuilding after hurricane season: Lessons learned
- Industrial was the ‘hot’ asset class of 2017: But how robust are demand drivers as we enter 2018? Assessing the manufacturing outlook, leasing activity and other critical trends
- Can industrial maintain its peak pricing levels? Why? How much more market share can it grab from Retail and Office?
- How are LPs and lenders currently viewing industrial? Foreign investors? Are they favoring any sub-asset types? What returns are investors targeting?
- Manufacturing vs. warehouse/distribution vs. Flex/R&D: Which offers the greatest investment opportunities and why?
- Large (300,000+ SF) vs. medium vs. small (20,000-40,000 SF) space users: Where is there growth and what are the drivers of this?
- What are today’s industrial tenant must-have requirements? How much are they willing to pay for them? What makes a good tenant? Who to court and how?
- Port cities aside, where are the places to be for industrial? What are the critical factors to consider when analyzing industrial CRE opportunities? Which markets/locations are tapped out vs. underserved? Which metros are offering incentives to developers?
- With competition rampant, how to source deals quickly?
- New build vs. redevelopment?
- What are the risk considerations specific to industrial CRE and how to assess? How best to manage supply chain risk?
We are delighted to introduce this new roundtable to the 2018 Winter Opportunity Fund Forum. There are many different routes to success in the commercial real estate industry as well as common obstacles. In this roundtable, senior female executives representing different fields within the CRE industry will share their experiences and their routes to their current positions. In doing so they will offer invaluable insights into how to get ahead in a highly competitive and male-dominated industry no matter what stage you are at in your career. The session is intended to be interactive and all participants are encouraged to be actively involved in the conversation. Come prepared to share experiences and insights that will benefit your colleagues in the audience.
Session Concludes at 8:55
Open to All Women Registrants (Space is limited. Pre-Registration Recommended.) To register, please email firstname.lastname@example.org
Concurrent Sessions: Choose Between Tracks A and B
This session has two objectives. First, we examine the decision-making process in determining when to progress from deal-to-deal investments to launching a fund. Second, we address the critical considerations and steps that all new funds/emerging managers must take when launching in this highly competitive market.
- Assessing the pros/cons of deal-by-deal investments vs. fund investments
- Comparing the economics: deal-by-deal vs. fund
- How to know when to progress to launching a fund? Key factors to consider
- Understanding the realities of launching a fund as an emerging manager in today’s market
- Fees, waterfalls & other structural considerations
- Value proposition & differentiation: Carving out your niche
- Attracting talent
- Embracing the ‘F’ word: Fundraising
- The ins and outs of anchor investor recruiting and structuring
- Rookie mistakes and how to avoid them
- Failure to launch: Now what
Market dynamics and industry disruptors are changing demand for CRE across asset classes. Existing structures are being repositioned to cater to new demands and new CRE sub-product types are being created. Those who spot the opportunities and innovate in this evolving market will reap the rewards. Panelists, through recent case study examples, walk us through how they have successfully created value in their CRE assets through repositioning and adaptive re-use strategies.
- Notable 2017 trends: What is getting repositioned/converted and into what?
- Are you specializing in the repositioning/adaptive re-use of a particular asset type? If so, what and why? What are your risk/return thresholds?
- What are your key criteria when looking for a property to transform?
- Which Retail properties have conversion potential? What to convert to? Data centers?
- Mixed-use: The do’s and don’ts of Retail for apartment/office owners
- Supply/demand market analysis: The devil is in the details
- How to work with municipalities? Which municipalities are actively modifying codes/zoning regulation to encourage adaptive re-use projects?
- Accessing federal incentive programs
- Securing financing: Ways to overcome the obstacles
- In hindsight….and learning from the mistakes of failed projects.
- What factors affecting the CRE market are you watching most closely?
- To what degree is geo political volatility impacting your investment strategies? The late cycle/the prospect of rising interest rates?
