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Market fundamentals are shifting and the pace of change is arguably greater than ever before. What does this mean for Canada? Will the record levels of foreign investment continue? After a 30-year secular decline, are interest rates increasing? If so, what effects will they have? Is technology disrupting or enabling real estate? Is slow growth here to stay? In a world beset by conflict and confusion, how does Canada fit in? This presentation will examine how global economic and geopolitical factors, together with rapidly accelerating changes in technology are shaping and influencing every aspect of the Canadian commercial real market.
Paul Morassutti, Executive Vice President & Executive Managing Director, CBRE Limited
2016 will be remembered as a year of political change and upheaval. Donald Trump appealed to the disenfranchised and his victory caught almost everyone by surprise; Brexit proponents emerged victorious, sending a clear message of discontent to the European Union; far-right candidates throughout Europe rode a wave of unrest and Canadians were left wondering what happened to ‘Sunny Ways’ and the Liberal promises of change and inclusivity.” What does it all mean?
Gordon Campbell, former Mayor of Vancouver, former Premier of British Columbia, and Canada’s High Commissioner to Great Britain 2011-2016
CBRE President Mark Renzoni goes one-on-one with Gordon Campbell. As Canada’s High Commissioner to the UK from 2011 to 2016, Mr. Campbell has a unique perspective on what Brexit and other geo-political trends mean for Canada and our economy.
Senior executives from banking, insurance and capital markets will discuss their strategies for optimizing returns in 2017 and beyond in today’s unpredictable and often volatile environment. What is different today than a year ago? Where do they expect to be allocating their capital resources and why? What risks vs. opportunities are emerging at this time? How strong will capital flows be into the real estate and debt markets over the next year? Why is global capital attracted to this asset class? Will capital move if the spread between the interest rate environments in the U.S. and Canada widens? Where are North American bond markets heading in 2017? Should we be looking at Japan as a reference point the prolonged low growth, low inflation trends that seem to be a current reality in Canada?
Cynthia Devine, Executive Vice President & CFO, RioCan REIT
Stuart Lazier, Partner & CEO, Fiera Properties Ltd.
Randy Brown, Chief Investment Officer, Sun Life Financial
Roman Dubczak, Managing Director & Head, Global Investment Banking, CIBC Capital Markets
Hugh Macdonnell, Managing Director, Clarion Partners
Sandy McIntyre, Executive Vice Chairman & Director, Sentry Investments Inc.
A cross-section of major Canadian commercial lenders will provide an update on the underwriting practices and deployment of debt capital in 2017. While there is significant capital available, what issues do major lenders have at this time in deploying it? 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:
Mario Barrafato, Chief Financial Officer, CREIT
Mark Achtemichuk, Vice President & Managing Director, CMLS Financial
Michael Andrews, Senior Managing Director, Commercial Mortgages, Sun Life Financial
Paul Chin, Executive Vice President, Real Estate Lending, Otéra Capital
John Miron, Managing Director & Head, Canadian Real Estate Corporate Banking, RBC Capital Markets Real Estate Group
Jeremy Wedgbury, Managing Director, Commercial Mortgages, First National Financial LP
Pools of real estate investment capital are growing at a significant pace and from a variety of sources. This session will provide some insights into how key decisions are increasingly being made by institutional investors and high-net worth individuals as they allocate capital to real estate funds. What is the portfolio construction methodology that they use? What target returns and fund types are preferred? What vehicle types are preferred, e.g. club deals, LPs, closed end funds? What risk management strategies do they employ? How do they benchmark fund performance?
Peter Cuthbert, COO, Fund Manager & Partner, Fiera Properties Ltd.
Chris Brisebois, Principal, Investment Consulting, Eckler Ltd.
Simon Fairchild, Executive Director, MSCI Inc.
