2013 Program

Title

Platinum

Gold

December 3, 2013

7:15 AM
REGISTRATION & CONTINENTAL BREAKFAST

8:00 AM
WELCOMING & OPENING REMARKS

Conference Co-Chairs:
Louis Voizard
, Senior Vice President, Growth Markets, Ivanhoé Cambridge
Eric Plesman, Senior Vice President, Investments, Oxford Properties Group Inc.

KEYNOTE PRESENTATIONS: GLOBAL PROPERTY MARKET ACTIVITY AND FORECASTS
WHAT WERE THE MAJOR TRENDS IN 2014? DID CANADA LEAD THE WESTERN MARKETS LAST YEAR AGAIN? WHAT LIES AHEAD?

An overview of how real estate has performed based upon risk adjusted returns in major global markets over the past year. How are the risk/return scores shifting? In which markets? Has cap rate compression gone too far? What have been the “best in class” properties over this period of time? Which markets have hit “bottom” in the past twelve months and are entering a phase of the cycle offering high quality investment opportunities? Which markets have performed above the norm? The presentation will include a risk adjusted ranking of over 25 major western markets around the world surveyed in the IPD Global Annual Property Index.

Speaker:
Greg Mansell
, Vice President, Head of Applied Research, IPD

HAVE GLOBAL REAL ESTATE MARKETS TURNED THE CORNER IN 2013? WHAT IS THE OUTLOOK FOR THE FUTURE? WHERE SHOULD YOU BE LOOKING?

An examination of the most significant trends in property markets around the world during the past year. How have they been affected by the challenging economic conditions in many tier one countries? What impact has the EuroZone crisis, the unpredictable U.S. economic performance, and other global uncertainty had on investors and assets? Are we seeing a pause in property investment or even a pullback? Are the emerging markets still receiving investor attention? How much liquidity is now in the market? What are the major issues and challenges facing investors, owners, and private and public equity decision-making in a global context in 2014? Where is the pricing of assets heading in international markets? Since investment is driven by fundamentals, which markets are likely to attract the greatest investor interest, e.g. United States, Europe, old emerging markets, new emerging markets?

Speaker: 
Jacques Gordon
, Global Investment Strategist, LaSalle Investment Management

AS VOLATILITY REMAINS AND THE COST OF CAPITAL STARTS TO SHIFT, WHAT ARE INVESTORS THINKING: GROWTH VS. CAPITAL PRESERVATION?

Given the challenges faced by other asset classes, real estate has outperformed many by offering investors steady and favourable yields. Cash flows offer safety. Hard assets have been attractive due to the volatility in the capital markets. Over the past few years, large volumes of cash flowed out of conventional equity and fixed income markets and into properties. What is happening now with allocations to real estate among institutional investors, portfolio managers and private equity funds as they look forward to 2014? Are we likely to see a pause in property investment or a pullback? Given the volatility in most global economies since 2009, preservation of capital and owning core assets grew in importance. Is that still the case?

Conference Co-Chair:
Louis Voizard
, Senior Vice President, Growth Markets, Ivanhoé Cambridge

Panel:
George Ahl
, Principal, M3 Capital Partners
Simon Blaxland, Executive Director, Investment, AEW Europe LLP
Robert Byron, Managing Principal, Blue Vista Capital Management, LLC
Jeffrey Scott, Senior Managing Director, Eastdil Secured


10:00 AM
MORNING REFRESHMENTS

10:25 AM
CONCURRENT SESSIONS (SELECT AA1 OR AA2)
SESSION AA1
CAN YOU STILL FIND GOOD OPPORTUNITIES IN THE U.S. OR HAS THIS MARKET BECOME TOO EXPENSIVE?

This session will provide an update on the U.S. market. What has really been occurring with respect to improving returns, and where is the market now in the cycle? What range of investment opportunities still exist, e.g. core vs. secondary markets? Some funds who invested in the U.S. in the past two to three years are coming out as that market is becoming very expensive. Who are the most prevalent buyers and sellers at this time? Where at cap rates at this time and where are they heading? What are the speed bumps to watch for? Why has the multi-unit residential property class performed so well? Given the growth in overall consumer confidence, how is the retail market now doing? What will happen to the real estate asset class if the U.S. economy continues to expand and grow in 2014?