- Is there a flight to safety? Are you in a ‘wait and see’ mode? How are you viewing risk and what will have the biggest impact on your CRE strategy and capital deployment this year? Will you be increasing or decreasing allocations?
- CRE debt and/or equity? What asset classes/markets are you favoring/pulling back from? What investment opportunities are you seeing in this disruptive market? What returns are you targeting?
- Deal-by-deal; commingled funds; separate accounts; and/or direct investment: What investment models are you preferring?
- Is the trend amongst LPs to invest primarily in brand-name funds a flight to safety or a fundamental shift? Are you allocating to non-brand name funds? What advice can you give such funds for their fundraising efforts?
- Has your fund manager/JV partner selection criteria changed in the past year? What do you look for?
- Alignment of interest: What are you looking for? Are funds increasing transparency? Lowering management fees? What more are you looking for funds to do?
Waterfalls, deal terms, preferred returns, control provisions and cost overruns will be the main topics under discussion as we address joint ventures from both the operator and equity provider perspective.
Marc Lazar, Partner, Goodwin
Russ Bates, Head of the Americas, GIRE, Aviva Investors
Arne Arnesen, Senior Managing Director, Rockwood Capital
The Operating Partners
Pete Kutzer, Managing Partner, Edgewood Realty Partners, LLC
Zak Klinvex, Director of Acquisitions, Post Brothers
Concluding General Sessions
- What are notable trends in the secondary/tertiary CRE markets from 2017? Which geos met expected returns vs. fell flat? Which asset classes were the winners and losers?
- What does 2018 hold in store for secondary/tertiary markets? What are the key factors that will impact CRE investment opportunities in non-gateway markets this year?
- Urban vs. suburban: Is there really a divergence?
- Are Millennials moving to the suburbs? If so, what’s driving this? Where are they looking?
- The advent of ‘suban’: What is it? What led to its rise? Should we be taking it seriously?
- With prices at all-time highs, what is private equity’s appetite for non-gateway markets? How do prices compare to the pre-crash era?
- How to create investment opportunities in secondary/tertiary markets in this disruptive market?
- Which assets in which markets are attracting debt/equity? What is the cost and availability of financing?
- What are the markets/assets to watch this year?
- Has your approach to due diligence changed recently? If so, how? What are new red flags?
- Sustainability and ESG (Environmental, Social and Corporate Governance) is trending to the US – what are the drivers of this movement?
- To what degree are LPs jumping on the bandwagon? Is a portion of their allocations dedicated to sustainability/ESG-focused CRE investments? If so, is this likely to increase? What are their key requirements?
- To what degree are commercial tenants demanding sustainable/ESG-focused buildings? What are common wants/needs? Are these deal breakers? How much of a competitive edge do you have over those who do not have sustainable/ESG-focused buildings?
- How are you using sustainability/ESG initiatives to lower operating costs? What are actual cost savings? Via what initiatives?
- What can the US learn from the European CRE markets in this area?
- An overview of federal, state and local tax credits and incentives for CRE sustainability/ESG initiatives
- Key state and municipal laws and compliance obligations – what further regulation is in the pipeline? It’s likely impact?
- Oversight/management/reporting of your sustainability/ESG initiatives
- Sustainability/ESG performance rating
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You will procure that you and any licensed user under your subscription will: (a) comply with all applicable laws in relation to the site and services, including without limitation, laws relating to the use of Intellectual Property; (b) not use the site or the content outside the scope of permitted use and will not infringe any Intellectual Property or other rights in or relating to the site or the services or of any third party; (c) not copy, reproduce, recompile, decompile, disassemble, reverse engineer, upload, download, transmit, create derivative works from or otherwise exploit or tamper with the site or any software embodied in any site or service; (d) not prevent or restrict the use of any site or service by other authorized users nor hack into or cause damage to any server or other equipment operated by us; and (e) comply fully with these Terms.
