With the increasing divergence in cross-border jurisdictions across USA, Europe and Asia, the Japanese property market is witnessing increased investor activism and significant expansion of M&A play.  In spite of growth potential in the real estate M&A sector, it is tapered by underlying risks and challenges, which unless managed and mitigated effectively, could result in an erosion of the otherwise attractive returns. 

This session aims to deliberate taxation and regulatory concerns while identifying possible solutions through gaining a better understanding of the M&A regime across various regions.

• A snapshot of recent M&A development trends within the regulatory and tax environments of USA, Europe and Asia
• Assessing pre and post-acquisition valuation of corporate businesses and intangible assets – How do they differ among the West, Asia and Japan specific?
• Mastering M&A deal origination and closure - Successfully working around cross-border cultural, legislative and economic barriers for financial modelling
• Understanding interdependencies and conducting synergy analysis in the real estate M&A discipline – What are the implications of offshore capital costs, market friction and regulatory transparency risks on effective transactional decision-making?
• Forecasting the future prospects of M&A activity in Asia: Are we scaling towards the peak?  How large a stake of the global M&A ‘realty pie’ has Japan extended its foothold on?
   

• Deciphering the investment management strategies of sovereign wealth funds in their search for equities, alternative asset classes and long-term value creation
• ‘Captains of industry’ amidst the global subprime: Macro perspectives on the yield potential of real estate in developed versus emerging economies
• Exploring and drawing parallels of best practices in corporate governance from successful sovereign wealth fund models
• Managing an incremental influx of liquidity from sovereign wealth fund investments - Stability or uncertainty for both home and recipient economies?
   

Comparing value creation philosophies and exploring new frontiers for private equity real estate in light of the current credit crunch

• Monitoring the latest private equity real estate trends and highlighting inherent challenges and future opportunities in reshaping the global property market
• Country versus regional versus global: How can domestic players compete with the ‘big boys’?  What value-add and competitive advantage can each faction bring in generating high-yielding private equity real estate returns?
• Surmounting the effects of global illiquidity on Japan’s private equity real estate landscape and its implications on financial leverage and deal flow
   

Setting the macro picture and course ahead for Japanese property fortunes – With unfolding market uncertainties, how soon will a full-fledged recovery settle in or is an economic slowdown inevitable?

• Analysing investor risk appetite and asset allocation strategies amidst Japan’s GDP movements, interest rate hikes, credit off-takes, market illiquidity and legislative policies
• Soaring food, oil and energy prices: Impact of rising inflation and currency appreciation on Japanese stocks, bonds and fixed income investments – How resilient and sustainable is the property sector and what upside does it present in times of volatility?
• Will global financial turmoil ultimately derail Japan’s recovery?  What drawbacks and correlation will the outcome have on Asian real estate and its money markets?
• Decoupling Japan from the bear brunt of subprime woes – Broadening the outreach of economic partnerships and strengthening growth capabilities within Japan’s capital markets
   

Stepping up portfolio allocations to real estate: Transparency, accountability and governance – Facing challenges ahead while adapting to a changing investor base and risk evolving landscape

• Substantiating the preferred route for portfolio construction and asset allocation in view of the credit crunch – Creating a new dimension of investment performance through innovative standards and international diversification
• Successfully integrating commercial real estate within an institutional investor’s portfolio given the ‘high risk’ game in Asian economies
• With the wall of money in private equity real estate, are we witnessing a new pension investment paradigm to come?  Can real estate outperform other asset classes and if so, how much shareholder premium can one expect?
• How do international and domestic pension funds perceive Japanese real estate and what are their individual concerns towards achievable investment returns in comparison to hedge funds and corporate bonds?
   

Optimising the asset class performance of real estate within a diversified portfolio – How will risk-return characteristics evolve in accordance with core, core-plus, opportunistic and value-added investments?

