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Day One Wednesday 24th May 2006
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| Identifying the property sectors and products likely to achieve superior returns |
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| 08.30 | Registration and morning tea and coffee
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| 09.00 | Opening remarks from the Chair
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| UNDERSTANDING THE REAL ESTATE INVESTMENT CLIMATE |
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| 09.10 | Overview of the current climate of the global real estate market
- Clarifying global market fundamentals from a European perspective
- Comparing valuations with the equity and bond markets
- Effect of demographic changes in Europe on the future of the property market
- Will the present currency movements be a boon to investment flows?
- Inflation versus prices - where are we heading?
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| | Paul Marcuse, Chief Executive Officer, AXA Real Estate Investment Managers
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| 09.40 | Prospects for the UK real estate market
- Primary drivers of the UK real estate market
- Changing dynamics of the market and the increased number of market participants
- Can the market absorb all the floating capital targeted for the UK?
- Indirect property investment opportunities in the UK
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| | Liz Peace, Chief Executive, British Property Federation
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| 10.10 | REITs in the UK: here comes the revolution!
- Understanding the UK REITs framework
- Best strategy to profit from the introduction of REITs to UK
- Impact on the level and scope of RE direct investment
- Learning from the US, Australia and France experience; are the benefits universal?
- Will UK listed property companies wait to convert?
- Tax implications, benefits and changes
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| 10.40 | Morning break
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| THE OPPORTUNITIES FOR INSTITUTIONAL INVESTORS IN EUROPE |
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| 11.20 | Identifying hot sectors that will achieve superior returns in the future
- Examining the outlook across different European sectors: commercial, industrial, retail, residential, infrastructure
- Are target returns still realistic?
- Highlighting the European sectors standing out from the rest right now
- Outlook for supply-demand across Europe
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| 11.50 | Panel discussion: re-awakening the potential of the German property market
- Justifying higher expectations
- How the distressed debt market is creating value opportunities in Germany
- Update on German REITs; the present Government stand
- Assessing opportunities presented by the Government and corporate Germany and corporate real estate divestment
- Update on the open-ended fund crisis
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| | Ralph Winter, Managing Director, Cerberus Deutschland Beteiligungsberatung Gmbh
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| 13.00 | Lunch
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| SUCCESSFUL STRATEGIES FOR CROSS-BORDER INVESTMENT |
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| 14.20 | Outlook of the investment opportunities in Asia Pacific markets
- Managing cross-border investments within Asia
- China - country update, looking beyond tier one cities
- Japan focus: how to capitalise on the recovery story
- How the introduction of REITs is affecting local markets
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| | Jane Murray, Head of Research, Asia Pacific, Jones Lang LaSalle
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| 14.50 | How Middle Eastern investors view the international property markets
- Global trends in capital flows and its favourable impact on the Middle East
- What are the best options for the Middle Eastern investor in Europe?
- Difficulties faced by regional investors in investing in developed markets
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| | Rakesh Patnaik, Head - Real Estate Investment Funds, Investment Funds (Real Estate), Global Investment House, Kuwait
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| 15.10 | The Turkish real estate market; how can you get involved
- Examining the recent legislative changes
- The impact of EU ascension talks on the landscape of the industry
- Which sectors are becoming attractive to FDI
- What deals are achievable?
- What specific dangers exist?
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| 15.30 | Speed networking – bring your business cards
Speed networking is an exciting, quick and non-pressured way to meet fellow conference delegates and industry peers in one 30-minute session. These brief meetings are the starting point for conversation and networking throughout the conference. This is where long-lasting and profitable business relationships begin.
- Exciting, quick, no pressure
- Meet … move on … meet … move on … meet … etc
- Form long-lasting and profitable business relationships
- Exchange business cards with fellow conference delegates and industry peers
- The best 30-minutes networking session you’ve ever experienced
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| 16.00 | Afternoon break
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| 16.30 | Panel discussion: what attracts investors to the former Soviet Union?
- What you can expect in terms of returns in the region
- Assessing investment risks: how safe is your investment?
- Property rights and law enforcement
- Performance of the specialised property funds in Russia
- Specifics of design and management of real estate investment funds outside of Russia
- How sustainable is economic and social growth in these markets?
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| 17.40 | Chairman’s closing remarks and day one concludes
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| 17.50 | Drinks Reception
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Day Two Thursday 25th May 2006
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| Identifying the property sectors and products likely to achieve superior returns |
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| 08.30 | Registration and morning tea and coffee
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| 09.00 | Chairman’s welcome address
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| | Bill Hughes, Head of Real Estate, UK, RREEF Infrastructure
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| REAL ESTATE INVESTMENT VEHICLES: WHAT’S NEW? WHAT WORKS? |
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| 09.10 | A closer look at private equity property funds
- Driving force behind Private Equity Real Estate Opportunity funds (PERE)
- Current strategies in creating value and lowering risk profile
- An issue of transparency
- What specific advantages do they offer?
- Aligning fee structure for mutual benefit
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| | Marc Halle, Managing Director, Pramerica Real Estate Investors
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| 09.40 | Choosing an investment vehicle to get high returns from your property portfolio
- Specialised funds and advantages of indirect over direct investment in real estate
- Do liquidity benefits of listed prop funds outweigh non-listed private equity funds?