Nick Macrae, Senior Portfolio Manager, Real Estate, HOOPP
Access to a supply of well-priced capital is critical to the growth of publicly traded companies. This session will examine the current market conditions and environment for REITs and REOCs to access debt and equity markets to meet their ongoing financial needs. What are the major sources that are being used to raise capital at this time? What makes a successful equity issue? Discussion will also focus on units/shares, preferred, converts, mortgages, mortgage bonds, unsecured debentures and revolvers. Secured vs. unsecured markets: is there a different mix emerging? Why are we seeing more unsecured and how long will this trend continue? What should be a public company’s interest rate strategy: long vs. short? Should capital be recycled rather than raising equity? Do the capital markets favour larger real estate entities or do they simply want the existing ones to get bigger? What about new acquisitions and development? How are they likely to be financed in 2017? What is the right capital structure and appropriate level of debt for a public real estate entity? How do rating agencies view leverage? Will there be any REIT IPOs in 2017?
Ashi Mathur, Managing Director, Head, North American Real Estate Group Investment & Corporate Banking, BMO Capital Markets
Alex Avery, Managing Director, Institutional Equity Research, CIBC Capital Markets
Louis Forbes, Chief Financial Officer, CT REIT
Glenn Hynes, Executive Vice President & CFO, Crombie REIT
Vlad Volodarski, Chief Financial Officer & CIO, Chartwell Retirement Residences
Derek Warren, Assistant Vice President, Portfolio Manager Real Estate Equities, Lincluden Investment Management Limited
A unique face-off between three Chief Financial Officers and a cross-section of lenders and providers of debt and equity capital. The CFOs will discuss scenarios pertaining to their entity’s capital to finance an acquisition, a development, and to meet long term debt requirements. The providers of capital will react and comment on each specific presentation. To what extent can they meet the needs of the CFO? What are borrowers attracted to? What are lenders looking for in order to commit to a transaction? What will cause spreads to change? How much leverage are they prepared to assume? The last portion of the session will examine the perspective on real estate market fundamentals for 2017. Do they share similar views of risk?
Colin Johnston, President, Research, Valuation & Advisory, Altus Group
Jaime McKenna, Senior Vice President, Finance & Investments, Minto Properties Inc.
Peter Sweeney, Chief Financial Officer, SmartREIT
Robert Armstrong, Chief Financial Officer, Slate Office REIT
Lenders and Capital Markets:
Lorenzo Cocco, Senior Vice President, Risk Management, Commercial, CMLS Financial
Sarah Esler, Portfolio Manager, Mortgage Investments, Alberta Investment Management Corp.
William Wong, Managing Director, RBC Capital Markets Real Estate Group
Over and above the major conventional financial institutions, large pension funds and lifecos, additional players in the Canadian lending environment now include foreign banks, private equity funds, smaller banks, credit unions and other non-bank lenders. This session will examine the range of their activities in the Canadian commercial mortgage market. What is the scope of their primary market? Are they predominately focused on transactions and properties that have financing needs in the range of $20 million or less? Why is the Canadian commercial lending market gaining interest from U.S. and foreign banks again? What are the loan origination and underwriting strategies of these lenders, e.g. preferably to whom, in which markets, and for what property classes. How is risk being priced for smaller sized loans or mezzanine financing? What are your spreads, amortization periods, LTV ratios, and recourse? What is the market for B and C class properties that could be out of favour with major lenders? Is there any interest in under-performing assets? Is the CMBS market struggling to grow in Canada?
Brandon Kot, Managing Partner, Edmonton, Canada ICI Capital Corporation
Jamie Dysart, Executive Director, Mortgage Investments, KingSett Capital
Vince Faustini, Vice President, Commercial Mortgage Origination, Equitable Bank
Jim Gardiner, Director, Real Estate Development, Meridian Credit Union
Paul Scholz, Managing Director, Credit & Risk, Institutional Mortgage Capital
Jim Ward, Senior Vice President, Wells Fargo Bank N.A. – Canada
Given the proliferation of investment management funds, how do money managers and fund managers attract capital? What is the DNA of these funds? How do you attract new investors and broaden your client base? What rates of return are your investors requiring? Are we in a new reality of lower returns for the long term? Are investors focused on core and core plus, or are some prepared to move up the risk ladder? How do your clients feel about development? Are your allocations to real estate growing, flat or shrinking? Are Canadian fund managers able to attract foreign capital for domestic investments? As a result of new regulatory parameters, have there been any changes in how capital is raised and deployed in real estate market?
