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Stefan Ciotlos, President, CBRE Limited
Will the year ahead bring more clarity and resolution to the issues constricting North American and global economic growth? This presentation will examine the economic outlook for Canada and the U.S. including GDP and employment growth, trends in interest and inflation rates, energy and commodity prices, and household and government balance sheets. Is the U.S. finally on the road to recovery in 2013 or will its economy continue to be somewhat anemic in the absence of practical bipartisan government policies? Will there finally be an outcome to the European and sovereign debt crisis? Are simmering concerns about China, India and other major emerging markets justified? What will be the implications of all these trends and issues for growth in Canada?
Warren Jestin, Senior Vice President & Chief Economist, Scotiabank
The political arena is awash in change. Will Canada, under the Harper government, continue to be viewed as a paragon of stability? Should the NDP get comfortable in its role of official opposition or will the Liberals, with a new leader, wrestle the mantle back? What does the new minority PQ government have in mind for Quebec? Who will assume the reigns of power in Ontario? What will the U.S. President be able to accomplish in his final term in office? One of Canada’s foremost social and political commentators will offer his thoughts on the current state of affairs in Canada and around the world.
Rex Murphy, CBC media commentator and host, National Post columnist
With a common border and intertwined economies, are there emerging trends in one market that will have broader real estate implications for both countries? Industry leaders from both sides of the border will discuss the outlook for the office, industrial, retail, hotel, and multi-residential markets in Canada and the U.S. Will conditions in 2013 mirror last year’s? Will liquidity remain strong? Will leasing fundamentals hold their own? Which global trends are likely to impact both nations?
Asieh Mansour, Head of Americas Research, CBRE Inc.
John O’Bryan, Chairman, CBRE Limited
A wide ranging panel discussion will examine the strategic deployment of capital and asset allocation into real estate markets for the year ahead. The participants will offer their views from different points on the compass as they comment on the current capital and credit market environment; what they foresee in 2013 and beyond; what risks vs. opportunities are emerging at this time; in what portions of the Canadian real estate market and in what form would they would favour deploying capital; and where will the real estate asset class fit relative to all other investment opportunities for the year ahead. What will be the impact of Basel III and OFSI’s push for greater diversification having on the commercial lending activities of major institutional lenders?As capital searches for yield in a low interest rate environment, will real estate continue to be strongly attractive or is interest in this asset class beginning to soften? Is fixed income becoming a favoured alternative? How strong is the appeal in owning commercial real estate debt? How much impact is there likely about the Canadian housing market on credit environments in general?
Lucas Atkins, Managing Director & Head of Real Estate, Raymond James Ltd.
Ugo Bizzarri, Founding Managing Director, Portfolio Manager & Investments, Timbercreek Asset Management
Paul Chin, Vice President, Real Estate Lending, Loan Syndications and Capital Markets, Otéra Capital
Bill Jandrisits, President & CEO, MCAN Mortgage Corporation
Andrew Phillips, Managing Director, Team Head, Real Estate Group, TD Securities
Moray Tawse, Vice President, Investments, First National Financial LP
A cross-section of major lenders will provide an update on the underwriting practices and deployment of debt capital in the Canadian market. In 2013, will sufficient capital be available all year? Will this include alternative sources such as mortgage bonds and CMBS? The session will open with a brief overview of a national annual survey of the Canadian commercial mortgage market activity. Discussion will then focus on the following questions among others:
Mark Achtemichuk, Vice President & Managing Director, Mortgage Valuation, CMLS Financial Ltd.
David Dulberg, Managing Director, RBC Capital Markets Real Estate Group
Phil Gillin, Senior Managing Director & Head, Canadian Property Investments, Sun Life Financial
Andrew Huntley, Senior Vice President, Mortgage Investments, AIMCo
Michael Rupar, Director, Commercial Lending, ING DIRECT
Jeremy Wedgbury, Managing Director, Commercial Mortgages, First National Financial LP
A new record in Canada was set in 2012 with respect to the dollar value of REITs and securitized real estate. The result has been four consecutive years of double digit total returns. Are the fundamentals and the overall case for investing in publicly listed real estate still strong this year? In light of the challenges faced by other asset classes, is real estate outperforming most vehicles offering investors steady and favourable yields? This session will examine these and other questions in-depth including:
Allan Kimberley, Vice Chairman & Managing Director, Investment Banking, CIBC World Markets Inc.
