Special Report Top 100 Investors

ON TOP OF THE DEALS. IN TOUCH WITH THE DEALMAKERS

SPECIAL REPORT TOP 100 INVESTORS

EUROPEAN SUPER LEAGUE EVOLVES GERMAN PLAYERS DIVERSIFY SWISS TARGET GERMANY DUTCH BATTLE AGAINST BAD IMAGE RANKING & PROFILES

MARCH 2013 The link between property and finance™

Catella is a market leading advisor on the European real estate market. In 2012, we advised in transactions valued at EUR 5.8 billion.

We offer financial advisory services within; Sales & Acquisitions Debt & Equity Valuation & Research

Catella advised DNB Liv in the sale of 133,000 sq.m. shopping centre Kista Galleria in Stockholm. It was the single largest transaction on the Swedish market and an example of the many top market transactions carried out by Catella in 2012.

Catella's real estate advisory operations span Europe with operations established in eleven European countries and more than 200 real estate professionals employed. Our sense of innovation and detailed market expertise let us find solutions that meet the ever changing needs of our clients. That’s what makes us the Link between Property and Finance™.

catellaproperty.com

Annons PropertyEU Investor Guide 2013.indd 2 04/03/2013 12:53:20 CONTENTS

A piece of the pie

Who are the biggest investment managers in Europe? Where are they based and what are the sources of new capital flows? This special supplement provides insight into the key players and trends Europe’s super league

PropertyEU is proud to present the Top 100 investment managers in Europe in our special Mipim edition. Despite the grim economic climate, there are no signs that capital flows into European real estate are about to abate any time soon. Globally sovereign wealth funds 4 are increasing their allocations to real estate and many institutional investors in Europe are doing the same. This special report drills 6 | Global capital flows continue down more deeply into trends in the German Sovereign wealth funds are increasing their allocations to real estate, and Swiss markets and discovers that institu- but institutional investors are still the biggest source of capital tional investors in both these markets are expanding their horizons. The supplement also provides a unique over- 10 | German players diversify view of the leading listed and non-listed real estate investors in Europe based on assets German insurance companies and pension funds are beefing up their exposure to property under management. A super league of global players is evolving and, to put it simply, the big are getting bigger. The ranking and profiles in- 12 | Swiss target Germany cluded here are based on figures for end-2011, Swiss investors are expanding their investment horizon to neighbouring Germany and where available more recent figures are included as well. During the next few months, our research team will process the latest fig- 14 | Dutch battle against bad image ures. This summer we will provide an update Despite its bloated office sector and high vacancy rate, the Dutch investment on the ranking, including a broader coverage market offers opportunities and not every investor is writing down of the key investment managers by type and focus in our Investors Yearbook. Our ranking of the leading Dutch investment managers on page 14 provides a taste 18 | IPD on real estate as an asset class of what is to come. Our sister publication The signs for real estate’s role as an asset class are encouraging, says IPD PropertyNL has been covering the Dutch property market for more than 10 years and provides an in-depth overview of the key 20 | PropertyEU Top 100 Investors players according to source and type of capital. Besides rankings for listed and non-list- The 2012 ranking focuses on AUM in Europe and is a prelude ed investment managers, it also covers the to an Investors Yearbook to be published later this year top Dutch pension funds, insurance companies and fund vehicles. The section on the Dutch market is a prelude to what we aim to 22 | Key figures and profiles present for the key countries in Europe. Profiles of the top 100 listed and non-listed investment managers in Europe Judi Seebus, Editor in Chief

propertyeu | march 2013 | 3 TOP 100 INVESTORS a piece of the pie In total the top 100 investment managers in Europe have almost €1 tln – or €943 bn – in AUM. That is a big figure that is set to grow further in the coming years. AXA Real Estate, the top player in our 2012 ranking, is on course to retain its lead in 2013 after posting an 8% rise in AUM over 2012.

BY JUDI SEEBUS

French get the balance right The French listed property sector is the biggest in Europe in terms of assets under management. Five – or exactly half – of the top 10 French investors in the PropertyEU ranking are listed companies. The six listed French companies together account for AUM of €76 bn. When it comes to the top players overall, the non-listed sector is larger in France – but only just. The 5 biggest non-listed real estate investment managers in the country have combined AUM of €86 bn, bringing the total for listed and non-listed players combined to €163 bn.

TOP 10 FRENCH INVESTORS LISTED UNLISTED name aum €bn 1 AXA Real Estate 42.00 6 Unibail-Rodamco 25.90 13 AEW Europe 18.60 17 Klépierre 16.20 US players muscle in 25 BNP Paribas REIM 12.70 The top 100 includes 13 US players, which is few- 30 Gecina 11.80 er than for Germany which had 18 in total, but 33 Icade 10.00 more than for France (11). The strong US con- 37 Foncière des Régions 9.00 tingent in Europe reflects the dominant position 43 La Française REM 7.10 of US fund managers in the global property fund 57 Amundi Asset Management 5.80 management industry. According to INREV, US

RANKING IN TOP 100 players account for 70% of the top worldwide.

4 | march 2013 | propertyeu SPECIAL REPORT

Swiss peak in Europe Germany is the odd one out Swiss institutional investors account for a large portion of the European investment pie in relation to the PropertyEU’s ranking of top 100 investors contains only three listed Ger- size of the country’s population. Two Swiss invest- man property companies, accounting for €29 bn in assets under management managers feature in the top 10 in Europe with ment. By contrast, the non-listed property sector accounts for AUM of Credit Suisse Real Estate commanding a €174 bn. However, of this total, about €24 bn is in the process of being position in the top 5. liquidated by open-ended fund managers. IVG Immobilien is the leading listed company in the country, followed by Patrizia. DIC Asset follows at a distance in 87th position. Altogether, Germany accounts for a very small portion of the listed real estate sector in Europe.

TOP 10 GERMAN INVESTORS LISTED UNLISTED name aum €bn 7 ECE Real Estate Partners 23.50 10 IVG Immobilien 20.30 11 Deka Immobilien 20.20 14 Allianz Real Estate 17.50 15 SEB Asset Management 17.40* 16 RREEF 17.00 18 Commerz Real 15.50 19 Corpus Sireo Real Estate 15.40 20 Union Investment 15.40 RANKING IN TOP 100

UK heavyweights dominate The UK accounted for the biggest contingent in this year’s PropertyEU ranking of top 100 investment managers. The top 100 contains 27 UK players, excluding the 13 biggest US firms whose European operations are headquartered in London. Tristan Capital Partners is a newcomer at nr 93 with €3.1 bn as of 31 March 2012.

