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LAST UPDATED: Wednesday, December 27 2006
08.05 Registration...Deluxe Breakfast Courtesy Of Gold Sponsors
08.50 Opening Remarks 09.00 EVALUATING THE GLOBAL MACROECONOMIC OUTLOOK FOR REAL ESTATE INVESTMENTS • Global outlook for interest rates, property regulations and property values • Global currency issues: Will the weak dollar continue? Have the "homogenisation" of Europe and the lack of currency fluctuations affected values? • Are investors moving money out of real estate and into stocks, bonds or other alternatives? • Where is pricing headed this year: Has supply & demand reached equilibrium? • What are the risk factors of operating in the current market? • The impact of rising interest rates and the associated rising cost of finance: When will the opportunity to acquire distressed assets next arise? • Which cities & regions are hot right now? Which are heating up? Which locations are projected to do better/worse in terms of economic growth and the creation of new jobs? Session Facilitator: Fredrik Elwing, Managing Director CREDIT SUISSE REAL ESTATE PRIVATE FUND GROUP Panellists: William Benjamin, European Managing Director APOLLO REAL ESTATE ADVISORS LP Peter Jun, Managing Member ARMINIUS ADVISORS LLP Carla Giannini, Managing Director & Head of Europe DLJ REAL ESTATE CAPITAL PARTNERS Richard Mully, Managing Partner GROVE INTERNATIONAL PARTNERS LLP Frank S Orrell, Chairman & Chief Executive Officer NEW CITY CORPORATION Urban Edenstrom, Chief Executive Officer STRONGHOLD INVEST AB 10.00 FUND SPONSORS' STRATEGY ROUNDTABLE: HOW ARE YOU DIFFERENTIATING YOURSELF FROM THE COMPETITION? • What is your investment strategy? How are you surviving and thriving in the current market? How do you stand out in the crowded commercial property investment landscape? • Which sectors and locations offer the strongest returns? • Where are you looking for future investments? • What are your target returns? • Under the radar screen: What are the emerging property types? • How are non-traditional sectors performing? Session Facilitator: Dennis Yeskey, National Director, Real Estate Capital Markets DELOITTE LLP Panellists: Peter Kasch, Managing Partner CATALYST CAPITAL LLP Ric Lewis, Chief Executive CURZON GLOBAL PARTNERS Jack Foster, Managing Director, Head of Global Real Estate FRANKLIN TEMPLETON INVESTMENTS Robert N Weaver, Managing Director MORGAN STANLEY Maximo Pinheiro Lima, Principal PROSPERITAS CAPITAL S.A. Jeffrey B Citrin, Managing Principal SQUARE MILE CAPITAL MANAGEMENT LLC 11.00 Refreshments - A - 11.15 NEW & EMERGING REAL ESTATE MARKETS: A SURVEY OF OPPORTUNITIES AROUND THE WORLD While emerging countries are becoming major players in world markets with meaningful structural changes taking place, they are still very volatile places in which to invest. What is the relative risk of allocating capital in one market versus another? How do you price the volatility of the emerging market investment? Session Facilitator: Joanne Douvas, Vice President & Head of Real Estate Fiduciary Services JP MORGAN ASSET MANAGEMENT Panellists: Ilaria Benucci, Managing Director, Central Eastern Europe AIG GLOBAL REAL ESTATE Monika Bukowska, Analyst: International Markets ARLINGTON PROPERTY INVESTORS Debbie Harmon, President & Chief Investment Officer JER PARTNERS Jenny Buck, Head of Indirect Property Investment SCHRODER INVESTMENT MANAGEMENT LTD. (Invited) - B - 11.15 FUND FORMATION: WHAT ISSUES ARE INVOLVED IN CREATING A NEW FUND? • From the bottom up: What legal, tax and accounting issues do you need to know when starting a new fund? • What are the available fund structure