• Redefining the Asian risk-return outlook for private equity, hedge funds and fund of funds – How significant are risk-adjusted premiums in Japanese real estate and where are savvy investors placing their money?
• How are hedge funds and fund of funds executing deals and differentiation in a highly competitive investment environment?  Can similar models and strategies be replicated in Japanese real estate? 
• Capital preservation through growth, blend, value and income funds: Structuring a one-stop global diversification model and capitalising on ever-changing market conditions for yield enhancement
   

Grasping the magnitude of global private equity buyouts and investor activism within distressed assets – Fast track gain or prolonged pain?  Will Japanese real estate experience this paradigm shift in the near term?

• Assessing the sustainability of existing property ownership models in Japan’s changing capital landscape
• Insights into risk profiling and gearing for distressed investing within Japan – Has the window of opportunity been overstated and are there unique challenges for real estate buyouts?
• Reviewing the availability of LBO financing vehicles and ongoing transaction activity among private property funds – How can foreign players effectively penetrate and exit this deal making space?
• Capitalising on market corrections and hastening liquidation – How do buying opportunities for ‘troubled assets’ in Japan measure up against the USA, Europe and rest of Asia? 
   

Corporate real estate restructuring: Extending the domestic and global outreach of Japanese property through mergers and acquisitions

• Examining consolidation and takeover activity in Japan – To what extent is this driven by the corporates’ desire for scalable growth and enhanced liquidity?  How different is this phenomenon from the rest of Asia, Europe and USA?  
• Streamlining due diligence and core processes for domestic and cross-border M&A – What are the key considerations, integration challenges and impact of deal structuring on valuation?
• Redefining Japan’s real estate M&A landscape amidst the credit crunch and comparing its transaction volumes against other industry verticals
• Creating leveraged financing opportunities in Japanese real estate and ascertaining future M&A deal flow in sustaining the growing number of financial sponsors
   

Shedding insights into CMBS, ABS, mezzanine and non-recourse loans - Structuring the best financing mix and re- engineering equity-debt vehicles in weathering credit market dislocations

• Loan origination, syndication and securitisation revisited: Who is lending and what is available?  Given the current credit climate, can borrowers secure both price and relationship from their lenders
• Grasping the functionality, depth of investor demand and risk appetite for hybrid financing instruments and corporate bond offerings in Japan’s debt capital markets
• Utilising derivative hedging strategies, swaps and options in underpinning the underlying value of property performance, loan repayments and credit defaults
• Finding the optimal financial leverage on debt structures and magnifying returns on equity for real estate income property
• Outlining real estate financing realities and bridging the funding gap through innovative capital structures – When can one witness the capital markets’ return to ‘normalcy’?
   

Real estate fund creation and capital raising: Countering equity drawdown and portfolio volatility in boosting investor  confidence

• Perspectives on the state and scale of the global fund raising market, investment highlights and investor trends – What needs to be done to further boost investor confidence and risk threshold?
• Exploring the viability of commercial real estate syndication for capital raising amidst tougher market conditions
• Adapting to requirement changes in securing and deploying capital for transitional stages of property ventures in Japan
   

Implications of the global subprime on monetary growth and Japanese real estate fundamentals – How can investors better position oneself to survive the current credit market dislocation?

• Evolvement of the credit crunch and diminution of global liquidity – How will volatile stock markets consequently impede upon Japanese real estate transactions?
• With waning investor confidence, will Japanese real estate lose its relative lustre in attracting global capital?
• Observing the paradigm shift of capital exposure to risk and tracking property market movements – Given the current economic indicators, how safe is placing your investment dollar on Japanese real estate?
   

Reviewing global REIT activity and the market capitalisation of J-REITs – Are we abound a REIT privatisation wave in time to come?

• Overcoming cultural gaps and legislation in globalising and unlocking the potential of the international REIT industry
• Asset squeeze, high capital prices and waning investor appetite - Will the increasing number of REITs replicating similar growth strategies become a victim of its own success?
• Investing into struggling J-REITs for long-term equity returns – What are the valuation benchmarks to consider and common pitfalls to avoid?
• Public to private deals: Market drivers, players and strategies – Will the J-REIT market have to shrink to ultimately grow?
   

Combating price correction and competition for quality asset acquisition: Cross-border listings or REIT consolidation - Which way to go for 2009 and beyond?