TOP 10 UK INVESTORS LISTED UNLISTED name aum €bn 5 Aviva Investors 27.80 8 Aberdeen Asset Management 23.00 18 Prupim 16.20 23 British Land 13.00 Dutch most diversified 24 Legal & General Property 12.90 Dutch real estate investment managers are 26 Henderson Global Investors 12.60 among the most sophisticated and diversified in 28 Schroder Property Investment Management 12.20 the world and include the likes of APG, the in- 29 Land Securities 12.00 vestment vehicle of civil servants pension fund 31 Standard Life Investments 11.20 ABP. Dutch institutional investors also account 32 Scottish Widows Investment Partnership 10.10

for a significant portion – or 40% – of the Euro- RANKING IN TOP 100 pean real estate pie. SOURCE: PROPERTYEU RESEARCH, ALL FIGURES RE FOR END 2011

propertyeu | march 2013 | 5 introduction global capital flows continue Sovereign wealth funds are increasing their allocations to real estate, but institutional investors are still the biggest source of capital

By MARIANNE KORTEWEG & JUDI SEEBUS

anchester is not the first city in Europe that with the State Oil Fund of Azerbaijan (SOFAZ) one of springs to mind for a real estate investment the latest to join the fray. ‘Sovereign wealth funds have Mby a Chinese sovereign wealth fund. But that grown in significance and scope,’ noted Stephen Barter, is where Gingko Tree Investment, a London-registered chairman of KPMG’s real estate advisory unit. ‘Some, Chinese state-owned fund, forked out £142 mln (€164 like Norges Bank (the investment arm of Norway’s gi- mln) in mid-February together with a consortium of in- ant oil fund), and China’s CIC need to deploy significant vestors led by investment manager RREEF Real Estate. amounts of money. We will see more emphasis on stra- The local media has flagged the deal as a significant one tegic partnerships, with SWFs taking stakes in local part- for the local market as it represents the first time that ners or teaming up with funds to access local markets.’ the wave of Asian investors targeting UK property have taken the plunge in a regional city. Extending the boundaries Gingko is not the only Chinese wealth fund with an ap- Barter describes Norges as ‘very selective and well man- petite for UK real estate. But others, like the Hong Kong aged’. ‘They are constantly extending their boundaries Monetary Authority, which invests China’s foreign ex- and are (even) in some cases doing some single-asset change reserves, and China Investment Corporation transactions with local partners.’ At end-2012, Norges (CIC) have targeted London as their first port of call. In Bank Investment Management (NBIM) entered the mainland Europe, Paris is invariably their first stop and Swiss market with the purchase of the massive Uetlihof the number of sovereign wealth funds (SWFs) that have office complex in Zurich for CHF 1 bn (€830 mln). Hard been sighted in the French capital has continued to grow, on the heels of the acquisition, it went back to its part-

Sovereign wealth funds on the rise SWFs pump more money into real estate Assets under management are rising steadily Proportion of Sovereign Wealth Funds investing in each asset class , BN % COMMODITY % , % % % NON COMMODITY , % % % % % , % % % , % , % % f PUBLIC DEBT PRIVATE REAL INFRA HEDGE EQUITIES INSTRUMENTS EQUITY ESTATE STRUCTURE FUNDS

source: swf institute; thecityuk estimates source: preqin

6 | march 2013 | propertyeu special report

nership strategy and teamed up with Prologis in a 50- 50 joint venture to acquire a €2.4 bn logistics portfolio across Europe. In just over two years, the oil fund has ‘Sovereign wealth built up a European real estate portfolio totaling more funds have grown than €5 bn. Norges has now also joined forces with retirement fund in size and scope’ manager TIAA-CREF to embark on a spending spree in stephen barter, chairman of the US as part of its strategy to build up a €20 bn global KPMG’S REAL ESTATE ADVISORY UNIT real estate portfolio. But although Norges has become one of the most prolific real estate investors in Europe, it is by no means the only SWF with deep pockets. The sta- slowdown. Just over half are funded by commodities ex- tistics indicate their numbers are growing. Figures from ports, primarily oil, but non-commodity funds are cap- the Sovereign Wealth Fund Institute show that SWFs turing an increase of the total and this trend is expected globally saw their assets grow from $4.8 tln (€3.6 tln) at to continue. A number of SWFs recorded a slowdown in end-2011 to $5.2 tln by end-2012. Including funds held the inflow of capital following the outbreak of the glob- in other sovereign investment vehicles, such as pension al financial crisis, but overall inflows are increasing as reserve funds and development funds, the total comes to countries in Asia, particularly China, continue to build well over $10 tln. up foreign exchange reserves on the back of growth in SWFs have been around for decades, but their presence commodity demand. SWFs tend to have longer-term has become more visible since the start of the economic investment horizons than other types of investors and

Norway heads global ranking country sovereign wealth fund assets $ bn inception origin linaburg-maduell transparency index Norway Government Pension Fund – Global $715.9 1990 Oil 10 UAE – Abu Dhabi Abu Dhabi Investment Authority $627.0 1976 Oil 5 China SAFE Investment Company $567.9 1997 Non-Commodity 4 Saudi Arabia SAMA Foreign Holdings $532.8 n/a Oil 4 China China Investment Corporation $482.0 2007 Non-Commodity 7 China – Hong Kong Hong Kong Monetary Authority Investment Portfolio $298.7 1993 Non-Commodity 8 Kuwait Kuwait Investment Authority $296.0 1953 Oil 6 Singapore Government of Singapore Investment Corporation $247.5 1981 Non-Commodity 6 Russia National Welfare Fund $175.5 2008 Oil 5 Singapore Temasek Holdings $157.5 1974 Non-Commodity 10 China National Social Security Fund $134.5 2000 Non-Commodity 5 Qatar Qatar Investment Authority $115.0 2005 Oil 5 Australia Australian Future Fund $83.0 2006 Non-Commodity 10 UAE – Dubai Investment Corporation of Dubai $70.0 2006 Oil 4 UAE – Abu Dhabi International Petroleum Investment Company $65.3 1984 Oil 9 Libya Libyan Investment Authority $65.0 2006 Oil 1 Kazakhstan Kazakhstan National Fund $61.8 2000 Oil 8 Algeria Revenue Regulation Fund $56.7 2000 Oil 1 South Korea Korea Investment Corporation $56.6 2005 Non-Commodity 9 UAE – Abu Dhabi Mubadala Development Company $53.1 2002 Oil 10 US – Alaska Alaska Permanent Fund $45.0 1976 Oil 10 Iran National Development Fund of Iran $42.0 2011 Oil & Gas 5 Malaysia Khazanah Nasional $39.1 1993 Non-Commodity 5 Azerbaijan State Oil Fund $32.7 1999 Oil 10 Brunei Brunei Investment Agency $30.0 1983 Oil 1 source: sovereign wealth fund institute