*No IMN Warranties or Representations. IMN makes no warranty, express or implied, concerning any use of this website or any service or product provided in connection with this website. The services and products provided by IMN are provided on an "AS IS" basis. IMN disclaims any implied warranty of merchantability or fitness for a particular purpose, including any warranty for the use or the results of the use of the products or services. IMN is not responsible for correcting, maintaining or updating the data and services made available on this website.
Any material and analysis provided by or through IMN or this website is not a recommendation that must be followed or an offer, or solicitation of an offer to buy or sell any financial product; IMN does not recommend that you enter into a particular transaction or represent that any product or service described on this website is suitable for you or your company. Nor is any information displayed here promoting any particular financial product, service or trading strategy in any jurisdiction where such an offer or solicitation, or trading strategy may be prohibited. As all prudent investors know, some transactions, including but without limitation, those involving high-yield securities, give rise to substantial risk and any investment decision you may make is your own. You should not enter into any transactions unless you have fully understood all such risks and have independently determined that such transactions are appropriate for you. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or complete discussion of the risks mentioned.
*Restricted Use. As a user of this website, you are not permitted to display, modify, copy, print or otherwise use the information made available to you here only for your own use. You are not permitted to publish, transmit, or otherwise make this information available in any format to any third party without the prior express written consent of IMN. You also are not permitted to change or remove any copyright (©), trademark (®, SM, TM) any other notices displayed with the information. IMN can modify the information at any time and for any reason at its sole discretion. Unless expressly stated otherwise herein, no rights are granted to you regarding the information on this website from IMN or any other source, including third party providers of information for this website, which shall under no circumstances be liable to you in any way.
*IMN Monitoring. Your use of the products and services on this Web site may be monitored by IMN in any lawful manner, and that the resulting information may be used by IMN for its internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory organization.
*Website or Internet failure. IMN shall have no liability, contingent or otherwise, to you or to third parties, or any responsibility whatsoever, for the failure of any connection or communication service to provide or maintain your access to this service, or for any interruption or disruption of such access or any erroneous communication between IMN and you. IMN also does not warrant or represent that the website shall be completely secure, specifically including without limitation, that no unauthorized person shall intercept or access information transmitted by you.
*Website Access. Access to this website is restricted by password and only authorized IMN registrants may use the website. Any unauthorized access shall be the responsibility of the Registrant and his or her company and IMN shall not be liable for any damages arising out of such unauthorized access. You agree to: (1) Keep your password confidential; (2) prohibit others from using your account; (3) refrain from using other Users’ accounts; (4) refrain from selling, trading, or otherwise transferring your account to another party; and (5) refrain from charging anyone for access to any portion of DirectConnect, or any information arising therefrom. You are also responsible for anything that happens through your account unless you can demonstrate that your account was accessed without your knowledge or fault.
*User Communication. To the extent permitted while using DirectConnect, you can use and participate in groups, free to post and delete comment on the website. You are solely responsible for your interactions with other users. IMN may limit the number of connections you may have to other users and may at its sole discretion prohibit you from contacting other users through use of the Services or otherwise limit your use of the Services.
If you violate this Agreement while posting, that content may be removed without further notice or the rights of others posting here. Nothing you post here is confidential or proprietary and you are cautioned that other posters or viewers may use any information posted here. By posting here you agree that IMN is not responsible for the misappropriation or misuse of any information posted on this website.
*Privacy. Any submissions, including private personal information, like names, addresses and so on, are voluntary and you waive any and all rights you have to the protection of that information. By submitting ideas, suggestions, documents or other matter ("Submissions"), you agree that: (a) the Submissions are not confidential or proprietary information; (b) IMN has no obligation to keep the submissions confidential; (c) IMN can use or disclose the Submissions for any purpose, in any way, in any media worldwide; (d) if asked, you will irrevocably assign to IMN all rights to your Submissions; and (f) you are not entitled to any compensation of any kind from IMN under any circumstances.