Moderator:
Jim Fetgatter
, Chief Executive, Association of Foreign Investors in Real Estate

Panel:
David Arthur
, Managing Partner, North America, Brookfield Property Group
Barry Howell, Principal, Prudential Real Estate Investors
Susan Wallace, Executive Managing Director, Private Equity Group, USAA Real Estate Company
Brady Welch, Partner, Slate Properties Inc.

SESSION AA2
SPOTLIGHT ON LONDON: WHY IS THERE SO MUCH INTEREST IN THIS GLOBAL MARKET? IS IT NOW AT PEAK PRICING?

A very focused session on one of the world’s hottest property markets from an investment, development and leasing perspective. Why is there so investor interest so strong in this city? To what extent has it rebounded from the lows of 2009? What has enabled London’s property market to withstand many of the impacts of European economic issues and other trends? How are the leasing markets performing? Where are cap rates at this time and where are they heading? Are office rents hardening? What are the challenges faced by development projects? Which property classes are enjoying the greatest returns? What potentially lies ahead for London in 2014? Some discussion will also focus on: the significant development activity including King’s Cross; the tendency for foreign investors to use joint ventures as a way to enter this market; and the very hot in the industrial sector especially due to logistics.

Panel:
Richard Barkham
, Group Research Director, Grosvenor

Dion Panambalana, Partner, Hogan Lovells International LLP

Andrew Thomas, Partner, London Markets, Head of International Investment, Cushman & Wakefield LLP


11:35 AM
CONCURRENT SESSIONS (SELECT BB1 OR BB2)
SESSION BB1
THE GROWTH AND PERFORMANCE OF REITS AROUND THE WORLD: WHAT OPPORTUNITY DO THEY OFFER INVESTORS?

Securitized real estate in the form of REITs is flourishing not only in Canada, Europe, the U.S., and Australia, but this investment vehicle is also expanding in Asia and other regions. What kind of growing pains and gains are REITs facing in various markets? What are the major underlying factors encouraging their growth? How is the buyside responding to this trend? What range of investor interest are REITs attracting on a global basis? What issues do they face going forward? Do they represent a viable geographic play for investors? How are new emerging Canadian REITs becoming global plays? How are rising interest rates and bond yields impacting on REIT pricing and real estate valuation? A look at REIT performance in some unexpected emerging markets, e.g. Mexico, South Africa.

Moderator:
Michael Smith,
 Managing Director, Real Estate Equity Research, Macquarie Capital Markets Canada Ltd.

Panel:
Stéphane Amine
, Chairman, Inovalis SA
Kursat Kacira, CEO & Founder, Maplewood International REIT
Corrado Russo, Managing Director, Investments and Global Head of Securities, Timbercreek Asset Management
Peter Zabierek, Chief Executive Officer, Presima Inc.

SESSION BB2
TRENDS IN GERMANY, FRANCE AND OTHER MAINLAND EUROPEAN MARKETS: IS THERE A DIVISION BETWEEN THE HAVES AND THE HAVE NOTS?

A wide ranging session that will examine all facets of Europe and the very diverse economies and property markets across this continent. To what extent is there an imbalance across the different European submarkets: Western vs. Central vs. Southern vs. Eastern? How do you compare tier one countries vs. emerging markets? Do Germany, France, Italy and Spain represent the majority of investor interest in mainland Europe? Which cities are attracting the greatest attention? Which markets have bottomed out? How much volatility are these markets still experiencing as a result of EuroZone economic and financial issues? Is there still an outflow of capital, a lot of distress and a challenge for developers to raise equity? In the debt markets, are German banks ready to start to come back in?