propertyeu | march 2013 | 7 introduction

Germany Switzerland many are not held back in their investment strategies by 13.8% 13.8% specific liabilities that they need to meet. As a result, they UK 24.8% are often able to invest significant amounts of their portfolios in longer-term and alternative investments. Sweden According to figures from Prequin, the research and 13.6% consultancy firm focusing on alternative asset classes, SWFs have resumed their portfolio diversification plans in recent years in response to a degree of global econom- Denmark ic recovery. A significant proportion of existing SWFs al- 11.8% ready invest in real estate: 53% are known to invest in the asset class and a further 6% are considering doing the same. The vast majority – 89% – of SWFs invest directly in real estate, but 62% invest both directly and indirectly. Finland 8.3% On the whole, SWFs focus on core assets. While the process appears to have slowed somewhat in 2012, overall levels of capital flowing into alternatives including real estate from SWFs remain ‘extremely sig- Rest: 8,9% nificant’, Prequin said. Indeed, new SWFs from Ghana, Norway 2.1% Iran and Nigeria are emerging on the horizon and vehi- France 1.9% cles from even more exotic destinations are also entering Netherlands Belgium 1,69% Italy 2.5% the landscape. Funds launched in recent years include 60,5% the Papua New Guinea Sovereign Wealth Fund and Austria 0.2% Ireland 0.5% Mongolia’s Fiscal Stability Fund. Other countries that Dutch dominate Ireland 0.05% Poland 0.01% have recently entered the arena or are planning to do so include Angola, Bolivia, India, Japan, Taiwan and Thai- institutional rankings land. Quantum, which manages the Angolan fund, has The Netherlands accounts for no less than 40% – or €60 bn – of real estate in- a tie-up with La Salle Investment Management and has vestment by institutional investors, according to a ranking published by IP Real ambitions to manage money from other African states Estate. Civil servants’ pension fund ABP and healthcare sector pension fund from its base in Switzerland. PFZW account for a sizeable portion of this figure. Indeed, pension funds domi- Barter believes that more SWF money will come out of nate the ranking of institutional investors. By contrast, insurance companies Asia in the coming years. ‘We can expect more activity play a larger role than pension funds as real estate investors in Germany, France, from Malaysia, which has five or six pension or endow- Italy and Sweden. Dutch institutional investors also stand out in terms of inter- ment funds that are international in scope, and we can national diversification. Almost 60% of total allocations are non-domestic. also expect moves from Indonesian private money.’ So

CURRENT EXPOSURE TO REAL EStaTE totAL ASSETS UNDER MANAGEMENT And expected in the next three years (€ bn) By type of investor % GERMANY ITALY SWEDEN FINLAND UK FRANCE NETHERLANDS UK GERMANY NETHERLANDS SWEDEN FRANCE FINLAND INSURANCE INDUSTRY CURRENT NEXT YEARS PENSION INDUSTRY OTHER INSURANCE INDUSTRY INSURANCE INDUSTRY PENSION INDUSTRY PENSION INDUSTRY source: INREV source: INREV

8 | march 2013 | propertyeu special report

far, there haven’t been any moves from Brazil where do- allocated to real estate is 8.1%. Germany accounts for the mestic growth has fallen, but the country remains on the lowest allocation at 5.4% and Finland the highest at 12%. watch list due to the strength of its natural resources, The vast majority of investors have a clear preference Barter added. ‘The intrinsic wealth of its energy sources for direct investment, but the Dutch pension sector is is there, so we should see some activity in due course.’ a notable exception. Instead, just under half – 43% – of SWFs are becoming an increasingly important source of investments by Dutch pension funds are through non- capital for the real estate sector, as are high net worth in- listed vehicles. This constitutes the largest investment of dividuals. Private equity remains an important pillar but non-listed property funds undertaken by a single inves- overall institutional investors such as pension funds and tor group in the overall sample. insurance companies are the biggest sources of capital worldwide (see figure). The same is true for Europe. A re- dutch most diversified internationally cent survey by IP Real Estate indicates that the leading 100 Outside the Netherlands, the preference for direct real es- pension funds and insurers in Europe have almost €160 tate investment means there is a strong focus in all other bn tied up in real estate. Moreover, real estate allocations countries on domestic investment. Six out of seven of the from this corner are also expected to grow significantly in analysed markets have a strong preference for domestic the coming years. According to a recent survey by INREV, investment: the UK, Germany, Sweden, France, Finland the association for non-listed real estate investors, alloca- and Italy all concentrate the bulk of their investments – tions to non-listed property funds are expected to grow by or over 80% – on their home markets. The majority of over 39% in the coming three years. German investors countries allocate less than one-third of their overall real will lead this expansion, with allocations from this corestate investment non-domestically. The exception again ner expected to grow 44%. France follows at 38%, while in this context is the Netherlands where more than half strong increases are also expected in the UK and Sweden. of real estate investments are non-domestic. The survey results also show that investors have a ten- Growing investor universe dency to use non-listed real estate funds as a tool for in- Entitled INREV Investor Universe Surveys & Compari- ternational diversification. The wisdom of this strategy sons, the study was published in November 2012 and is illustrated by the following figures by two of the most brings together information on the investor landscapes internationally diversified and sophisticated institutional of seven European countries. While the number of inves- investors in Europe. Dutch pension fund ABP, which is tors polled was no more than 218, together they represent administered by asset manager APG, generated €3.9 more than €3.6 tln of assets under management (AUM). bn, or a return of 16.2%, on its real estate portfolio in The sample’s €340.9 bn allocation to real estate repre- 2012. PensioenfondsZorg en Welzijn (PFZW), the Dutch sents an average of almost 70% of the total real estate healthcare sector pension fund administered by asset allocation in these seven countries. Although the size of manager PGGM, reported a similarly healthy return of the institutional markets differs, the average proportion almost 15% on its property portfolio in 2012. totAL ASSETS UNDER MANAGEMENT NON-domestic real estate allocation (%) TYPES OF REAL ESTATE INVESTMENT (%) By type of investor % GERMANY ITALY SWEDEN FINLAND UK FRANCE NETHERLANDS GERMANY SWEDEN FINLAND ITALY NETHERLANDS UK FRANCE DIRECT INVESTMENTS NON-LISTED VEHICLES/COLLECTIVE INVESTMENT SCHEMES LISTED PROPERTY COMPANIES & REITS JOINT VENTURES (MANAGED BY THIRD PARTY OTHER REAL ESTATE source: INREV source: INREV

propertyeu | march 2013 | 9 diversifygerman players New regulations are prompting German insurance companies and pension funds to increase their exposure to property