options? Which are preferred? Why? • Practical case studies Session Facilitator: Joseph Smith, Partner DEWEY BALLANTINE LLP Panellists: Robert Kimmels, Assistant Managing Director CITCO CORPORATE & TRUST Nigel Hatfield, Partner CLIFFORD CHANCE LLP Harold D Garrison, Chairman & Chief Executive Officer HDG MANSUR CAPITAL GROUP, LLC Andrew Wylie, Partner OLSWANG John Wantz, Business Development Manager RBC DEXIA INVESTOR SERVICES BANK S.A. - C - 11.15 INFRASTRUCTURE INVESTMENTS: BACK EN VOGUE? As governments and large corporations in Europe sell non-core assets in response to budgetary or other financial pressures, an increasing number of transactions include a newer asset class: infrastructure - toll roads and bridges, airports, gas and electricity grids, parking, hospitals, schools, etc. • What does infrastructure fall under: Private equity? Real estate? • What is its investment profile? • What are its strategic advantages? • Can you build economies of scale? • What are the income and demand dynamics? • Who sells infrastructure? How can you buy it? • Is it a large market? Panellists: Ameet H. Desai, Chief Financial Officer, Infrastructure ADANI GROUP Andy Rothery, Head of Real Estate Europe DELOITTE LLP Kevin Honey, Partner ERNST & YOUNG LLP Markus Hottenrott, Executive Director MORGAN STANLEY - A - 12.15 INVESTING IN THE US: UPDATE ON MARKET CONDITIONS AND SOURCES OF OPPORTUNITY • Where exactly are the opportunities? • Discussion of market fundamentals • Description of real estate capital markets from the perspective of a US-based operator • Local market case studies • Observations on the market's reaction to volatility of interest rates, energy prices, insurance costs, and consumer confidence Session Facilitator: David Moldenhauer, Partner CLIFFORD CHANCE Panellists: Steven Ivankovich, Executive Vice President & CEO ALLIANCE HOLDINGS Edward J. Minskoff, President, EDWARD J MINSKOFF EQUITIES, INC. Ward Fitzgerald, President EXETER GROUP Peter Cummings, Chairman RAM REALTY SERVICES Steven Plenge, Executive Vice President SOMERA CAPITAL - B - 12.15 ADVANCED FUND STRUCTURING: INDUSTRY BEST PRACTICES The focus of this session will be fund best practices for structuring funds, their JVs and their general partners (including compensation, liability, self-help issues and tax strategies) Session Facilitator: Sanford C. Presant, National Co-Chairman, Real Estate Fund Services DLA PIPER US LLP Panellists: Michael Pashley, Partner, European Chief Financial Officer APOLLO REAL ESTATE ADVISORS LP Joëlle Hauser, Partner CLIFFORD CHANCE LLP Lisa Anderson, Of Counsel JONES DAY Demetri J. Rackos, Managing Director of Tax LASALLE INVESTMENT MANAGEMENT - C - 12.15 CAPITALISING ON THE GROWTH OF THE GLOBAL REIT MARKET • Which market will be the next to follow the success of the US and Australian REIT markets? • Comparing the upcoming UK and G-REITs • REITs v. private real estate funds: Evaluating the emerging importance of REIT investment vehicles • Private REIT structures: Avoiding UBIT and other tax implications • Exchange-traded real estate funds Session Facilitator: Jonathan Kandel, Senior Associate CLIFFORD CHANCE Panellists: John Whitehead, Partner, Head of Real Estate Tax Group DELOITTE LLP Les Loffman, Co-Chair, National REIT Practice DLA PIPER US LLP Thomas Busching, Partner SQUIRE, SANDERS & DEMPSEY LLP 13.15 Luncheon Courtesy Of:  - A - 14.30 NEW MARKET FRONTIERS: CENTRAL & EASTERN EUROPE REAL ESTATE MARKETS • What type of returns can be expected? • Local regulatory concerns • Opportunity funds vs. open ended funds: Is the risk being properly priced? • Size of the CEE real estate market and opportunities • What is the most practical and effective strategy for pursuing the Eastern European opportunity? • Accessing, completing and exiting transactions in the new EU Countries • Russia: Will you have more success the second time around? • Germany update Session Facilitator: Reinhard Scheer-Hennings, Partner CLIFFORD CHANCE Panellists: Michael Sternicki, Senior Vice President, AAREAL BANK Robert Sztemberg, Head of Representative Office Poland HSH NORDBANK Zsolt Kohalmi, Principal MEYER BERGMAN Raj Bhandari, Principal WEST UNIVERSITY CAPITAL - B - 14.30 DEAL STRUCTURING: EFFICIENT TAX, LEGAL AND ACCOUNTING PRACTICES • Keys to getting the best terms on your next deal • What is your leverage (financing, interest rates, etc.) in structuring your deals? • Deals that have gone bad: What went wrong? • Structuring cross-border property deals: What general issues need to be considered when structuring such deals? Which issues are location-specific? What are the associated jurisdictional issues? • Which types of structures are commonly used? • What investor-specific issues will you face? Session Facilitator: Justin Hamer, Partner, Tax Department PAUL, HASTINGS, JANOFSKY & WALKER LLP Panellists: Matt Batham, Director DELOITTE LLP Robert Stone, Counsel CLIFFORD CHANCE US LLP Daniel E. Larkin, Partner, European Real Estate & Hospitality Practice Head SQUIRE, SANDERS & DEMPSEY LLP - C - 14.30 WHAT'S NEW IN GLOBAL HOTEL & LEISURE PROPERTIES • Short and long-term outlook for the hospitality industry: Is the hotel market overvalued? • Location, location, location: Where are the greatest opportunities? • Emerging trend: With condominium, land development and other components, why hotels are more than just hotels? What are the benefits (and deficits) of adding senior living and "lifestyle" components to your property? • From luxury to budget: Which sectors offer the best deals? • Condo hotels: Is the US boom likely to follow in Europe, or is the market already there? Session Facilitator: Russell Kett, Managing Director HVS INTERNATIONAL Panellists: Ramsey Mankarious, Chief Executive Officer CEDAR CAPITAL PARTNERS Simon Hudspeth, Director - Hotel Consultancy CHRISTIE & CO. Doug Lein, Principal DEL CONSULTING LTD. Kevin Wallace, Chief Executive Officer, Advisory Services NORTHCOURSE LEISURE REAL ESTATE SOLUTIONS Michael Ryan, Owner & Developer THE RITZ-CARLTON, GRAND CAYMAN - A - 15.30 INDIA REAL ESTATE UPDATE: OPENING TO FOREIGN DIRECT INVESTMENT • How has the Indian Real Estate market changed over the past year? What has been the impact of double-digit economic growth? • Which cities/regions are the hot-spots for investment? Which should you avoid? • What is the government doing to attract outside investment and promote domestic growth of real estate markets? • What do you need to know before entering the market? • Working with local partners Session Facilitator: Robert E. Lester, Vice President PARK HILL REAL ESTATE GROUP, LLC Panellists: Sushil Ansal, Chairman ANSAL API Bahram Motamedian, Managing Director HINES Yunus Zia, Managing Director INDIA BUILDERS CORP Ishan Singh, President RE CAPITAL INDIA FUND Parry Singh, Principal RED FORT CAPITAL Rak Chugh, Managing Partner TRIKONA CAPITAL - B - 15.30 STRUCTURING JOINT VENTURE PARTNERSHIPS & CO-INVESTMENTS • Technical aspects of JV agreements • Structuring options: How do JV's differ from other fund structures? • What are the special due diligence considerations? • Evaluating local & equity partners: What are the legal issues involved? • What are the advantages and disadvantages of joint ventures? Session Facilitator: Neil Seaton, Partner JONES DAY Panellists: Biren Amin, Director, Real Estate Opportunity Fund AXA REAL ESTATE INVESTMENT MANAGERS David Djaha, Partner CLIFFORD CHANCE LLP Elizabeth McLoughlin, Principal EASTCAP GROUP Anne Lemonnier, Principal & Senior Vice President LEHMAN BROTHERS REAL ESTATE PRIVATE EQUITY Antoine de Broglie, Chairman STAM EUROPE - C - 15.30 INTERNATIONAL TITLE INSURANCE Session Facilitator: Rodolfo Rivera, Vice President International Relations GLOBAL SOLUTIONS, A DIVISION OF FIDELITY NATIONAL TITLE GROUP Panellists: Sascha Giest, Investor BARCLAYS CAPITAL Elliot L Hurwitz, Chief Commercial Counsel CHICAGO TITLE INSURANCE COMPANY Gioia Dominedò, Associate Director FITCH RATINGS 16.30 Refreshments - A - 16.45 ASIAN REAL ESTATE OPPORTUNITIES • Outlook for individual countries/regions: Where will the opportunities arise in 2007? • REIT activity update: Japan, Korea, Hong Kong • Navigating the potentials and pitfalls of investing in the emerging market of China • Regulatory concerns Session Facilitator: Philip Feder, Partner and Chairman of Real Estate Department PAUL, HASTINGS, JANOFSKY & WALKER LLP Panellists: Bo Ljunglöf, Director ABERDEEN PROPERTY INVESTORS IIM Davd Lynn, Vice President, Research and Investment Strategy AIG GLOBAL INVESTMENT GROUP Dan Fulop, Vice President, Product Manager FRANKLIN TEMPLETON INVESTMENTS William Tsai, Managing Partner LONGRIDGE CAPITAL ADVISORS, LTD. Suchad Chiaranussati, Managing Partner RECAP INVESTMENTS LTD. - B - 16.45 FINANCING FOR REAL ESTATE FUNDS: STRUCTURING ISSUES • Financing deals: What are the legal issues? • What are the structural options for real estate financing? • Recent deals: What are the funds financing? • CMBS structural issues • Legal issues involved with re-capitalisations and refinancing Session Facilitator: Liz Saxton, Of Counsel JONES DAY Panellists: Christopher Wilson, Managing Director ROYAL BANK OF SCOTLAND - C - 16.45 PRIVATE EQUITY: INVESTING IN REAL ESTATE OPERATORS, PUBLIC REAL ESTATE COMPANIES OR OPERATING COMPANIES • How does this investment strategy compare and contrast with traditional private equity? • Valuation and structuring your transaction • Corporate governance, decision making and operating a real estate private equity platform • Liquidity and exit strategies • Getting acquired or buying yourself: How much is your fund worth? Session Facilitator: Alan Samson, Partner, Head of European Real Estate Group GIBSON, DUNN & CRUTCHER LLP Panellists: Franz Colloredo-Manseld, Managing Partner CABOT PROPERTIES, INC Atul Goel, Chief Executive Officer E-CITY ENTERTAINMENT (I) PVT LTD. Jack Foster, Managing Director, Head of Global Real Estate FRANKLIN TEMPLETON INVESTMENTS Antoine de Broglie, Chairman STAM EUROPE - A - 17.45 LOCAL FOCUS: PROSPECTS FOR THE UK PROPERTY MARKET • Is the UK market too overheated? • Which sectors are the opportunities to be found in? • The role of the stock exchange for property • Value-added opportunities in London • Update on REIT legislation Session Facilitator: Dominic Field, Director CREDIT SUISSE REAL ESTATE PRIVATE FUND GROUP Panellists: Giles King, Senior Director CB RICHARD ELLIS INVESTORS Joe Valente, Director, Head of Research DTZ CONSULTING & RESEARCH Paul White, Managing Director FROGMORE PROPERTY COMPANY LTD. Jeff Jacobson, Regional Chief Executive Officer, Europe LASALLE INVESTMENT MANAGEMENT, INC. Sotiris Tsolacos, Director of European Research PROPERTY & PORTFOLIO RESEARCH, INC. - B - 17.45 FUND MARKETING: MAKING YOUR FUND ATTRACTIVE TO INVESTORS • Capital raising: What is your strategy and why? • Third-party fund raising: What are the benefits of using outside firms to raise equity? • Which new investors