*Content by Becoming a User of DirectConnect: As part of obtaining registration access to DirectConnect, unless you opt out, you may receive invitations to network from other conference attendees. We may also send you emails to keep you updated on developments in the site and services. Your registration for and/or subscription to such an email service and your use of the content received through these email services will be subject to these terms. You can unsubscribe to our email service by changing your email preferences on the website.
*License. If you comply with all your obligations under this Agreement, IMN grants you a limited, revocable, nonexclusive license and right to access the Services, through a generally available web browser, mobile device or application view information and use the web pages and in accordance with this Agreement for your use only. Any other use of DirectConnect is strictly prohibited. All rights not expressly granted in this Agreement, including, without limitation, title, ownership, intellectual property rights, and all other rights are retained by IMN.
*Anti-Hacking. You expressly agree not to use or attempt to use any "virus," "spyware," "malware," "adware," "Trojan horse" "deep-link," "scraper," "bot," "spider," "data-mining," "computer code" or any other automated device, program, tool, algorithm, process, or methodology or manual process having similar processes or functionality, to access, acquire, copy, or monitor any portion of this website or content. You also agree not to obtain or attempt to obtain through any means any materials or information on the website that have not been intentionally made available either by their public display on the Web Site or through their accessibility by a visible link or portal. You further agree not to violate the security of the website or attempt to gain unauthorized access to the website, data, materials, information, computer systems or networks connected to any server, through hacking, password mining or any other method.
*No Linkage. You expressly agree not to link or attempt to link to this website or the web pages contained herein.
*Third Party Information. Some of the information you access here is the property of third parties, made available here with the express permission of those third parties. IMN is not responsible for the content of any third party information provided on this website. You are cautioned that any further use of that information by you may be subject to the rights of those third parties and you may be required to obtain a license to use any such information. Failure to obtain third party permission may be a violation of federal law. You should contact the third party provider of the information to ascertain the requirements for using the information.
*Copyright and Trademarks. The layout of the website pages, graphics and pictures used and the collection of individual contributions are protected by copyright. All copyrights belong either to IMN, the third-party content providers or both. Either IMN or the third-party content providers own all trademarks and service marks depicted here.
*Indemnification. You agree to indemnify hold harmless and defend IMN, including our employees, officers, agents and contractors and our related entities and their employees, officers, partners, agents and contractors ("Indemnified") and continue to keep the Indemnified indemnified from and against any actions, proceedings, claims, demands, costs (on a full indemnity basis including, without limitation, reasonable legal and accounting fees) brought or made against the Indemnified by any person arising in connection with your use of the Website or content, or a breach of your representations and warranties in the Terms and Conditions of Use or this Agreement, or your violation of any of the Terms and Conditions of Use or this Agreement or any other activity in which you engage on or through, and from and against any damage, loss(whether personal or property, and whether direct or consequential, including without limitation consequential financial loss), cost or expense suffered or incurred by any Indemnified as a direct or indirect consequence thereof.
*Changes in Terms and Conditions. IMN may at any time revise the terms and conditions by which you may access the website or use IMN products or services. By using this website and IMN products and services, you agree to be bound by any such revisions and should therefore periodically visit this page to determine the then current version of this document.
*Limitation of Liability. Neither we, nor any of our suppliers, officers, employees, partners, affiliates, subsidiaries, successors and assigns, agents or representatives (our "Representatives") will be liable to you for:
(a) any incidental, punitive, indirect, special or consequential damage, loss or expenses, including but not limited to any loss of business, contracts, revenue, or profits, any business interruption, security breach, loss of data, loss of goodwill or reputation or other pecuniary loss suffered by you, even if we or any of our Representatives have been advised of their possible existence; nor? (b) any direct damage loss or expenses arising from loss of customers, loss of profits, loss of anticipated profits or loss of savings.
