Finding the Right Blend How Listed Fits Your Portfolio

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Finding the Right Blend How Listed Fits Your Portfolio COVER NEWS ISSUE 39 JULY/AUGUST 2011 FEATURES REFERENCE - Annual Conference - FTSE EPRA/NAREIT - When strategies emerge Global Real Estate Indices - Index inclusion, what does - Europe Index expansion it take? - A transparent shift - EPRA BPR GUEST EDITOR Allan Saunderson Finding the right blend How listed fits your portfolio. EPRA mEmbers As oF JULY 2011 AustrAliA • Deutsche EuroShop • Redevco Europe Services • Deutsche Bank • Univ. of Western Sydney, • Deutsche Wohnen • Spazio Investments • Eurocastle Investment Property Research Centre • DIC Asset • Univ. of Maastricht • GIC Real Estate • Valad Property Group • GAGFAH • VastNed • Clearance Capital • Vanguard Investments • GSW • Wereldhave • Goldman Sachs International • Hamborner • Grainger AustriA • Heitman norwAy • Green Street Advisors • CA Immobilien Anlagen • IREBS International RE Business • EdgeCapital • Grosvenor Group • Conwert Immobilien Invest School • Norwegian Property • Great Portland Estates • Sparkassen Immobilien • IVG Immobilien • Hammerson • MEAG Real Estate Management russiA • Henderson Global Investors Belgium • PATRIZIA Immobilien • Renaissance Capital • Ignis Asset Management • Banque De Groof • POLIS Immobilien • Invista Real Estate Investment • Befimmo • PricewaterhouseCoopers singApore Management • Cofinimmo • Real Estate Management • Keppel Land Limited • JPMorgan • Leasinvest Real Estate Institute • National Univ. of Singapore • JPMorgan Cazenove • Mobimo • RREEF Investment • Land Securities • Solvay Business School • SEB Asset Management south-AFrica • Liberty International (Brussels Univ.) • TAG Tegernsee • Growthpoint Properties • Linklaters • Macquarie Real Estate BrAzil greeCe spAin • M&G Investment Management • Iguatemi Empresa De • Eurobank Properties REIC • Fundación ESADE • Morgan Stanley Shopping Center • Lamda Development • Inmobiliaria Colonial • Nabarro • National Bank of Greece • Neinver • Nottingham University British Virgin islAnds Property Services • Parquesol Inmobiliaria y • Principal Global Investors • Dolphin Capital Investors • Pasal Development Proectos • Prologis European Properties • Eastern Property Holdings • Trastor REIC • TESTA Inmuebles & Renta • Quintain Estates & Development • Safestore CAnAdA hong Kong sweden • SEGRO • OPTrust • Univ. of Hong Kong, Dept. • Aberdeen Property Investors • Shaftesbury • Presima of RE & Construction Holding • Standard Life Investments • Castellum • Thames River Capital FinlAnd IRELAND • Tristan Capital • Citycon • Nation Pensions Reserve Fund switzerlAnd • UBS • CREF Center for Real Estate • Center for Urban & RE • Univ. of Cambridge, Dept. of Investment & Finance isreAl Management Land Economy • KTI Finland • Gazit Globe • Euro Institute of RE Management • Univ. of Reading, Centre for RE • Sponda • Mobimo Holdings Research itAly • PSP Swiss Property • Workspace Group FrAnCe • Beni Stabili • Sal. Oppenheim RE • Acanthe Developpement • Immobiliare Grande • Swiss Capital Alternative USA • Affine Distribuzione Investments • AEW Capital Management • AffiParis • Prelios • Swiss Prime Site • Alvarez & Marsal • Altarea • Strategic Capital Management • Cohen & Steers Capital • Amundi luxemBourg • University of Geneva Management • ANF Immobilier • Orco Property Group • Züblin Immobilien Holding • Cornerstone Real Estate Advisers • Baker & McKenzie • Duff & Phelps • BNP Paribas netherlAnds TURKEY • European Investors Incorporated • Cegereal • Amsterdam School of RE • Emlak Konut • Fidelity Management & • EUROSIC • APG Asset Management • Torunlar REIT Research. • Foncière des Regions • ASR • Forum Partners Investment • Foncière Paris France • Atrium European Real Estate uAe Management • Gecina • BPF Bouwinvest • Abu Dhabi Investment Authority • FPL Advisory Group • ICADE • CB Richard Ellis • Host Hotels & Resorts • IEIF • Clifford Chance united Kingdom • ING Clarion Real Estate • Klépierre • Corio • Alvarez & Marsal Securities • Mazars • Deloitte Real Estate • AMP Capital Brookfield • MIT Center for Real Estate • Mercialys • Ernst & Young European Real • Asset Value Investors • Real Capital Analytics • Predica Estate Group • Aviva Investors • Real Foundations • Unibail-Rodamco • Eurocommercial Properties • Bank of America • Rockefeller Group Investment • Silic • Fortis Investment Management • Barclays Capital Management Corp. • Société de la Tour Eiffel • Houthoff Buruma • BDO Stoy Hayward • Russell Investment Group • Société Foncière Lyonnaise • ING REIM Europe • Berwin Leighton Paisner • SNL Financial • Société Générale • Kempen & Co • Big Yellow Group • The Tuckerman Group • Université de Paris-Dauphine • KPMG Accountants • British Land • Univ. of Cincinnati • LaSalle Investment Management • Cass Business School • Westfield