By Richard Haimann

hristmas was anything but quiet for the acquisition Allianz Real Estate is not the only Germany insurer aim- team of Allianz Real Estate. In December, the real ing to expand its property portfolio. Recent studies show Cestate arm of Germany’s largest insurance com- that Germany’s insurance companies and pension funds pany acquired an office building in Brussels for an undis- have increased their real estate investments considerably in closed sum. Five days before Christmas, the asset manager recent years and plan to continue to do so. Insurance com- with €21.5 bn of real estate under management bought a panies increased their direct property investments in Ger- 49% stake in Four Oak Place in Houston, Texas, for €150 many by 5.3% to €120 bn between 2008 and 2011. Indirect mln. And in January, Allianz spent €90 mln to take over investments in Spezialfonds, low level regulated property the Medienfabrik in Munich, a 33,000 m2 office scheme in funds only available to institutional investors, have risen by the city’s trendy new Theresienhöhe quarter. an even higher percentage since 2008 – up 58.4% to €36.6 This is not the end of the buying spree: ‘The markets in bn in November of last year. southern Europe, especially Italy, are very interesting for us,’ Allianz Real Estate’s CEO Olivier Piani said recently. Increased allocations The economic downturn is currently scaring many in- Not only are institutional investors putting more money vestors away, but Piani is certain that the markets on the into property, they are also giving the sector more weight in northern Mediterranean shores will recover and believes their overall portfolios, said Wolfgang Kubatzki, member that now is the time to buy. ‘Currently, we are seeing oppor- of the board at Feri Eurorating Services. ‘Since 2010, Ger- tunities – and we want to make use of them,’ he said. For man institutional investors grew their real estate exposure the job, he has hired Mauro Montagner as the new CEO of from 6.1 % to 7.3 %,’ he said. Insurance companies were Allianz Real Estate Italy. Montagner is a native Italian who the most active players, increasing their real estate expo- previously worked for Morgan Stanley Real Estate Funds sure from 4.8% in 2010 to 6.0% last year. ‘Pensions funds and AEW Europe in London. kept their exposure steady at a rate of 10.4%. The drive by insurance companies alone has resulted in an inflow of €7 bn into indirect real estate assets within the last two years,’ A modest portion he added. Germany is punching far below its In Germany, all employees are entitled to a state-guar- weight in terms of real estate anteed pension which currently averages about €1,000 investment within Europe. a month, depending on earned wages and the number German institutional investors of years worked. To supplement their old-age provisions, account for a mere 9% of the most employees enter life insurance plans or private retire- €155 bn real estate pie. The ment plans with life insurance companies. Only the self- figure is based on total real employed must provide for themselves and enter into a estate investment by the top 100 pension plan with a pension fund provider. pension funds and insurance It comes as no surprise then, that three of the most active companies in Europe. direct investors in German real estate in the past two years have been insurance companies. Allianz was the frontrun-

10 | march 2013 | propertyeu German market

ner after expanding its property portfolio in the last two years by more than €2 bn, according to real estate adviser Savills. ‘AXA Investment Managers Germany with invest- ‘We see opportunities ments of €953 mln and R+V Versicherung with property purchases of €337 mln ranked second and third,’ Marcus and we want to make Lemli, CEO of Savills Germany, said. use of them’ German institutional investors will further expand their Olivier Piani, CEO Allianz Real Estate real estate exposure in the coming years, claims Alexan- der Schindler, member of the board at Union Investment. He believes low government bond yields in triple-A rated countries like Germany and the volatility of the stock mar- nies specialised in closed-ended funds for wealthy private ket have made property investments very attractive. ‘Real investors like Commerz Real, Hannover Leasing and Real estate provides investors with much needed steady income I.S. – have successfully launched new products for pension flows and returns, while at the same time providing a funds and small insurance companies. Members of the hedge against inflation,’ he said. Schindler’s assessment is German closed funds association VGF saw the total sum supported by a Feri survey among 103 institutional inves- generated by institutional investors more than triple over tors in Germany with a total of more than €500 bn assets the past two years, from €400 mln in 2010 to €1.36 bn in under management. The large majority – 64% – of par- 2012. About half of that money flowed into real estate. ticipants said they plan to expand their real estate exposure within the next two years. Only 7% said they want to reduce REIT exposure the property allocation within their portfolio. In the past, strict regulations made it unattractive for institutional investors in Germany to hold shares of real estate Diversifying outside Germany companies, but regulations are changing that. Leading the Many German investors are also diversifying their portfo- way is MEAG, the asset manager of Munich RE and Ergo lios. Approximately 38% of all property currently held by insurance group. ‘We have already allocated €750 mln to German insurance companies and pension funds is lo- REITs,’ press spokesman Josef Wild said. That is equal to cated outside the country – and that rate is set to increase 7.9% of MEAG’s total real estate investments of €9.5 bn. even further, Kubatzki said. ‘Only 24% of the institutional Other institutional investors have begun to dip their toes investors looking to increase their real estate portfolios are in the water. Fund manager SEB Asset Management at- contemplating investments in Germany or the German- tracted €6.14 mln to its Asia-Pacific-REIT Fund A launched speaking neighbouring countries of Austria and Switzer- last April for institutional investors. In the last 12 months land.’ Stuttgart private bank Ellwanger & Geiger saw an inflow of Instead, the majority are looking at markets in other Eu- about €2 mln from pension funds in southern Germany ropean countries, with France and the Benelux countries for its three REIT funds set up 13 years ago for wealthy pri- leading the list and named by 24% of those polled. About vate customers. Market watchers believe the trend will con- 19% are eyeing markets in the UK and Scandinavia, 16% tinue. ‘Institutional investors are beginning to see the ad- are looking at eastern Europe, 12% at southern Europe, 11% vantage of REITS’, said Ellwanger & Geiger fund manager at the US, while the Asian markets appeal to only 3%. Helmut Kurz. ‘It takes months to acquire or sell a building but only seconds to buy or sell shares,’ he added. Impact of DEregulation In the past, German insurance companies and pension Germany punches below its weight funds had just two choices: they could either buy property directly or allocate money via a Spezialfonds. That has changed in recent years due to deregulation. ‘Since 2005 the rate of directly owned property in the real estate portfolios of institutional investors has fallen from 71% to 49%,’ Kubatzki said. ‘That figure will shrink further in the future,’ he added, referring to the impact of Solvency II. The EU Directive to harmonise insurance regulations within the 27 member states will make indirect real estate invest- UK GERMANY NETHERLANDS SWEDEN FRANCE FINLAND ITALY ments more attractive than direct ownership of property REAL ESTATE for insurance companies. AVERAGE source: inrev Also, a number of Emissionshäuser – investment compa-

propertyeu | march 2013 | 11 germanyswiss target A yield crunch in the Swiss real estate market is forcing pension funds in the Alpine country to expand their investment horizon to neighbouring Germany

