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9 November 2015 - 10 November 2015
Conference App champagne DAILY DRAW winners-
Michael Pfaue at Deutsche Pfandbriefbank, Karen Toh at Grosvenor, Amit Bajaj at Infosys
Download the App via: autumnconference.powervote.com – login with the email you registered with
Time is running out to join the 330+ commercial real estate finance delegates confirmed for CREFC Europe’s Autumn Conference, ‘Frothy Times?’, on Monday 9 & Tuesday 10 November held at etc. venues, in Bishopsgate, London.
Regular registration closed on Friday 30 October. Walk-in registrations are being accepted:
- CREFC Europe member £1,075.50 + VAT @ 20%
- Non-member £1,444.10 + VAT @ 20%
Check to see if your company is a member.
The conference will kick-off with an educational morning on Monday 9 November which will provide a sector specific overview titled “Understanding Retail” and will be led by JLL. This session will focus on how retail is changing; market dynamics; retailers strategy; logistics and lending against retail assets.
The second educational session moderated by Lloyds Commercial Banking will look at “The peak of the cycle” and ask, “if we’re there yet?” the session will address the length of the property cycle, occupational, investment and development markets, data and metrics to watch and the frothy warning signs.
The educational sessions above are available free to CREFC Europe members and full-time real estate finance students. Over 200 delegates are registered to join the educational morning.
By bringing together both lenders and borrowers in commercial real estate (CRE) finance to discuss whether these “Frothy Times” are here to stay, the two day event will give you and your team excellent networking opportunities as well as market insight.
Immediately following a networking lunch our keynote speaker Fabio Balboni, European Economist, HSBC Global Banking and Markets, will start the frothiness theme.
Just ahead of the cocktail reception, the must see Monday afternoon session between the lenders and borrowers “What do borrowers REALLY, REALLY want… and are they realistic?” will take place.
Panels on Tuesday will include:
• The peak of the cycle: Are we there? Moderated by Lloyds Commercial Banking’s Ian Goldsworthy;
• What is causing the boom in development? Lloyds Bank’s Graeme Alfille-Cook;
• NPLs; Has the cream been skimmed? Situs’s Prasad Chaganti discusses with professionals from Goldman Sachs and Sabal Financial
• Pan European Lending: Why Cross Border Financing is Tricky Moderated by Paul Hastings’ Justin Jowitt;
• Debt funds – From soup to nuts! Clearbell Capital’s Rob Mills moderates.
Sector specific overview – Understanding retailStarts: 09:30 Ends: 10:45
• How retail is changing
• Market dynamics – the prospects and things to watch out for
• The retailers’ strategy uncovered
• Attracting tenants who are still rationalising the need for physical space
• The role of logistics – are e-retailers changing the market?
• Lending against retail assets
Moderators: James Brown, Head of European Retail Research, JLL
Peter Williams, Chairman, BooHoo.com
Michael Kenney, Managing Director, Deutsche Pfandbriefbank AG
Jeremy Eddy, Head of Retail Capital Markets, JLL
Peter Cole, Chief Investment Officer, Hammerson Plc
ICA Committee Meeting – Pre-registration is requiredStarts: 10:30 Ends: 12:00
Networking breakStarts: 10:45 Ends: 11:15
The peak of the cycle: Are we there?Starts: 11:15 Ends: 12:30
• Length of the property cycle
• Occupational markets, investment and development markets
• Data and metrics to watch including yields over gilts, construction costs, inflation etc.
• Frothy warning signs – land banking, speculative development, weight and providence of money etc.
Moderator: Ian Goldsworthy, Relationship Director – Listed Commercial Real Estate,
Lloyds Commercial Banking
Networking LunchStarts: 12:30 Ends: 14:00
Annual General Meeting (AGM) – Invite onlyStarts: 13:15 Ends: 13:45
Welcoming Remarks, Conference Co-ChairsStarts: 14:00 Ends: 14:15
KEYNOTE SPEAKERStarts: 14:15 Ends: 15:00
Fabio Balboni, European Economist, HSBC Global Banking and Markets
Before joining HSBC in August 2014 as a European Economist, Fabio worked at HM Treasury, where he held a number of roles including Senior Economist responsible for Greece and Cyprus during the Eurozone crisis and, more recently, Head of the unit responsible for the analysis of the UK fiscal forecast. Fabio holds an MSc in Economics from the London School of Economics and a PhD in Law and Economics from the University of Bologna. He has also worked at the European Commission and United Nations Development Programme. He has several publications in the field of fiscal and monetary policy.
Afternoon TeaStarts: 15:00 Ends: 15:30
What do borrowers REALLY, REALLY want… and are they realistic?Starts: 15:30 Ends: 17:00
• Has the changing landscape of debt providers made sourcing debt and finance partners more challenging?