*Termination. You may terminate this Agreement, for any or no reason, at any time, when IMN receives notice from you. IMN may terminate the Agreement and your account for any reason or no reason, at any time, with or without notice. This cancellation shall be effective immediately or as may be specified in the notice and may include disabling your current and future access to DirectConnect. IMN may also suspend or terminate this Agreement if you invite other users with whom you do not know to connect; abuse the any DirectConnect messaging services; creating multiple or false profiles; infringe on any intellectual property rights, violating any provisions in this Agreement, disparage IMN or its executives, Board members, affiliates, staff or other related entities or persons, or exhibit any other behavior that IMN, in its sole discretion, deems contrary to the purpose of the website.
*No Waiver. Failure by either party to exercise any right or remedy under these Terms does not constitute a waiver of that right or remedy.
*Entire Agreement. These terms (including any terms incorporated by reference in these terms), constitute the entire agreement between you and us with respect to your access to and use of the website or receipt of any service and supersede all prior agreements, negotiations and discussions between you and us relating to the same.
*Law and Jurisdiction. Where you visit, register and/or subscribe to a this site or related service (as indicated on this website or otherwise notified to you), these terms (and any dispute or claim arising out of or in connection with these terms, including non-contractual disputes or claims), to the maximum extent permissible under the law of the territory that you are located in, will be governed by the laws of the State of New York. Any action to enforce these terms shall be brought in a federal court or a state court located in the state of New York, county of New York, and you agree to submit yourself to the personal jurisdiction of those courts in any such action.
*Force Majeure. We shall not be deemed to be in breach of these Terms by reason of any delay in performing, or any failure to perform any service or our obligations in relation to these Terms, if the delay or failure was due to any cause beyond our reasonable control, including but not limited to acts of God, explosions, floods, fire or accident, war or threat of war, terrorism or threat of terrorism, sabotage, civil disturbance, epidemics, prohibitions or measures of any kind on the part of any governmental, parliamentary or local authority, import or export regulations or embargoes, or industrial actions or trade disputes (whether involving our employees or of third parties).
*Severability. If any provision of these Terms is found to be wholly or partially invalid, void or unenforceable by any court having competent jurisdiction or by virtue of any legislation or any other reason, that provision shall be invalid, void or unenforceable to that extent only and no further and the validity and enforceability of the remaining provisions of these Terms shall not be affected.
*Notices. Any notice given pursuant to these Terms shall be made by email or first class post, in the case of you, to the address provided on your registration form and, in the case of us, to the address posted on the website or otherwise notified to you in relation to any relevant service. Any such notice shall be deemed to have arrived if sent by post within three (3) days of posting and if sent by email at the time of transmission.
Euromoney Institutional Investor PLC (“Euromoney”, “we”, “us” or “our”) is an international business-information group covering asset management, price discovery, data and market intelligence, and banking and finance. The group also runs an extensive portfolio of events for the telecoms, financial and commodities markets.
For a full list of our brands and group companies, please click on this link. Euromoney and its group companies are committed to respecting the privacy of every person who visits, registers with or subscribes to our websites, publications, events and other products or services.
Euromoney is the primary data controller of personal data collected through this website or that we may collect in different ways as described in this Privacy Notice. If you are contacted by our other group companies, they will also be controllers of your personal data. This means that they are responsible for how your personal data is used, just as we are. You may contact any of these companies directly, or you can contact Euromoney by emailing email@example.com or writing to the Data Protection Officer at Euromoney Institutional Investor PLC, 8 Bouverie Street, London EC4Y 8AX, United Kingdom.
This Privacy Notice was updated on 23 May 2018
This Privacy Notice outlines the information we may collect about you in relation to your use of our products and services (“personal data”). It also explains the legal rights that you have in relation to your data and how you may exercise these rights.
Some of our group companies may collect and use personal data for different purposes; those companies have their own websites and privacy notices.
We will process your data for the following lawful purposes: with your consent; to fulfil our obligations to you; and where there is a legitimate interest to do so.