By Richard Haimann

rankfurt-listed GSW Immobilien is focussed for €1.4 bn. The exact stake Migros acquired in the deal solely on Berlin’s residential real estate market, has not been revealed, but sources familiar with the Fwith a portfolio of 52,100 apartments in the Ger- transaction point to a triple-digit million-euro figure. man capital. However, the shareholders of the company The list does not end there. Zurich-based Acron AG has with a market capitalisation of €1.6 bn are not confined to collected €147.5 mln from pension funds in Switzerland the city limits – or the country’s borders. About 3.8% of for investments in hotels and retail properties in Ber- GSW’s shares, representing a value of €60 mln, is now lin and Vienna. And Duisburg-based Hamborner REIT owned by Credit Suisse Hedging-Griffo, a fund man- AG, which focusses on commercial property in large ager for Swiss institutional investors. In November last and mid-sized cities in Germany, has seen a number of year, GSW attracted even more money from Switzerland Swiss pension funds acquire shares. when Swiss pension funds subscribed to 7% of a €183 The volumes are low but Hamborner’s CEO Rüdiger mln seven-year-bond issued by the recently-floated real Mrotzek expects more money to flow from the Alpine estate company. country into the company’s shareholder base. ‘We have ‘We have seen a growing interest from Swiss institu- built solid contacts with Swiss investors, and many of tional investors in our company and in German real es- them are interested in joining us on our growth path,’ tate in general,’ GSW’s CFO Andreas Segal told Prop- he said. ertyEU. Since last summer, a growing number of Swiss pension funds have begun to target real estate in neigh- Fundamental change in strategy bouring Germany. Zurich-based Migros Pensionskasse The push for German real estate constitutes a funda- with CHF16.8 bn (€13.5 bn) under management joined mental change in the investment strategy of Switzer- a syndicate set up by German listed real estate company land’s 2,190 Pensionskassen (pension vehicles) with Patrizia to acquire a portfolio of 21,000 apartment units assets of CHF700 bn (€564.5 bn) under management. from regional bank Landesbank Baden-Württemberg In the past, the pension funds of the small German- speaking country with a population of just eight million people had concentrated their real estate investments Big spender almost solely on their home market, but that trend has Swiss institutional investors ac- driven up prices and pushed down yields to record low count for a large portion of the levels. ‘Prime real estate in Switzerland has become so European investment pie in expensive that yields in some places have fallen below relation to the size of the coun- 2%,’ said Bernhard Köhler, CEO of fund analysis com- try’s population. Switzerland pany Swisslake Capital. accounts for 9% – or €13.8 As a result, a rising number of Swiss pension funds bn – of the €155 bn invested are no longer meeting mandatory earnings levels set by the top 100 pension funds and by the Swiss government. According to the latest report insurers in Europe. This is exactly by the Oberaufsichtskommission, the watchdog for the the same figure as for Germany. Swiss pension fund sector, 17% of all funds were under- funded at the end of 2011 compared with 10.7% the pre-

12 | march 2013 | propertyeu swiss market

vious year. As a result, the total earnings gap came to CHF41.5 bn (€33.5 bn) at the end of 2011. ‘The pension funds are feeling the yield crunch on the Swiss real es- ‘We have seen growing tate market,’ Manfred Hüsler, director of the Oberauf- interest from Swiss sichtskommission, said. ‘Neither commercial nor residential properties currently offer attractive yields in the institutional investors Swiss market,’ he added. in our company’ In a bid to improve their earnings, more and more pen- Andreas Segal, CFO GSW sion funds are eyeing foreign real estate markets. ‘We see a growing interest in cross-border investments,’ Hüsler said. Austria and Germany are the main targets, accounting for only a small amount, Schroders said. according to Jochen Reith, head of institutional clients However, most of the money flowing out of Switzerland at Patrizia. ‘There is no language barrier and the invest- into foreign real estate will not go into direct property ment culture in all three countries is very similar,’ he holdings but into the shares and bonds of real estate said. Swiss pension fund managers, like their Austrian corporations in other countries, IVG analyst Beyerle and German counterparts, prefer low-risk real estate, said. ‘Swiss institutional investors prefer listed vehi- Reith added. ‘They are all looking for solid cash flows, cles over direct investments so that they can pull their They don’t want to bet on fast capital gains,’ he said. money out at any given time,’ he explained. Zurich-based Acron has taken that into account in its Outflow of money investment drive across the border. The funds targeting The shift in strategy will result in a considerable outflow real estate in Berlin and Vienna have been set up as list- of money from Switzerland into Austria and Germany ed single-asset vehicles (Ein-Objekt-Aktiengesellschaf- in the coming years, Thomas Beyerle, chief research ten) under Swiss law. ‘This set-up allows investors to analyst with German real estate investment corporation sell their assets in the funds at their discretion,’ Acron’s IVG, predicts. ‘We are not talking about a flood wash- CEO Kai Bender said. On top of that the vehicles – like ing over the markets, but a stream large enough to be real estate stocks – offer a further advantage compared felt,’ he said. to direct investments, Bender added: ‘Investors cannot According to a report by Credit Suisse, as of June last be held responsible should a fund fail to properly ser- year Switzerland’s pension funds had allocated 16.5% of vice the financing.’ their total assets to real estate, representing a total value of around CHF115.5 bn (€93.1 bn). Of that figure only 1.2% was located outside the country – an extremely low percentage compared to institutional investors in other Swiss rise above the rest European countries. Switzerland may be only one tenth of the size of Germany in terms of In Germany, 38% of all property holdings of institu- population, but the Alpine country literally rises above its neighbour in terms tional investors are located outside the country, accord- of real estate investment and assets under management. Two Swiss ing to a recent survey by Feri EuroRating. At the end of investment managers feature in the top 10 in Europe with Credit Suisse Real the third quarter of 2012, the net value of foreign real Estate commanding a position in the top 5, according to PropertyEU’s ranking estate held by Germany’s institutional investors totalled of top listed & non-listed investors. Altogether, Switzerland has five leading €36.4 bn, or 2.3% of the €1.6 tln of total assets under investment managers in the top 100 which together account for € 66 bn in management. assets under management. Germany accounts for a larger figure overall – or Last year, the Oberaufsichtskommission recommended just over € 200 bn – but proportionally this is much smaller. And in terms of that Swiss pension funds should increase their foreign institutional investment it is on a par with its smaller neighbour. property exposure to 30% of their overall real estate investments. If that were to happen, at least €26.8 bn Top Swiss investors 2012 would pour into foreign markets, with a considerable Name AUM €BN amount of the total flowing into Austria and Germany. 4 Credit Suisse Real Estate 27.8 That prospect has prompted investment managers to rush 9 UBS Global Asset Management 22.0 to get a slice of the new business. UK-based Schroders re- 49 Swiss Prime Site 6.7 cently closed a new €225 mln fund for Swiss institutional 64 Swisscanto Asset Management 4.9 investors, focussing primarily on core real estate in Ger- 65 PSP Swiss Property 4.6 many and France. Most of the funding was provided by ranking from top 100 source: propertyeu research the country’s pension funds, with insurance companies

propertyeu | march 2013 | 13 baddutch image battle Despite its bloated office sector and high vacancy rate, the Dutch investment market offers opportunities and not every investor is writing down