are you targeting and why? Session Facilitator: Markus Trice, Managing Director PRESIDIO PARTNERS Panellists: Anne M. Gales, Partner C.P. EATON PARTNERS, LLC Roger Singer, Partner CLIFFORD CHANCE Michael Englisch, Director-Business Development (Europe) HENDERSON GLOBAL INVESTORS LTD. Alan Pardee, Managing Director, Chief Operating Officer MERRILL LYNCH & CO., INC. Edward Garcia, Portfolio Manager RUSSELL REAL ESTATE ADVISORS - C - 17.45 SPECIFIC ASSETS & SECTORS: OUTLOOK FOR OFFICE, INDUSTRIAL, RESIDENTIAL & RETAIL • Outlook for office vacancies throughout Europe • Tenants: What are reasonable expectations for job growth? • Changing employment figures: How will an uptick/downturn in the economy affect the office market? • Multi-use facilities: Can you build flexibility into your properties? • Logistics/distribution facilities & Pan-European logistics funds • Single-family residential: Is there a false confidence in home equity? • What is the near-term outlook for the multi-family residential market? Long-term? • Investing in distressed retail Session Facilitator: Paul Kennedy, Director, Head of European Research & Strategy INVESCO REAL ESTATE Panellists: Michael Eisenkolb, Vice President, Logistics Finance AAREAL BANK Paul Kennedy, Director, Head of European Research & Strategy INVESCO REAL ESTATE Simon Martin, Head of Research and Strategy IXIS AEW EUROPE/CUROZON GLOBAL PARTNERS Colin Campbell, Managing Director PRADERA-AM PLC John Sims, Director iOG Funds TEESLAND IOG 18.45 Networking Cocktail Reception 19.45 Day One Concludes LAST UPDATED: Wednesday, December 27 2006
08.15 Deluxe Breakfast Courtesy Of Gold Sponsors
08.45 Opening Remarks & Day One Recap 09.00 INVESTOR ROUNDTABLE: WHAT ARE INVESTORS LOOKING FOR IN THE PRESENT MARKET? • Why invest in real estate now given the present weight of capital in the market? • What type of returns are you looking for and how realistic do you think target returns are? • On what criteria do you choose a manager? • Where are you investing? • How has your investment philosophy changed over the past year? • How are you feeling about your current investments? • What changes would you like to see in the private fund market place? Session Facilitator: Charles R. Purse, Managing Principal PARK HILL REAL ESTATE GROUP, LLC Panellists: Erwin F. Stouthamer, Founder & Managing Director COMPOSITION CAPITAL PARTNERS Peter A. Lewis, Senior Investment Officer LIBERTY MUTUAL GROUP Ian Gleeson, Senior Manager, Property NATIONAL PENSIONS RESERVE FUND Tuomo Halttunen, Real Estate Analyst TAPIOLA GROUP Peter J. Pereira Gray, Co Head Portfolio Management THE WELLCOME TRUST 10.00 OPPORTUNISTIC INVESTING IN REAL ESTATE • What do opportunistic returns mean today? • How has the current market impacted strategy? • Are more funds using blended return strategies? Changing fund mandates? • Where do you see the best opportunities on the investment spectrum? How do the risks and returns differ for each? • Will the market expand or contract? • What are the actual performance projections for existing funds? Session Facilitator: Mike McNamara, Partner, Head of Real Estate Finance ERNST & YOUNG LLP Panellists: Ubbe Strihagen, International Director ABERDEEN PROPERTY INVESTORS HOLDING Noel Manns, Principal EUROPA CAPITAL LLP Ric Lewis, Chief Executive CURZON GLOBAL PARTNERS, Chief Investment Officer IXIS AEW EUROPE Lars Huber, Director Hines Europe HINES Lloyd Lee, Managing Director STARWOOD CAPITAL EUROPE 11.00 Refreshments - A - 11.15 LENDERS' ROUNDTABLE: UPDATE ON THE FINANCING MARKET FOR REAL ESTATE • What types of financing are the funds using most? Why? • Initial (mortgage) financing: Where are you finding financing for your fund purchases? • Re-capitalisations and refinancing • Credit lines/short term financing • CMBS in the UK and beyond: Financing through securitisation • Will the recent rise in securitisation deals continue? • Who are the issuers? The borrowers? • Where is demand headed this year? Session Facilitator: Richard Ambery, Partner PAUL, HASTINGS, JANOFSKY & WALKER LLP Panellists: Ola Bernow, Vice President, Logistics Finance AAREAL BANK Don Benningfield, Managing Director, Global Structured Finance BANC OF AMERICA SECURITIES LLC - B - 11.15 REAL ESTATE HEDGE FUNDS, SECONDARY & FUNDS-OF-FUNDS APPROACHES • Who are the main players? • Will these trends continue? • How do they differ from opportunity funds? • What types of strategies are being employed? • In which asset types are they investing? • Outlook for secondary market transactions: What are the current options? • Exit strategies • Liquidity issues • Investing in indirect real estate structures: The Fund-of-Funds approach • The benefits of diversification Session Facilitator: Mark Eagan, Partner PAUL, HASTINGS, JANOFSKY & WALKER LLP Panellists: Joel Cann, Director ABERDEEN PROPERTY INVESTORS IIM Jeremy Plummer, Global Multi Manager CBRE INVESTORS Simon Berrill, Chief Executive DTZ CORPORATE FINANCE Spencer Haber, Founder & Chief Executive Officer H/2 CAPITAL PARTNERS Gary P. Stevens, Partner LANDMARK PARTNERS, INC Scott Landress, Managing Principal & CEO LIQUID REALTY PARTNERS - A - 12.15 INVESTING IN REAL ESTATE DEBT • Distressed mortgages/debt: Will there be loan purchases at deep discounts? • Real estate CDOs: What are they? Who's doing them? How can you enter the market? • Non-performing loan portfolio purchasing, particularly in Germany • Evaluating opportunities in highyield private mortgage lien notes • Debt v equity strategies • Who are the major investors in the CMBS market? What are their return strategies? • How will servicers deal with defaults? What opportunities will arise for the real estate funds? Session Facilitator: Paul House, Director CITIGROUP Panellists: Cornelia Thaler, Partner CLIFFORD CHANCE Spencer Haber, Founder & Chief Executive Officer H/2 CAPITAL PARTNERS Russel S. Bernard, Managing Partner WESTPORT CAPITAL PARTNERS, LLC - B - 12.15 MANAGER SELECTION AND FUND GOVERNANCE • Fees, liquidity & transparency: How do the top Real Estate funds measure up? • Corporate governance for large investors in private real estate vehicles • Terms, fees, alignment of interest...trends in the industry • Has fund transparency improved in the last 12 months? • Investing in the offshore environment Session Facilitator: Howard Fields, Head of Real Estate Investments HRJ CAPITAL Panellists: Christopher Bennett, Managing Director DOMINION REAL ESTATE LIMITED Nancy Lashine, Managing Principal PARK MADISON PARTNERS Jack Berquist, Managing Director & Co-Founder PRESIDIO PARTNERS LLC Soody Nelson, Managing Director STANDARD & POOR'S 13.15 Luncheon 14.15 SINGLE COUNTRY FUNDS V. PAN-EUROPEAN V. GLOBAL FUNDS • How do these strategies differ? • What are the advantages and disadvantages of each approach? • Who are the principal players in each? Session Facilitator: Paul Vosper, Executive Director & Co Head of Private Capital Markets MORGAN STANLEY Panellists: Bill Hancock, Director of Acquisitions JER PARTNERS Markus S. Meijer, Chief Executive Officer MEYER BERGMAN Ubbe Strihagen, Director ABERDEEN PROPERTY INVESTORS 15.15 IMN's Seventh Annual European Real Estate Opportunity & Private Fund Investing Forum Concludes | |||||||||||||||||||||||||||||||||||||||
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