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Day One Monday 18th September 2006
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| 08.30 | Registration and refreshments
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| 09.00 | Chairman’s opening remarks
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| KEYNOTE ADDRESSES |
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| 09.10 | The ‘new’ listed property market: benefits for companies and investors
- The historical reasons for Germany’s lack of a listed market
- Reaping the benefits of transparency inherent to listed vs. unlisted companies
- Successful IPO strategies – where is the greatest value found?
- Anticipating the size of the listed market
- Benefits of being a first-mover into the listed sector
- Effects on the way property is traded in Germany
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| | Klaus Droste, Managing Director, Global Banking, Deutsche Bank
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| 09.40 | How corporate and public bodies benefit from the diversified and sophisticated European RE market?
- Where is real estate value for corporates?
- How to manage your assets effectively – getting them to market or off balance sheet
- To REIT or not to REIT – are investment trusts a good alternative?
- How structural options fit investor preferences
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| 09.41 | INVESTOR VIEWS – INVESTMENT VEHICLES
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| 10.10 | New Challenges for Public Real Estate Companies
- Conversion of Real Estate and capital
- How to achieve the best transparency levels?
- How to build the right equity story?
- Building win-win investor relations
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| 10.40 | Morning coffee
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| 11.10 | Recent developments in the regulatory framework
- Investment in large retail stores/ shopping centers
- Major aspects of cross border deals - avoiding costly mistakes
- Update on the German REIT structures
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| 11.40 | Panel session: what do investors want?
- German vs. international investors – how do REITs satisfy demands?
- Advantages of the G-REIT for all German property investors
- Long-term performance: meeting investor expectations
- Where are the true opportunities for investors?
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| | Georg Hansel, Co-Head of Equity Capital Markets, Deutsche Bank
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| 12.20 | Lunch
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| GENERATING YIELDS |
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| 13.10 | Investing in specialist real estate in Germany
- Have residential prices become too hot?
- Matching investor targets and value from residential portfolios
- The business plan: where is the exit?
- Alternative strategies: care homes and social real estate
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| 13.40 | The fund of fund advantage: how this translates to property investment
- Who wants to invest in fund of funds?
- Matching investor mandates and value from multi-funds
- New fund development and appetite for risk
- A potential profile for a fund of funds
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| | Ali Arnaout, Managing Director, MPC Münchmeyer Petersen Real Estate Consulting
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| 14.10 | Speed Networking
 Connecting investors with real estate managers, this session allows you to meet the key players in a brief but informal session. You’ve learned about strategic opportunities: now it’s time to meet the asset managers, property companies and specialist advisors, strike up valuable one to one meetings with your prospects. We’ve taken the headache out of networking: you are now able to gain personal introductions to the decision makers who are your potential clients and partners. |
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| 15.10 | Afternoon tea
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| 15.50 | Panel session: diversifying the investment portfolio – potential alternatives
- What’s beyond Spezialfonds for cautious investors?
- PPP – a source of secure cash flow streams?
- Opportunity funds vs. closed end funds
- Allocation beyond office, retail and residential
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| | Moderator: Neil Bane, Director, The Carlton Group Jürgen Bader, Managing Director, Lindner Immobilien Asset Management
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| 16.30 | Chairman’s closing remarks
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| 16.40 | Networking cocktail reception
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Day Two Tuesday 19th September 2006
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| 08.40 | Refreshments
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| 09.00 | Chairman’s opening remarks
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| INVESTMENT VEHICLES AND STRATEGIES |
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| 09.10 | A US Perspective on G-REITs
- What is driving investor demand for G-REITs?
- Can Germany learn anything from the development of REITs in the US?
- What is the likely impact of G-REITs on the German residential market?
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| 09.40 | Panel session: SIIC and UK-REIT competition with the G-REIT
- How does the G-REIT change Germany’s status in Europe for the foreign investor?
- Competing with the SIIC or UK-REIT: which other European vehicles will compete?
- How is the UK-REIT perceived by investors?
- Make or break factors in UK and France and how these are tackled in G-REIT legislation
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| | Gareth Lewis, Director (Finance and Investment), British Property Federation
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| 10.20 | Morning coffee
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| 10.50 | To what extent are non-performing loan portfolios in Germany still hot?
Has the market matured? Who is still investing in German NPLs?
A question of pricing: matching investor targets and value from NPL portfolios
Off-market: new investment strategies and appetite for risk
The business plan: is the work-out really working out?
Who is making money? |
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| 11.20 | Best performing asset classes – how to build a profitable portfolio
- The attractions of the German real estate market - why is property such a popular asset class with investors?
- Value added investments – how to invest and profit: offices, retail industrial/logistics and residential sectors
- Capital flows, rental conditions and themes – comparing and contrasting UK and German markets
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| 11.50 | Panel session: how do we see the European REIT market evolving?
- Institutional portfolio rebalancing into REITs
- EuroREIT evolvement – what next?
- What assets will be put into REIT funds?
- How prescriptive are other models likely to be?
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| | Lutz Ristow, CEO, TAG Tegernsee Immobilien- und Beteiligungs AG
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| 12.30 | Lunch
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| 13.40 | German property investment valuation – how to avoid costly mistakes
- Overview of valuation methods for the German market – know what your advisor is talking about
- Best methods for various asset classes: non-specialised property and specialised property
- Property fund valuations - sustainable long-term value model vs. market value model
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| 14.10 | Afternoon tea
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| PORTFOLIO ALLOCATION AND REIT RETURNS |
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| 14.40 | How do retail investors perceive real estate and REITs?
- Suitability of REITs for the private investor
- Investing for old age and the longevity of REITs
- Correlation of REITs and equities/bonds
- Potential levels of private investment into REITs
- Using REITs for diversification and asset allocation programs
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| | Jose Luis Pellicer, Head of Research and Strategy, Rockspring Property Investment Managers
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| 15.10 | The future of the open-ended sector in Germany
- Is there a future for the open-ended sector in Germany?
- Strategies to tackle the discrepancies in estimation of the expert value vs. market value
- Transparency on fees and costs – a need for standardisation?
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| | Frank Billand, Executive Board member, DIFA Deutsche Immobilien Fonds AG
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| 15.40 | Chairman’s summary and concluding remarks
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| 15.50 | End of conference
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Post-conference master-class Wednesday 20th Sept. 2006
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| G-REIT opportunities and investment structuring |
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| 08.45 | Registration and refreshments
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| 09.15 | Workshop begins
The purpose of the master-class is to obtain an in-depth understanding of the G-REIT system from a legal and tax perspective, as well as discovering for which market participants the G-REIT provides the greatest opportunities. The investor’s viewpoint into a G-REIT, whether German or foreign investors, will be fully investigated.
The workshop content will be structured around these business-critical themes: Approaching the G-REIT structure
- Expected REIT vehicle structure and its implications
- Financing: what options
- Structuring of investments: how will investors approach the G-REIT
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| 10.30 | Refreshments
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| 11.00 | Workshop continues
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| 12.30 | End of workshop
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