By wabe van enk & marianne korteweg

The Netherlands owes its poor reputation as a prop- eager to make money out of the sale of land. With erty investment market to its high office vacancy rate no imminent decline in the vacancy rate in sight, the – around 15% nationwide and touching 18% in major chance of shrinking rental income from existing of- urban agglomerations such as Amsterdam. The peak fices is a real possibility. vacancy rate, in Hoofddorp, is a startling 22%. The Research by PropertyEU sister publication Prop- country’s leading property adviser DTZ Zadelhoff has ertyNL and valuation specialist Calcasa shows that divided the vacant office stock into three categories: Dutch office rents have failed to keep pace with infla- highly-promising, promising and low-potential. The tion over the past 10 years. Offices have become an in- share of low-potential properties – defined as those creasingly cheap commodity, a trend which will only which are not easily accessible, of moderate quality reverse once market demand picks up again, some- and vacant for more than three years – increased last thing which is not expected before 2014. The office year to 35% from 28% in 2011. The outlook for these vacancy rate will subsequently have to fall to around buildings, especially if located on the periphery of cit- 5% for a rise in values to materialise. ies or alongside motorways, is grim, says the adviser. In the meantime the risks of massive writedowns ‘The chances of such a property ever being let again are increasing. Research by IPD among institutional are extremely small. Eventually, more empty office investors shows that they have written down more space at the bottom end of the market will have to than 20% in the past four years in a range (per seg- disappear through conversion or demolition,’ says ment and per region) of 11% to 28%. And the general DTZ Zadelhoff CEO Cuno van Steenhoven. market consensus is that investors will have to write The root of the office glut lies in a combination of down far more. structural overbuilding in the past three decades, easy bank finance for new develop- Institutions ments and acquiescent local councils According to IPD data, Dutch institutional investors (insurers and pension funds) hold around €50 bn of assets, representing some 42% of the total Dutch Dutch dominance market of €119 bn. Research by PropertyNL shows Dutch institutional investors that this group accounted for 17% of the Dutch trans- account for 40% – or €60 action volume in 2011. It is not clear to what extent bn – of the €155 bn real foreign investors (with around €24 bn of assets) are estate pie. The figure is writing down their Dutch assets. The general market based on total real estate impression is that German investors in particular are investment by the top 100 writing down relatively little in order not to have to pension funds and insur- take any pain. This makes the German players less ance companies in Europe. flexible when it comes to redevelopment, renovation By contrast, Germany or even giving rental incentives to stave off vacancy. accounts for just 9%. Private investors are emerging as an increasingly important force in the Dutch commercial real estate

14 | march 2013 | propertyeu Dutch market

market. According to IPD, the group represents €45 ing to knock as much as €6 bn off their investments bn of the total investment market of €119 bn. It also – Dutch real estate remains a better performing asset plays a key role in oiling the market, accounting for class historically than equities, according to IPD. 46% of total transaction volumes in 2011. The group consists of around 100 players, who mostly appear to Conversion have been careful with book values and often know Does transforming empty office space to other uses the local market and tenant issues better than their offer relief to investors burdened with high-vacancy non-Dutch and institutional counterparts. They were properties? Despite the publicity given to conver- also the first to undertake large-scale renovations sion, its effect on an investment portfolio is relatively of offices and shopping centres. Examples of these small. Moreover, the proportion of offices that lend players include Brouwershoff, Caransa, Kroonenberg themselves to re-use is low. Broadly speaking, there Groep and Maarssen Groep. are three conversion options in the Netherlands: hotels, student accommodation and nurseries for start- Non-listed funds up companies. To transform an office into a hotel, an The third group active in the Dutch market – non- investor has to fork out between €800 and €1,000 per listed retail funds – are slow to write down their m2 of gross floor area, on which, if they are lucky, they investments as all fund participants have to be in will earn back €1,500 per m2. agreement. In most cases, writedowns are only made The writedown on an average office will easily under pressure from banks and involve writing off amount to over 50%, with the added risk of the con- investors’ own equity. Despite the endemically high version ending up more expensive than anticipated, vacancy rate – which some say will see investors hav- the location proving less suitable or demand being

Pension fund returns vary PropertyNL Top 10 Pension Funds As with their funding ratios, pension funds’ investment returns (€ mln based on invested equity in real estate) differ widely. Whereas pension fund giant ABP posted a slim re- 2011 2010 change turn of 1.2% in 2011, ING’s pension fund booked 8.2%. However, 1 ABP (civil servants pension fund) 28,773 25,421 12% in 2012, ABP generated a return of more than 16% on its real 2 PZW (healthcare sector pension fund) 13,838 13,838 0% estate portfolio. ABP was by far the biggest investor in Dutch real 3 BPF Bouw (building sector pension fund) 5,531 5,211 6% estate in 2011, channelling €2.9 bn through investment manager 4 PMT (metal workers pension fund) 4,448 4,290 4% APG. The railway (Spoorwegpensioenfonds) and construction 5 PME (electrical engineers pension fund) 2,043 1,743 15% sector (BPF Bouw) funds also posted above-average results in 6 BPL (agricultural pension fund) 1,810 1,868 -3% 2011. The number two player, healthcare sector fund Zorg en 7 SPF (railway workers pension fund) 1,301 1,375 -6% Welzijn, invested less than half that amount through PGGM but 8 Rabobank Pension Fund 1,035 905 13% at 12.5%, its allocation to real estate as a percentage of its total 9 ING Pension Fund 986 1,089 -10% portfolio was higher than ABP’s 10.8%. In 2012, Zorg en Welzijn 10 KLM Pension Fund 814 829 -2% booked a 15% return on its real estate portfolio.