Justin Canivet, Head, Business Development, Diversified Industries, TSX Inc.
Anish Chopra, Managing Director and Portfolio Manager, TD Asset Management Inc.
Tom Dicker, Portfolio Manager, Dynamic Funds
Michael Smith, Managing Director, Real Estate Equity Research, Macquarie Securities Group
This panel will look at the trends and issues related to raising debt, credit and capital from the perspectives of REITs and private equity funds. How are they managing their balance sheets in this very competitive environment?
Randy Buckley, Vice President & Director, Murray & Company Limited
Mario Barrafato, Senior Vice President & CFO, Dundee Real Estate Investment Trust
Rags Davloor, Executive Vice President & CFO, RioCan REIT
Anna Kennedy, Partner & CFO, KingSett Capital
Peter Sweeney, Vice President & CFO, Allied Properties REIT
Managing risk in today’s market: how much of a change has there been in investor philosophy? How are investors playing the global markets now? How much volatility are they able to accept? While the flight of capital towards quality assets continues as in the past, how far outside of these parameters are investors and lenders prepared to move? To what extent are investors focusing on specific cities rather than broader markets? What other significant trends in the North American property market do you need to be aware of? How significantly is core overpriced? Is now the right time to move up the risk curve? Where is the best place to be if global economy moves into recession? What is the outlook for debt, equity and capital markets for 2013?
Stephen Sender, Managing Director, Industry Head – Real Estate, Global Investment Banking, Scotiabank
George Ahl, Principal, M3 Capital Partners
Peter Cuthbert, Senior Vice President / Partner, Fiera Properties Limited
Michael McLaughlin, U.S. Country Head and President, Macquarie Capital (USA) Inc.
Jim Ward, Senior Vice President, Wells Fargo Bank N.A., Canadian Branch
A significant part of the Canadian commercial mortgage market consists of properties that have financing needs in the range of $20 million or less. In most instances, they represent B or C class buildings or smaller developments in larger urban centres while in others they can be found in mid-market outside the major cities. This session will examine these market situations in greater detail and how the capital and debt needs for these types of assets are being addressed. Among the questions that will be examined:
Richard Brownscombe, President & CEO, Montrose Corporation Ltd.
Blake Cassidy, Managing Partner, Romspen Investment Corporation
Thom Henderson, Director of Commercial Mortgages, Community Trust
Tom Reece, Vice President, Lending, Regional Manager, Ontario, CareVest Capital Inc.
Alan Winer, President, Harbour Mortgage Corporation
While acknowledging that market fundamentals have rarely been better, how significant is the imbalance between supply and demand? Is there simply too much cheap capital looking for a home in real estate? If so, is market pricing actually outstripping market value? To what extent are properties now priced beyond perfection? What asset classes and geographic markets (both home and abroad) are fully priced, and where is there still room for growth? Do you have a different perspective on value if you are a pension fund, a life company or a REIT? How does that compare with a capital markets perspective? Portfolio premiums – fact or fiction? If that is a fact, then how much of a premium is appropriate? Where will values likely be by the end of 2013? How about in the following year?
Colin Johnston, President, Research, Valuation & Advisory, Altus Group
Alex Avery, Executive Director, Institutional Equity Research, CIBC World Markets Inc.
Simon Fairchild, Managing Director, IPD North America
Lisa Lafave, Senior Portfolio Manager, Real Estate, Healthcare of Ontario Pension Plan
Blair McCreadie, Head, Canadian Real Estate, Standard Life Investments (Real Estate) Inc.
One of the ongoing debates at this time is whether sales and prices in the Greater Toronto housing market have peaked and we are now heading for a minor or major correction in property values. The media has increasingly focused on this topic that even dominates water cooler conversations. Have condominium developers overextended themselves with too many projects – many of which also feature apartments that are so small that their future desirability could be in some doubt? Have investors who played a significant role in heating up these markets stopped buying? Are lenders now approaching high levels of caution and risk assessment as they respond to the concerns of OSFI, the Minister of Finance and the BOC by significantly reducing the construction lending activities? This session will try to offer some insights on these and other related questions to clarify what may lie ahead for the financing of condominium projects for 2013 and beyond.
What are lenders’ pre-sale and covenant requirements and where will they be heading in the next twelve months? How are lenders and investors pricing risk for this type of financing? What underwriting practices are they using to evaluate potential projects? What are the challenges in financing mixed-use developments that include a residential component vs. single asset buildings?