• Leverage and pricing versus covenants and flexibility – what is more important?
• Does speed and flexibility matter and at what cost?
• “Traditional” versus “New World” Lenders – which do Borrowers prefer and what are the pros and cons of each?
• Relationship lending – does it really exist or is lending purely transaction driven?
• A word from the Lenders… what do they look for in Borrowers?
• Emerging opportunities in Europe and global growth
Moderator: Dan Smith, Head of Structured Finance, Chief Investment Officer, CPC London Limited/Omni Capital Partners Limited
Catherine Webster, Director – Strategy and Finance, Hudson Advisors
Richard Croft, Chief Executive, M7 Real Estate
Colin Throssell, Director of Finance, TH Real Estate
Ali Otmar, Managing Director, Tristan Capital
Roman Kogan, Head of CRE Europe, Deutsche Bank AG London
Rob Clayton, Partner, DRC Capital LLP
Steve Willingham, Head of Real Estate Finance – EMEA, HSBC Bank Plc
Daniel Pottorff, Director, LaSalle Investment Management
Andrew Radkiewicz, Managing Director – Co-Head of Europe, Pramercia Real Estate Investors
Frothy Cocktail ReceptionStarts: 17:00 Ends: 19:00
Registration OpenStarts: 08:45 Ends: 15:15
Networking BreakfastStarts: 08:45 Ends: 09:30
What is causing the boom in development?Starts: 09:45 Ends: 10:45
• Where is the capital coming from for large UK Development Schemes including Residential and
• How is the capital pricing the risk given global market volatility and during a period of large
scale cost inflation?
• Who is doing the “Mega-Schemes” and how are they being funded?
• What are the horizon risks in terms of capital inflows for the residential sector coming from the
middle and far eastern markets?
• At the other end of the scale, who is doing the SME/mid-market deals, where are they being done and how are they being funded?
• How does this link into a potential global slowdown?
Moderator: Graeme Alfille-Cook, Head of Development Finance, Lloyds Bank Corporate Markets
NPLs; Has the cream been skimmed?Starts: 10:30 Ends: 11:10
• What are the biggest challenges encountered in acquiring and working out portfolios?
• What are the opportunities for secondary investors?
• What are the challenging issues in NPL books in terms of resolutions?
• The approach to granular portfolios – local joint ventures?
Moderator: Prasad Chaganti, Managing Director, Situs
Networking BreakStarts: 11:10 Ends: 11:45
Pan European Lending: Why Cross Border Financing is TrickyStarts: 11:45 Ends: 12:35
• Is it still a rarefied area?
• What should lenders care about and focus on?
• What are the roadblocks and solutions in structuring a workable loan?
• Do all roads lead to Luxembourg?
• CMBS exits viable?
Moderator: Justin Jowitt, Partner, Paul Hastings (Europe) LLP
Russell Tan, Director, Bank of Amercia Merrill Lynch
John Egan, Senior Manager – Real EstateTax, Deloitte
Hugh Fraser, Director, M7 Real Estate
Lorcain Egan, Vice President, Starwood Capital Europe Advisers, LLP
Networking Lunch – TuesdayStarts: 12:35 Ends: 13:30
Join Mike and Ellen on the sofa – Will it get frothy?Starts: 13:30 Ends: 14:00
Afternoon Tea – TuesdayStarts: 14:40 Ends: 15:00
Emerging markets are the new coreStarts: 14:45 Ends: 14:45
• Supply and demand trends in the UK (and beyond)
• Vacancy rate patterns
• Office stock
• What’s driving rental growth?
Andrew Parker, Head of London Agency, Cushman & Wakefield
Debt funds – From soup to nuts!Starts: 15:05 Ends: 15:45
• What is the current appetite for debt funds?
• What are the key reasons investors choose to either invest or pass?
• Debt funds versus balance sheet lenders responding to a falling cost and loosening of finance
• Key advantages to a borrower of debt fund financing and what should they be wary about?
• Raising debt capital and the various structuring options
• CMBS exits
Moderator: Rob Mills, Partner, Clearbell Capital LLP
Emma Hallgren, Vice President, AgFe
Lorna Brown, Managing Director, Real Estate Debt Strategies, The Blackstone Group International Partners LLP
Lynn Gilbert, Co-Head of Origination UK & Western Europe, M&G Investments
Kitty Patmore, Principal, DRC Capital LLP
Conference Co-Chair Wrap UpStarts: 15:50 Ends: 16:10
Madeleine McDougall, Head of Institutional, Lloyds Commercial Banking
Tamara Box, Partner, Reed Smith
Lisa Williams, Director, Situs
- Loan Administration and Loan Agency
- Debt Management and restructuring
- Asset Management
- Loan Workout
- Master and Back up servicing
- Facility Agent
Deutsche Bank’s Commercial Real Estate Group (CRE) provides financing to public corporations, private equity groups and individuals owning or acquiring commercial real estate assets in all property types including hotel and lodging, industrial, manufactured housing, multifamily, office and retail across the Americas, Asia and Europe.