When possible, we rely on your consent to use your data for the purposes described in this Privacy Notice. We also process personal data to fulfil our contractual obligations to you, for example, when you register for any of our services, subscribe to a publication, sign-up for an event or purchase a product from us, we will need to process some of your personal data. This will also include details of the person/people responsible for payment (if different).
We may determine that processing your personal data serves both of our legitimate interests. This is the case in relation to many of our research, customer survey, sales, marketing and advertising activities described in this Privacy Notice. These activities allow us to better understand your requirements, which in turn enables us to provide you with a better service. We review the bases for our processing decisions carefully and you can object to these activities at any time (see the “Your Rights” section of this Privacy Notice).
Our primary goal in collecting personal data from you is to give you a relevant customised experience of our products and services.
Registration, Free Trials & Subscriptions
When you register with our website and/or sign up for a free trial of our products or services, we may ask you to provide your name, address, email address and telephone number, and details relevant to your occupation or employer.
If you subscribe to one of our products or services, we will also ask for payment details. Credit/debit card payments are processed using a third party supplier and we do not retain the credit card data (see the Third Party Sites of this Privacy Notice). Address details may be shared with third party service providers engaged by us for order fulfilment, delivery and payment collection. This personal data is used by us to complete subscription requests.
Events & Conferences
If you have registered for an event through a group website we may collect personal data including: name, job title, company, address, telephone number and email.
This information is necessary so that we can complete your registration for the event and provide you with relevant event materials.
We may also provide delegate details (e.g. name, email) to event sponsors who, subject to your consent, may contact you for their own advertising and marketing purposes.
Advertising & Marketing
We use the personal data you provide us and which we collect from you to inform you about similar products and services which we provide. We may send you marketing communications that are sponsored by our partners and which are targeted to your interests based on information you have provided us such as job title, employer and/or industry. If you have consented to receive information from other Euromoney group companies, we may share your personal data with these companies so that they can fulfil your request to receive marketing materials in accordance with your preferences. We will not share your personal data with any third parties for their own marketing purposes unless you have provided your consent.
Each of the Euromoney group companies that may contact you is a data controller in relation to the personal data that you have agreed to share with them. If you have any questions or concerns, you may contact the individual company, or us – using the contact details set out in the “Who We Are” section.
You can opt out from receiving such materials at any time.
The personal data we may use for advertising and marketing purposes includes your name, email address, job title, phone number, company name/employer, geo location, postal address and data collected using cookies and other similar technology (Please read our separate Cookies Policy to find out more about which cookies we use, how they work and how you can control your cookie options).
Marketing materials are sent electronically, by post and we may occasionally call you.
Online Targeted Advertising
We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.
We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.
Lead Generation and Scoring
We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.
We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.
Surveys, Market Research & Customer Feedback
We want to understand the needs of our readers and customers. We may therefore use the information you provide us – including your name and contact details – to contact you to request your feedback, or to participate in our customer and market research.
Public forums, message boards and blogs
Some of the pages on our group websites may include message boards, blogs or other facilities for generating content from users. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to post any personal data. User generated content is also subject to our site Terms & Conditions.
Business or Asset Sale
If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.
If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.
Additional Third Party Disclosures
We may disclose your personal data to other third parties in the following situations:
- To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
- Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
- If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).
Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.
We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.
We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:
- Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
- The business rationale for collection and expiry of the purpose for which personal data was collected;
- Our ongoing ability to ensure the accuracy of the data; and
- Legal and regulatory requirements.
We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.
You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.
You have certain rights in relation to your personal data which include the following:
Access & Portability
You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.
You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.
If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.
Rectification, Restriction, Objection
You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.
How to Exercise Your Rights
To exercise any of these rights, please contact us by post or email at the following addresses:
Euromoney Institutional Investor PLC
8 Bouverie Street
London, EC4Y 8AX
Web form: Complete Subject Data Request Form
We may need to check your identity prior to processing a request.
Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.
Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.
All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.
Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.
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