Group germAny • Loyens & Loeff • Capital & Counties Properties • WP Carey • AIG International Real Estate • MN Services • Citigroup • Zell-Lurie RE Center at Wharton • AIRE • Nieuwe Steen Investments • Clearance Capital • Alstria Office REIT • PGGM • CLS Holdings • Beiten Burkhardt • Prologis • Credit Suisse Securities Rechtsanwaltsgesellschaft • Royal Bank of Scotland Group • Derwent London plc 2.2. _ EPRA EPRA NEWS NEWS / /29 39 / /2008 2011 CONtents NEWS ISSUE 39 | JULY/AUGUST 2011 GUEST EDITOR Space for new listings 4 NEWS 10 Member Offers 13 CREDITS editor & production manager Dominic Turnbull Features guest editor Allan Saunderson Finding the right blend 15 Article Credits When strategies emerge 22 Fraser Hughes Romain Triollet Small Caps fall under the radar 28 Gareth Lewis Andrew Baum Alex Moss John Ratcliffe EPRA Annual Conference 32 Mohamed Abdel Rahim Ana Silva Dick Boer Maikel Speelman EPRA CFO summit 37 Jana Sehnalova Mohamed Abdel Rahim When CEOs meet 38 Please send your comments and suggestions to: [email protected] Real estate leadership - ladder to the top 40 Diary: outreach China 45 design & layout Fuse Consulting Limited No resbite from lobbying 46 18 Greek Street London REITs: 50 years old and going strong 48 W1D 4DS [email protected] Index Inclusion – what does it take? 50 Europe Index expansion 53 printers PCM Ltd A transparent shift - EPRA BPR 55 EPRA Annual report awards 58 REFERENCE PAGES EPRA FTSE EPRA/NAREIT Global Real Estate Indices 60 Square de Meeus 23, B-1000 Brussels +32 (0) 2739 1010 EPRA NEWS / 39 / 2011 3. GUEST EDItOR space For new listings Need for funding to boost all of their own making. Greek euro European listed universe, fears made the landing harzardous for both. but timing will be key. Take Germany for a moment: You are not alone. Remember that Its listed sector has been distinctly ancient movie ET by Steven Spiel- un-dynamic until recently. The berg, or even his Close Encounters culture is dominated by inter- of the Third Kind? Well, just when mediation - Big Government, Big you European listed real estate Labour, Big Industry and Big Banks. companies thought you were alone Where else is an industry such as in this exchange-quoted universe, car-making, currently in the midst others are landing while still more of a boom throwing off billions circle the skies to check if they wish in profit, suddenly granted EUR 1 to touch down. billion in taxpayers’ money to ‘sup- port’ energy efficiency? Well OK, Even more new-exchangers America’s risible drilling tax-breaks would normally be on the way for oil companies that are reporting by now but, as Germany’s Prime USD 10 billion net per quarter... Office found to its cost last June – But aside from that? In Germany, and before it, Berlin housing firm the individual, the consumer, is GSW – the glide path onto the stock frequently content to be told what’s market is strewn with obstacles, not best for her/him. Investment advice In Germany more than a few of us are calling for using the exchange to capitalise the EUR 24 billion or so in property ownership trapped in closed ‘open’ funds - a scandalous state of affairs that in most other markets would have sparked dramatic political consequences. 4. EPRA NEWS / 39 / 2011 GUEST EDITOR Allan Saunderson from banks is the norm rather than push back the IPO which managed the exception; the market is inher- to list finally on July 01. ently mistrusted. It is uncontrollable and wont to irrational exuberance, But it is still justifiable to expect say the Bigs, fairly unisono. Yet the more IPOs. For in Germany and need for new capital is chipping around Europe, these will not be away at this mentality now. After the only aliens to land in the listed EPRA’s sharp criticism earlier this property universe in the next few year about the lack of German po- months. Given some dampening of litical support for a woefully small macro fears – and the cacophony of listed property sector – very much Anglo-Saxon euro break-up theorists on the mark – out comes a large-ish on CNBC and Bloomberg – a listing listed real estate firm GSW, blinking, trend could spread across Europe into the light of the Frankfurt Stock steadily over the next few months. Exchange floor. This April, at second Fact is that, with a mountain of debt try, GSW finally made its IPO. At EUR refinancing approaching, funding, However for more or less cultural 468 million it gave Cerberus and access to capital, will be taken reasons, it will not be the GOEFs that Goldman Sachs’s Whitehall Funds wherever it can be found. In fact, bring portfolios to the stock market. the exit they had been seeking since debt finance is becoming so tricky Why? Because the gulf between the before the global crisis. And with that it threatens to hold back the en- intermediation proponents in the residential assets
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