In addition, CRE, through its Real Estate Special Situations Group, is an active investor in distressed commercial mortgages and other real estate debt instruments acquired in the secondary market from other financial institutions and non-bank lenders globally.
Deutsche Bank’s Corporate Trust division sits within Issuer Services in the Global Transaction Bank. The group provides third party ancillary services to a variety of transactions in the real estate sector. Roles such as SPV administrator, Escrow agent and paying agent sit alongside the traditional trustee services to offer a complete administrative solution to CMBS, loans, bonds and other real estate transactions.
K&L Gates has one of the largest dedicated real estate finance practices of any global law firm with over 200 real estate finance lawyers across our global platform. We have 46 offices spanning across the United States, Europe, Asia, Australia and the Middle East. We regularly support our institutional and corporate clients on complex structured real estate finance deals, real estate fund structuring and high level investment work. In recent years we have played a major role in the restructuring and regeneration of the real estate sector. We are consistently ranked by both Legal 500 and Chambers & Partners as one of the leading real estate finance law firms and have been described as “very knowledgeable”, “hardworking” and having ‘strength in depth’.
We are one of the world’s pre-eminent law firms, with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegial and team-based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not-for-profit organisations. We provide them with the highest-quality advice and legal insight, which combines the Firm’s global standards with in-depth local expertise.
Wells Fargo has been servicing securitised commercial mortgage loans in Europe for more than ten years. Our dedicated third party and securitised loan servicing team in London, leverages the efficiencies of the global commercial mortgage servicing platform within Wells Fargo Bank, N.A. for operational support. We currently offer the roles of Facility Agent, Security Agent, Servicer, Special Servicer, and Liquidity Facility Provider in Ireland, the Netherlands, and the UK. Our current third party servicing book, including commercial mortgage-backed securities and balance sheet loans, is currently valued at £1.1 billion as of 2016.
We offer comprehensive corporate trust services for residential and commercial mortgage-backed transactions. We can work with you to determine your transaction needs and to customise a suite of business and technology services to optimise the performance of your transactions. Our superior technology and reporting systems make us ideal to support your transaction.
The Wells Fargo global platform is comprised of more than 930 team members spread across three continents, servicing approximately 32,360 loans totaling $507.3 billion.
Rosling King is a City law firm which specialises in acting for private equity investors and debt funds on distressed debtportfolios, CRE finance, commercial litigation, construction and insurance policy advice.
Commerciality is in our DNA. Our clients come first; we challenge the norm, work through collaboration and go the extra mile.
Trepp, LLC is the leading provider of CMBS and commercial mortgage information, analytics and technology to the global securities and investment management industries. Trepp provides primary and secondary market participants with the tools and insight they need to increase their operational efficiencies, information transparency and investment performance. Today over 650 capital markets firms rely on Trepp’s exceptional models and data collection rigor for trading, pricing, risk management and portfolio analysis.
Freedom to innovate
Solutus means ‘unbound’ or ‘free’. Unbound by the constraints of corporate ownership and free to think independently and deliver innovative solutions. Over the last five years we have grown considerably. Today, we offer a full spectrum of loan servicing solutions and manage projects in excess of £2bn for over 30 clients. Our independence enables us to adapt quickly to the unique challenges of each transaction, implementing tailored, value driven strategies that deliver our clients’ objectives.
For more information, contact us on 020 3735 1200 or visit www.solutus.co.uk
CBRE Loan Servicing, a part of CBRE Capital Advisors, combines unrivalled real estate expertise with an independent loan servicing platform that provides unique depth and quality. In short, we understand the assets as well as the loan.
With hubs is Houston, London, Frankfurt, Madrid and Sydney, we manage over US$150bn in commercial real estate loans for 3rd party clients. Our European team of over 30 real estate and finance specialist focuses on the analysis of the financial performance, physical condition, and market characteristics of the loan collateral, in order to continually evaluate the ability of the collateral to support repayment of the mortgage or maximise recovery’s. We act as a leading European Primary and Special Servicer, Facility Agent, Security Agent and Syndicate Agent for over £18bn of commercial real estate debt in 13 jurisdictions.
In addition, we provide ancillary services including, loan surveillance and underwriting and loan valuation.
CoStar Group provides transparency and drives efficiency in the commercial property sector through real time data and insight. Thousands of property professionals now use CoStar Suite & Propex, where 400,000 commercial buildings are tracked for investment opportunities and transactions; space availability and deals; tenants moving in and lease expiries. Whether acquiring, managing or disposing of assets, both investors and their advisors can use CoStar to spot and analyse opportunities; benchmark and report on the performance of assets; and identify and contact potential buyers or sellers in every market.