• With the bottoming out of the J-REIT market, how will disparity between share prices and underlying quality assets fuel M&A activity?  Has the Tokyo REIT index lost its value as a catalyst for J-REIT listings?
• Enhancing the market capitalisation of J-REITs through joint foreign listings – Deriving secrets of success to choosing the optimum vehicle structure
• Analysing the core components of equity capital and financing costs in J-REIT structuring – Undertaking proactive measures and efforts in quelling the commercial bubble threat
• Can J-REITs move up the risk curve by bidding for ‘green field’ developments?  Have partnership deals and asset acquisitions reached a plateau?
   

Canvassing the inherent risks and rewards of hotel-enhanced mixed-use from the development, financing, investment and operational management perspective

• Perfecting the brand and tenant mix – Strengthening ‘economic sense’ and value creation in mixed-use projects through the quality combination of residential, office, retail, hotel and leisure components
• Evaluating overall project complexity, integration of uses, risks in entitlement and zoning government regulations – Is taking a mixed-use approach in Japan the best solution towards land maximisation?
• Scrutinising joint-venture opportunities and challenges in a mixed-use project – How realistic and feasible is achieving higher yields through premium valuations in view of the current market climate?
• Enhancing the environmental and asset value of mixed-use developments through sustainable architecture and cost-effective urban design

Building blocks of wealth in office and retail – Fuelling income streams through a dynamic combination of direct and listed property

• A comparative analysis of land valuation and price appreciation between office buildings and retail malls in major metropolitan areas – Is the growth utopia set to continue for Japan’s commercial sector?
• Setting sights on prime office and retail space: Assessing key selection criterias of locality, tenant mix and investment growth potential - Which sector will witness a larger growth of assets in private real estate funds?
• Quality sector selection within the competitive Japanese real estate market – Measuring the risks and rewards of office buildings and retail malls as a property asset class
• Generating high rental returns and reinforcing the commercial sector as a high-yielding investor option despite the market downturn

Mitigating risks and rationalising returns within the upcoming industrial sector and the alternative niches of infrastructure and healthcare

• Sourcing investment opportunities within Japan’s upcoming and alternative sectors – Have the core asset classes reached a saturation point or are investors purely seeking portfolio protection through diversification?
• Heightening industrial real estate transactions with the increased demand for logistics hubs – What level of service offerings can tenants expect and how will creditable tenants in turn offset investment risks?
• Tracking the progression of infrastructure development and privatisation – How much of an influence will public-private investments have on Japanese real estate moving forward?  To what extent can infrastructure complement progression of the industrial sector?
• Navigating the tight regulatory regime and accessing the viable opportunities of healthcare investing in Japan
   

Cash-rich Gulf region setting sights on Japan: Strengthening partnership efforts in accelerating development and securing  petrodollar infusion into the real estate arena

• The quest for Middle Eastern capital sources: Which regions are they originating from, what are they seeking and how long will they stay
• Exploiting existing market corrections in matured markets – How does Japan stack up against the West and its Asian counterparts?  What can be done to further strengthen investor interests in the near term?
• Addressing the relatively weak capital inflow into Japan thus far and repositioning real estate as a lucrative investment avenue for diversifying Middle Eastern wealth
• Sharing experiences and forming possible cooperatives in conceptualising, developing and delivering superior returns on large-scale capital intensive projects
   

Migrating capital in search of diversified returns and spotting cross-border real estate investment opportunities abound Japan 

• Seeking new sources of property value and examining the institutional specifics of investing into Japanese real estate
• Overcoming legal and taxation constraints in leveraging offshore platforms – How crucial and advantageous is having a foothold in Japan for expanding one’s presence in Asia?
• Levelling out the global property field and recognising key drivers for continued investment inflows into Japanese real estate – How will changing demographics, market dynamics, untapped growth areas and achievable yields impact upon an investor’s decision?
• Against today’s backdrop of heightened inflation and growing domestic threats across Asia, how are foreign funds likely to respond in terms of portfolio allocations?  Will Japan remain the preferred choice within the value chain?