- Direct comparison between listed securities, unitised prop funds and REIT structures
- Have hedge funds found a new enthusiasm for property investments?
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| | Nick Tyrrell, Head of Research & Strategies, JP Morgan Asset Management
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| 10.10 | The case for investing in a property fund of funds
- What is a property fund of funds? How do they work and what is the choice?
- How does a fund of funds differ from a multi-manager approach?
- Who are the providers of funds of funds and multi-manager services?
- Who are the natural investors in funds of funds?
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| 10.40 | Morning Break
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| 11.10 | Preparing for a property derivatives explosion: UK/Europe
- Trading volume and values up to date
- Pricing model: can you achieve credibility on an artificial index?
- Seeking opportunity in rapid market development
- Assessing underlying demand; what is holding back rapid growth?
- Getting a yield pick-up from the derivatives market
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| | Iain Reid, Chief Executive, Protego Real Estate Investors
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| 11.30 | European market for Shariah property funds
- What exactly are Shariah investment funds?
- How do you market to them?
- What are the opportunities for investment?
- What are their most favoured asset class and locations?
- Developing an international strategy to attract investment
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| 11.50 | The search for Yield - where the smart money is shopping
- Why are borrowers turning to securitisation for funding?
- Analysing the parties to the securitisation process
- Analysis of credit risks in Asset Backed Securitization (ABS)
- Is the phenomenal growth in CMBS sustainable?
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| 12.10 | Panel discussion: fund managers’ asset allocation and market strategy
- Are European pension funds ready to increase exposure to real estate assets?
- What volume of global cross-border investment flow should Europe expect to see?
- How do you manage the process in an environment of under supply?
- Assessing the effect of jurisdiction on choice
- What are the advantages of having a property fund-of-funds to offer?
- Do single country funds limit your marketing base?
- Can different RE investment vehicles happily coexist together?
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| | Nick Cooper, Managing Director (UK) and Head of Indirect Investment, ING Real Estate Investment Management
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| 12.50 | Lunch Break
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| INCORPORATING REITS INTO AN INVESTMENT STRATEGY |
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| 14.00 | Panel discussion: REITs across Europe and how it is shaping the market
- The rise of REITs – an opportunity or threat for the industry?
- Where will they have their greatest impact?
- How will they sit with existing vehicles?
- Will the European property market grow in line with the best estimates of total number of REITs
- Have European investors planned for the introduction of REITs?
- The attractions to foreign investors
- Pressure for REITs to become reality - is it likely to presage a real estate listing boom?
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| | Moderator: Ian Hally, Head of Research, Scottish Widows Investment Partnership Paul Haddock, Product Managment and Development, London Stock Exchange
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| PROFITING FROM ALTERNATIVE ASSET CLASSES |
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| 14.50 | Panel discussion: shrinking conventional stock and the emergence of new asset class products
- Overview of competing alternative asset types – which has the most attractive risk-return profile?
- Focus on the popularity of serviced offices, student housing, nursery homes and self storage
- What special strategies need to be employed?
- What additional burden does this place on management?
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| | Laure Duhot, Senior Vice President for International Capital Markets, Sunrise Senior Living Tony Leyland, formerly Managing Director, Shurguard Self Storage
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| 15.40 | Afternoon break
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| 16.10 | Alternative investment trends in the UK
- Medical, nursing homes, cinemas, pubs, sport centres
- What should you consider when investing in these products
- How this strategy differs from traditional investments
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| | Matthew Ryall, Director, European Strategy and Research, LaSalle Investment Management
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| 16.10 | Renewed interest in the hotel properties
- Are current investment returns sustainable?
- Which class of hotel offers best investment value?
- Focus on recent deals in the sector
- Understanding the risks
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| 16.50 | Chairman’s closing remarks and close of conference
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Pre Event Workshop Tuesday 23rd May 2006
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| Exploring the legal ramifications of the UK-REIT: what you need to know |
A session intended for senior executives looking to explore in detail the latest UK proposals. The session is interactive in nature, so that attendees can highlight particular circumstances and areas of interest.
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| 09.00 | Registration and coffee
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| 09.30 | Introduction and overview
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| 09.45 | Background to the UK REIT and why the legislation is now going ahead
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| 10.15 | Implications of the latest industry response and how this changes the outlook for the success of the UK-REIT
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| 10.45 | UK-REIT Specifics
- How the market perceives the suggested legislation
- Corporate model: closed-ended company - what this means
- Ring-fencing income requirements: taxable elements and distribution requirements
- Management structure – what is favoured and why
- Development – how much development will be allowed and what limits will this place on REITs
- Opportunity to raise specific questions
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| 11.30 | Key elements of the UK–REIT still to be resolved including
- Taxation of foreign investors
- Borrowing – permitted extent and what this means for REITs
- Group company structures – preservation of REIT status
- Questions/answers particular to attendees
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| 12.15 | Final pieces of the jigsaw
- Listed and unlisted? What are the implications of listed-only REITs?
- Conversion charge: anticipated level and how this affects popularity of the UK-REIT. What do we foresee will be imposed? What levels will be tolerable?
- Other European REIT regimes and how the UK-REIT differs
- Q&A
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| 13.00 | End of workshop session
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