PropertyNL Top Insurers Solvency II has an impact (€ mln based on invested equity in real estate) Insurers are setting aside more capital for their real estate in- 2011 2010 change vestments in response to the new European Solvency II regula- 1 ING Group* 7,775 8,896 -14% tions. This is the main reason behind the fall in their allocations 2 ASR Real Estate Asset Management 3,800 4,060 -7% to property in 2011. The biggest change is the sale by ING of 3 Aegon 2,784 2,784 0% its Real Estate Investment Management arm to CBRE Global 4 Delta Lloyd 2,446 2,414 1% Investors, although the insurer continues to play a major role 5 Dela 1,491 1,488 0% as shareholder in the underlying funds. By setting up the ASR 6 Achmea 1,243 1,416 -14% Dutch Prime Retail Fund, insurer ASR is gaining more clout with * R eal estate investments, participations, development, international investors. directly owned assets and sales portfolio

propertyeu | march 2013 | 15 less strong at the time of completion. That is already are often not willing, or able, to pay high rents. Of- the case in Amsterdam, where restrictions have been fices in Amsterdam which used to generate rents of imposed on new hotel conversions. An example of a €195 per m2 now command just €60 per m2 following successful conversion into a hotel is the Conservato- transformation. rium Hotel in Amsterdam pictured below left. Investment costs for student accommodation may be Opportunities 1. Conservatorium fractionally lower than for hotels but the writedowns For all the gloomy reports on the Dutch market, ob- Hotel in Amsterdam, opened in 2011 are higher. This means that the difference between servers say there will be opportunities in the months 2. The Curve in Amster- building a new student hall and redeveloping an of- ahead as demand for prime locations such as the dam, owned by private investor Kroonenberg fice into student housing is small. The third conver- World Trade Center in Amsterdam remains strong. 3. First Rotterdam, sion category – an incubator for start-up firms – is They argue that IPD data shows that, despite the cri- owned by Maarssen Groep and MAB the easiest, but the drawback here is that the tenants sis, returns on Dutch commercial real estate have

More deals by pivate investors PropertyNL Top 10 Private Investors PropertyNL’s latest ranking of top private investors (combined (€ mln based on book value real estate assets) 2011 2010 change AUM of over €100 mln) consists of more than 100 candidate 1 Redevco 7,300 7,400 -1% players. However, they are difficult to compare due to fragmen- 2 Breevast 1,874 1,855 1% tation via their various subsidiaries. Their book values also vary 3 Kroonenberg Groep 1,800 1,800 0% enormously, ranging from extremely low historic cost prices to 4 Green Real Estate* 1,334 818 63% sky-high current market values. The table on the left is therefore 5 Ping Properties 860 1,000 -16% a selection of key players. The overview excludes Reggeborgh, 6 Chalet Groep 850 875 -3% the investment vehicle of the Wessels family which owns Dutch 7 Newomij 557 571 -3% construction group Volker Wessels and Urban Interest (Hilders 8 DHG 413 400 3% family). Both these players have been very active in the past two 9 Brouwershoff Beheer 350 350 0% years as have private investors in general. 10 Groene Groep 250 288 -15% * private equity

Major share price differences PropertyNL Top Listed Investors Despite writedowns, the Netherlands’ listed investors nearly (€ mln based on invested equity in real estate assets) 2011 2010 change all boosted their property holdings in 2011 compared with the 1 Unibail-Rodamco 27,500 25,900 6% previous year. The lower initial yields seemed a good moment 2 Corio 7,279 6,900 5% to buy but less so to sell. NSI took over Vastned O/I, for ex- 3 Wereldhave 2,989 3,058 -2% ample, leaving the listed Vastned company focusing purely on 4 Eurocommercial 2,637 2,473 6% retail (the Vastned figures provided here are on a like-for-like 5 NSI 2,321 1,354 42% basis). Investors in listed companies seem to be anticipating 6 Vastned 2,106 1,929 8% more writedowns as these firms are trading at up to 40% below their net asset value, with the exception of Unibail-Rodamco.

16 | march 2013 | propertyeu Dutch market

held up well compared with other European markets. cording to CBS. Some argue that the Dutch market is being dispro- Increasingly, investors are mandating other, mainly portionately punished and cite the Uni-Invest port- international players to invest on their behalf and folio as a case in point. Its value fell from €900 mln even those which are Dutch in origin are globalising to €600 mln in the space of a few years before being their operations. Examples include listed investor bought for €359 mln in 2012 by private equity compa- Unibail-Rodamco and non-listed player Q-Park. Insti- nies TPG Capital and Patron Capital Partners. Writ- tutions are also shifting their focus from commercial edowns of this order are an unrealistic side effect of to residential real estate. the crisis and thus offer opportunities for an increase in values. Capital flight All in all, three main trends – institutions opting for Direct versus indirect indirect property, listed and unlisted players going For their part, Dutch institutional investors have in- global and an avoidance of commercial property, in creased their domestic property holdings in recent particular offices – are hitting the Dutch office- mar years, according to figures from the Dutch statistics ket harder than the economic fundamentals would office CBS. In 2010, they held €129 bn compared with seem to warrant. As such, the Netherlands is wit- €110 bn the year before. The share of real estate in nessing a flight of capital to other markets. Pension their total investment portfolios also increased, from fund giant APG, for example, invests less than 1% 7.9% to 8.6%. However, since the institutional play- of its portfolio in Dutch real estate. But construction ers invest predominantly through funds and other sector pension fund BPF, which has always pursued vehicles, these figures have little bearing on the di- a strategy of being overweighted in Dutch real estate, rect investment market. In 2007, Dutch institutions is an outperformer in terms of returns, proving that invested €7.2 bn directly in offices and retail, only to investing at home need not go hand in hand with scale this figure down to €4.3 bn three years later, ac- poor results.

New names PropertyNL Top 10 Non-Listed Investors The ranking of non-listed funds for institutional investors in- (€ mln based on invested equity in real estate assets) 2011 2010 change cludes a number of new names. Bouwinvest Dutch Residential 1 Vesteda 4,324 4,565 -6% Fund, the biggest unleveraged resi fund, has been open to in- 2 Q-Park 3,162 3,099 2% vestors other than BPF for some time. The former ING REIM 3 IEF Capital 3,000 3,000 0% funds are now flagged as CBRE verhicles. In the case of Altera, 4 BDI Residential Fund 2,680 2,680 0% which also invests without leverage, the office, retail and resi 5 CBRE Dutch Office Fund 1,848 1,929 -4% funds have been added up. Insurer ASR has placed its retail as- 6 Altera 1,588 1,593 0% sets in a fund which is open to third parties. 7 CBRE Dutch Retail Fund 1,406 1,465 -4% 8 CBRE Dutch Residential Fund 1,289 1,342 -4% 9 Amvest 1,200 1,200 0% 10 ASR Dutch Prime Retail Fund 1,100 new

Battle for pension funds PropertyNL Top Investment Managers Foreign players are gaining ground in the battle for mandates ( € mln based on invested equity in real estate assets) 2011 2010 change and the fiduciary management of Dutch pension funds. CBRE 1 CBRE GI 72,700 27,000 63% Global Investors, a US player by origin, staged a major coup in 2 APG 29,831 21,836 27% 2011 by taking over ING REIM while companies such as Black- 3 PGGM 13,800 13,800 0% rock of the US and France’s AXA are also making their presence 4 Syntrus Achmea 10,147 9,978 2% felt. New home-grown investment managers are also emerging: 5 MN Services 7,500 6,600 12% ASR, for example, also offers investment management services 6 Bouwfonds REIM 7,164 7,217 -1% to third parties. 7 Bouwinvest 5,771 5,367 7% 8 TKP Investments 1,346 967 28%

propertyeu | march 2013 | 17 ipd signsencouraging Despite a challenging economic climate, the signs for real estate’s role as an asset class are heartening