Situs is the premier, global provider of end-to-end real estate loan advisory services and integrated solutions, offering customized services to leading financial institutions, investors, owners, and developers.
With offices in London, Frankfurt, Dublin, Copenhagen and Madrid, Situs offers a wide array of services across Europe, including: Debt Advisory for all asset classes, Primary and Special Servicing, CRE Capital Solutions, and Project Consulting.
Since entering the European market in 2004, Situs is the fastest growing solutions provider for the financial services industry in Europe, with in excess of €30bn performing and non-performing European CRE assets under management and expertise across all asset types.
Eastdil Secured, as the wholly owned real estate investment banking subsidiary of Wells Fargo and Company, specialises in arranging capital transactions within the private and public real estate debt and equity capital markets. Such transactions include the sales of properties, CRE mortgage loans, and corporate entities; the placement of mortgage, mezzanine, and entity level debt financings; and arranging joint ventures, recapitalisations, and platform level equity raises.
Intex is the leading one-stop provider of cashflow models and analytics for the global structured finance industry. Intex has accurately modeled and maintains over 30,000 RMBS, ABS, CMBS and CLO deals issued in the US, Europe, China, Australia, Japan and elsewhere, representing close to 100% coverage across all these asset sectors and regions. Intex is relied upon by many hundreds of arrangers, investors, issuers and other major market participants who see an advantage in the completeness, accuracy and timeliness of Intex’s models and updates in support of trading, portfolio management and risk management applications. Intex’s applications include INTEXcalc for single-security and portfolio analysis and cashflow stress-testing, the INTEX Subroutine API for system builders, and INTEX DealMaker for structuring new deals. Intex is an independent, objective and privately-held company with offices in Massachusetts, London and Shanghai. Visit our website at www.intex.com
European Real Estate Capital (“E-REC”) is a new generation of commercial real estate debt programme backed by Brookland Partners LLP and Omni Partners LLP. E-REC leverages Brookland’s significant track record and award-winning debt specialist team in origination, underwriting, structuring and asset management of real estate. The E-REC program offers a transparent and investor-friendly funding structure which seeks to provide a full alignment of interests for its participants.
E-REC is originating mezzanine loans and whole loans on European commercial real estate.
For more information, please contact Nassar Hussain at email@example.com or +44 (0)20 3540 9860.
GÖRG is one of Germany’s leading independent business law firms with 270 lawyers at six offices in Berlin, Cologne, Essen, Frankfurt am Main, Hamburg and Munich, GÖRG advises on the core areas of business law. GÖRG has a leading reputation in restructuring and insolvency and is top ranked in corporate, real estate, banking and finance as well as in procurement law. Clients include renowned companies both in Germany and abroad, as well as the public sector. GÖRG has a wealth of experience, particularly in advising banks and financial service providers, real estate and energy companies.
Capita Asset Services is Europe’s largest independent third party servicer. Our outsourced service solutions deliver comprehensive front, middle and back office support for the full loan lifecycle from due diligence and origination, through to account servicing to arrears management.
Our core range of services include:
We are experienced in managing commercial, corporate, SME, residential (including BTL) and property loan portfolios, providing regular, timely and reliable information to all our clients, giving you greater control through increased transparency and governance of your portfolio.
Our business is a division of Capita plc, a FTSE 100 company and the UKs leading provider of business process management and integrated professional support solutions.
REAG – Duff and Phelps Real Estate Advisory Group, provides a full range of real estate services. Duff & Phelps is the premier global valuation and corporate finance advisor with expertise in complex valuation, tax, corporate valuation services, dispute consulting and real estate advisory services.
Real estate services include: Valuation, Technical DD, Project Monitoring, Investment Advisory, Debt Advisory (financing and re-financing of commercial real estate assets). Transaction Services, Commercial Due Diligence, Asset Management Support, Cost Segregation. REAG4docs sources and screens property documentation for data rooms and manages transaction processes / Loan Underwriting. REAG 4 loans focuses on activities related to Corporate and Retail Loan Services as well as to NPLs, REAL Estate Restructuring. ENVIRONMENTAL SERVICES provides consultancy covering environmental, risk & health, safety analysis, and sustainability audits.
Our real estate finance lawyers have the deep market knowledge and transactional experience to guide our clients through complex and challenging financings in markets throughout the world. We represent both lenders and borrowers in the full spectrum of financings – from conventional commercial loans to sophisticated capital market and securitised transactions.
Our London team specialises in large CMBS transactions and as a result, our finance, tax and restructuring lawyers are among the most experienced in the market. The team at Paul Hastings is better able to lead a CMBS transaction through the legal, regulatory, rating agency and investor hurdles than any other legal team in the market.