Michael Brooks, Chief Executive Officer, REALPAC
Anna Kennedy, Chief Operating Officer & CFO, KingSett Capital
Keith Jameson, Chief Operating Officer, Forgestone Capital
Steven Marino, Senior Vice President, Portfolio Management, GWL Realty Advisors Inc.
Warren Rudick, Managing Director & General Counsel, Manulife Asset Management Canada
Vince Brown, President & CEO, Triovest Realty Advisors
Mixed-use and commercial development continues on a strong pace in markets across the country. An ongoing debate for years now is the extent to which sales and prices in Vancouver’s and Toronto’s housing markets have peaked and how much of a correction can we expect. To what degree are condominium developers possibly overextended with too many projects? Are lenders at high levels of caution and risk assessment as they respond to the concerns of the federal government by significantly reducing construction lending activities? This session will try to offer some insights on these and other questions to clarify what may lie ahead for the financing of mixed-use, commercial and condominium developments for 2017. What are lenders’ pre-lease and pre-sale covenant requirements? 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 vs. single asset buildings?
Bill Jandrisits, President & CEO, MCAN Mortgage Corporation
Steve Camp, Senior Vice President, Cameron Stephens Mortgage Capital Ltd.
Elliot Gosselin, Vice President, Real Estate Lending, Scotiabank
Richard Munroe, Managing Director, Ontario, Atrium Mortgage Investment Corporation
Ari Silverberg, President & Principal, Harbour Equity Capital Corp.
Given the 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 been very 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. 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 debt. What is the strategic role that mortgage investment corporations play for investors seeking exposure to real estate as well as borrowers seeking debt capital? 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 2017 by product type and market across the country? How have some fund managers accessed the capital markets to participate in their activities?
Richard Brownscombe, President & CEO, Montrose Winnipeg
Blake Cassidy, Managing Partner, Romspen Investment Corporation
Andrew Jones, Senior Managing Director, Debt Investments, Timbercreek Asset Management
Greg Vorwaller, President, Trez Capital Corporation
Alan Winer, Managing Partner & Founder, The Harbour Group
An insightful discussion about investment activity in today’s very competitive market environment. The panel will address a range of questions including: What will likely be the major challenges in order to buy or sell assets in the Canadian market during 2017? What are the differences between the issues faced by a REIT vs. a pension fund vs. a private equity fund in selling or acquiring properties at this time? What can REITs expect from the capital markets in 2017? How are you financing your development and investment programs going forward? Where do you predict Canadian cap rates will be by the end of 2017? Who do you anticipate will be the likely sellers? Which property classes will be most favoured? How do you find value in today’s low yield environment? How much bifurcation is there between high quality and low quality assets?
Peter Senst, President, Canadian Capital Markets, CBRE Limited
Rael Diamond, President & COO, CREIT
Kevin Leon, President, Crestpoint Real Estate Investment Ltd.
Ted Willcocks, Global Head of Asset Management, Real Estate, Manulife
An insightful discussion with a diversified group of senior real estate executives and investment managers on their perspective for Canadian, U.S. and global real estate fundamentals, trends, and strategies for 2017. What will be the key challenges facing real estate executives over the next twelve months looking for sources of well-priced capital? What are their expectations of the capital and credit markets in supporting the growth of their portfolios? What trend do they expect for the cost of debt capital? 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, e.g. U.S., Europe and Asia? How much deal flow can be expected in the Canadian market in 2017? Have we reached the point where investing outside of the country is more attractive than staying at home? What is the appetite of institutional investors to have greater real estate exposure in their portfolios? Will changing regulations impact raising capital? How are new sources of capital (sovereign wealth funds, high net worth investors from Asia and Middle East, Chinese insurance companies) affecting the capital flow landscape?
Cynthia Devine, Executive Vice President & CFO, RioCan REIT
Stuart Lazier, Partner & CEO, Fiera Properties Ltd.
Paul Finkbeiner, President, GWL Realty Advisors Inc.
Blake Hutcheson, President & CEO, Oxford Properties Group
Sonny Kalsi, Founder & Partner, GreenOak Real Estate
Paul Zemla, President, Investment Management & Chief Investment Officer, Bentall Kennedy Canada