Dan Marinovic, Vice President, Finance, First Gulf Corporation
George Carras, President, RealNet Canada Inc.
Robert Gill, Vice President, Real Estate Division, CIBC
Kevin Murphy, Vice President, Home Builder Finance, RBC Royal Bank of Canada
Stelio Zupancich, Vice President, Real Estate, TD Commercial Banking
Given the massive inflow of billions of dollars looking for opportunities to access the yield and cash flow produced by property assets, commercial mortgages and real estate funds have become hot and extremely popular products for institutional and retail investors. As a result, large pools of funds have been raised by private sources to provide a range of loans. Mezzanine financing, private mortgages and other secondary sources of capital are playing an important role in today’s real estate market. This session will examine the trends, availability, and cost of this type of credit and capital.
Who is filling the strategic gap for investors seeking exposure to real estate? What is the range of options? What are their exit strategies? What is the strongest market for these types of alternative products? How can you differentiate one fund from another? What are the underlying strategies that the sources of capital are using with respect to risk/reward/return for the deployment of these funds? What will be their priorities for 2013 by product type and market across the country? How have fund managers accessed the capital markets to participate in their activities?
Michael Lovett, Managing Partner, Atrium Mortgage Investment Corporation
Chris Brossard, Chief Executive Officer, CMLS Financial
Scott Coates, Managing Director, Mortgage Investments, KingSett Capital
Andrew Jones, Managing Director, Debt Investments/Financing, Timbercreek Asset Management Ltd.
Sandy Poklar, COO & Managing Director, Capital Markets & Strategic Developments, Firm Capital Corp.
MARKHAM WELLNESS DISTRICT
An insightful discussion about investment activity in today’s very competitive market environment.
The past year saw another record amount of transactions as many organizations’ acquisition war chests continue to overflow with cash combined with a strong search for yield by investors leaving the bond market. The panel will address a range of questions including: What will likely be the major challenges in order to buy or sell assets in this market? What are the differences between the issues faced by a REIT vs. a pension funds vs. a private equity fund vs. a foreign investor in selling or acquiring properties at this time? What information do you need in order to try to do a deal in this market? Where do you project that cap rates will be by the end of 2013 relative to today’s prices? Is the market currently priced to perfection? Who do you anticipate will be the likely sellers?
Which product types will be most favoured by you? Which markets will be “top of mind”, and why? How much of an impact are the geoeconomic trends having on your ability to do a deal?
Peter Senst, Executive Vice President & Director, CBRE Limited
Gordon Driedger, Executive Vice President, Central Canada, First Capital Realty Inc.
Scott Hayes, President & CEO, Dundee Industrial REIT
Eric Plesman, Senior Vice President, Investments, Oxford Properties Group Inc.
Sharm Powell, Director, Real Estate, Canada, CPP Investment Board
For a copy of the presentation from this session, please email Krista Reardon.
A discussion with a diversified group of senior real estate executives, investment managers, and equity market analysts on their perspective for Canadian real estate fundamentals, trends, opportunities, and strategies for 2013. How will the Canadian market perform in face of U.S., European and other geo-economic conditions? What could be the key challenges facing real estate executives over the next twelve months? What are their expectations of the capital and credit markets supporting the growth of real estate portfolios and entities? Is there likely to be any change in liquidity? What impact will this have on cap rates and real estate values? What are you seeing in capital, financial and real estate markets outside of Canada, especially in the U.S. and Europe? How much deal flow can be expected in the Canadian market in 2013? Are assets now priced beyond perfection in Canada? Have we reached the point where investing outside of the country is far more attractive than staying at home? Do you anticipate sufficient buying opportunities for your organization or will you pursue some development activity to generate more growth? What will be the appetite of retail and institutional investors to have greater real estate exposure in their portfolios?
Lucas Atkins, Managing Director & Head of Real Estate, Raymond James Ltd.
Ugo Bizzarri, Founding Managing Director, Portfolio Manager & Investments, Timbercreek Asset Management Ltd.
David Arthur, Managing Partner, North America Real Estate Investments, Brookfield Property Group
Ken Avalos, Vice President, REITAnalyst, Raymond James Ltd.
Michael Cooper, Managing Partner, Dundee Realty Asset Management
Sonny Kalsi, Founder and Partner, GreenOak Real Estate
Dennis Mitchell, Executive Vice President & CIO, Sentry Investments