Moderator:
Tom Boytinck
, Managing Director, Allegro Securities LLC

Panel:
Andrew Allen
, Director, Global Property Research, Aberdeen Asset Management 
Edmund Craston, Managing Director, Rockspring Property Investment Managers
Kean Hird, Partner, Catalyst Capital
Michael Rodda, Partner, EMEA Capital Markets, Cushman & Wakefield LLP


12:40 PM
NETWORKING LUNCHEON
Print
LUNCHEON REFRESHMENTS
Maplewood_InternationalREIT120

1:50 PM
CONCURRENT SESSIONS (SELECT CC1 OR CC2)
SESSION CC1
FOCUS ON LATIN AMERICA: BRAZIL VS. COLOMBIA, MEXICO, PERU AND OTHER MARKETS

While Brazil has attracted the greatest amount of investment interest in the past ten years, is this market now priced to perfection or beyond? For some investors, Brazil has evolved to be viewed as a core hold with cap rates that reflect that status. The demographics of this country are like those of the U.S. and Canada in the 1950s: larger households with a significant population of youth. Is there some correction beginning to occur given the volatility in its currency and how expensive it is hedge? To what extent are investors now moving into other emerging markets across Latin America? Are Columbia and Peru now like Brazil was five years ago? Or are other countries offering better opportunities? What kind of returns are Latin American markets offering? To what extent are fundamentals in some of the markets much better than most investors think they are? How much interest is Mexico receiving? How far has this market moved on the risk/reward scale? Do you need to focus on hard assets if you are going to enter Mexico?

Moderator:
Jay Marling
, Managing Partner & CEO, Capright Property Advisors

Panel:
Tony DiBiase
, Principal, CA International

Eduardo Güémez, Managing Director & CEO, Mexico, LaSalle Investment Management

Phil Runions, President & CEO, Barnhart Asset Management

Louis Voizard, Senior Vice President, Growth Markets, Ivanhoé Cambridge

SESSION CC2
LOOK BEFORE YOU LEAP: THE ABC’S OF GOING CROSS-BORDER FOR CANADIAN INVESTORS

With tremendous competition at home and a desire to expand their real estate portfolios, Canadian investors, large and small, are looking increasingly at foreign markets. Some have tip-toed across the border into the U.S., while others have been more adventurous and begun to invest in Europe, Asia and Latin America. Investors going abroad face a myriad of challenges – political and economic risks, legal and tax issues, currency risk, cultural differences, professional standards and the lack of transparency, just to name a few. How do investors deal with these issues, and where can a would-be global investor turn for help?

Moderator:
Bradley Olsen
, President, Atlantic Partners, Ltd.

Panel:
Michael Catford
, Vice President, Real Estate Investment, HOOPP
Bruce Traversy, Principal, Dundee Real Estate Asset Management
Jeffrey Trossman, Partner, Blake, Cassels & Graydon LLP
Ted Willcocks, Global Head of Asset Management, Real Estate, Manulife Financial


3:00 PM
LOOKING FOR RETURNS IN 2014: WHAT STRATEGIES HAVE THE GREATEST POTENTIAL FOR SUCCESS? IS IT A TIME FOR CAUTION OR FOR OPPORTUNITY?

An insightful closing roundtable discussion on how investors see the year ahead. How should you play the global markets in 2014? What strategies make the most sense? Where is the greatest potential for growth? The rise in importance of the city state has resulted in a focus being placed on 75 major cities rather than 5 to 6 countries. What would be the top ten cities/states on most investor’s list? Where are you likely to find stronger returns? What are contrarians doing? How are you mitigating risk in the current market environment? To what extent has investor philosophy changed? Are investors creating risk by placing too much pressure on “safe” markets? Has the flight of capital towards quality assets been overplayed? Will development continue to be viewed as a preferred growth strategy by many entrepreneurs? What are the challenges that an investor faces in undertaking new projects in foreign markets?

Conference Co-Chair:
Eric Plesman
, Senior Vice President, Investments, Oxford Properties Group Inc.

Panel:
Jérôme Foulon
, Managing Director, PSP Investments
David Green-Morgan, Head, Global Capital Markets Research, Jones Lang LaSalle
Nick Hendy, Director, EMEA European Capital Markets, CBRE
Sonny Kalsi, Founder & Partner, GreenOak Real Estate


4:00 PM
ADJOURNMENT

6:15 PM
CHAIRMEN’S RECEPTION

Jointly held with the attendees to The Real Estate Forum. 
Canadian Room. Fairmont Royal York Hotel.