By Peter Hobbs

ecent years have proved very challenging for ing a somewhat lower return of 1.2%, reflecting a slightly European investors and their investments. The bigger fall in values through the year. Meanwhile in the Rconstraints imposed on economic growth, first more resilient Swedish market, real estate generated a by the global financial crisis and then by the Eurozone higher return of 6.4% based on a small improvement in crisis, have led to restricted and volatile investment per- values – but here again the same overall ranking of the formance for all asset classes. In the UK, the first of the asset classes prevailed. major real estate markets for which IPD figures for the year 2012 became available, the asset class has returned €2 tln in investible property 8.4% per annum (pa) over the last three years and 0.5% pa Since the 1990s, UK pension funds’ allocations to real over the last five. This compares to 6.7% pa and 2.1% pa estate have risen significantly, from around 5% to 7% for equities over the same periods, and 9.9% pa and 8.8% of total assets. On this basis the long-run reduction in pa for bonds. Looking right across Europe, for which IPD’s real estate allocations, which began about 1980, seems index runs to the end of 2011, real estate registered 3.5% pa to have turned around. For Europe as a whole, real es- over five years and 6.0% pa over 10. tate represents about 6% of pension fund and insurance Over the past year, real estate returns have not compared company portfolios. The majority of this is in unlisted particularly favourably with the other global asset class- funds and listed property companies/REITs, with direct es, mainly due to the revival in equities markets. In the investments also making up a substantial proportion. UK real estate values declined, resulting in a weak return Meanwhile investors’ allocations to the other asset class- of 2.7% over the year; this compared to 10.2% for equi- es have undergone a major shift away from equities and ties and 4.7% for bonds. IPD’s annual property index for into gilts and fixed income assets, in parallel with the the Netherlands shows a similar pattern of returns for increasing adoption of asset-liability modelling. the asset classes in 2012, though with real estate produc- Given the total stock of real estate assets in existence, this level of allocation appears on the low side. IPD’s research on the size of the institutional real estate mar- % pa UK ASSETS CLASS RETURNS ket that undergoes regular valuations estimates the total stock of investible commercial property in Europe to be around €2 tln, compared to €7-8 tln in both equities and government bonds. Even taking into account the existence of other alternative assets, this leaves real estate with around 10% of the overall multi-asset universe. - So where should the allocation to real estate now stand? Based on an assessment of long-run returns and their vol- - atility, fed into an asset allocation model applying modern - portfolio theory, real estate’s share would be much higher EQUITIES BONDS RE UK source: ipd – some have argued as high as 30%. However, such estimates ignore certain unique aspects of real estate, which

18 | march 2013 | propertyeu Special report

mean that measures of volatility needs to be adjusted to be comparable with other assets. These particularly relate to the ‘smoothing’ effect of real estate indices due to their ‘Income return for real encouraging use of valuations, which by definition apply historical estate has historically price evidence in appraising individual assets. provided more than With this in mind, IPD has recently produced a set of 70% of total returns’ transaction-linked indices for European real estate mar- Peter Hobbs, Director Group Business kets as well as for the Eurozone as a whole. This work, Development & Multinational, IPD which was initially done to inform Solvency II regulations, brought evidence from actual real estate transac- gated by the increasing use of derivative instruments. signs tions to bear on patterns of performance, leading to an However, this approach will require a deepening of real increase in implied volatility. For example, the standard estate derivatives markets from their current relatively deviation of quarterly returns for transaction-linked indi- immature position in European real estate markets. ces is a staggering six or seven times higher than the valu- Real estate itself is becoming better placed as an asset class ation series in Germany and Switzerland. It is only a mat- to meet each investor’s particular performance needs. The ter of time before this data is used to model allocations. maturing of the asset class over the last 20 years or so, with Another issue affecting views on real estate allocations the development of unlisted funds as well as the broaden- in recent years is the belief that all ‘growth’ assets were ing of the REITs market globally, has allowed the creation hit hard during the financial crisis, and that potential di- of products covering a range or risk-return options, from versification benefits relative to equities might not have bond-type through to private equity styles of investment. occurred when they were most needed. Recent research REITs, while generating real estate level of return in the by the Investment Property Forum in UK has confirmed long run, tend to mirror equities markets more closely this up to a point, indicating that the similarity in eq- in the shorter term. The degree of asset control can also uity and real estate returns has increased over time. It vary, from the joint venture and separate account models concluded however, that ‘real estate – both private and increasingly favoured by the largest investors, to the more publicly-listed – does offer diversification benefits in a passive commingled fund structures preferred by those mixed-asset context. While they did diminish, those ben- with smaller money holdings in real estate. efits did not disappear in the difficult market conditions Finally and not least, IPD’s recent acquisition by global that followed the onset of the global financial crisis.’ multi-asset index providers MSCI reflects the belief that real estate should be considered by investors, as in the LIQUIDITY ISSUES same light as equities and bonds, with index and risk anal- Real estate’s liquidity issues – the time and cost involved yses provided on a consistent basis. In future, this should in transactions, particularly in a falling market – have mean that more investors become familiar with the true also argued against it. However, many are now coming risk-return characteristics of the asset class and view it as to realise that the asset class conversely benefits from a serious alternative option, with valuable qualities in both its income return, which has historically provided more risk-averse and more confident investment climates. than 70% of total returns, with the level of income itself very consistent from year to year. This element of Peter Hobbs, Director Group return provides consistent cash flow for distribution or Business Development & Multinational, IPD re-investment, and is particularly attractive at present given the risk-averse views of investors combined with Volatility the level of income or yield that is available from other measured by ‘transactions’ and ‘valuations’ assets. The premium for real estate compared to major government bond yields stands at 4-5%, almost match- ing its highest level in the last 20 years, which occurred at the economic and financial nadir of 2009. NORWAY UK The liquidity issues for real estate may also hide a ben- S. EUROPE DENMARK FRANCE efit. If the lack of liquidity provides a return premium SWEDEN GERMANY NL as evidence suggests, long-term investors may be willing SWITZERLAND IRELAND to accept the need to hold on to such assets in return for this premium, particularly when simultaneously benefit- VALUATION BASED ON INDEX VOLATILITY ting from consistent cash generation through income. TRANSACTION LINKED INDEX VOLATILITY source: ipd The liquidity problems of real estate might also be miti-

propertyeu | march 2013 | 19 aribas Real Estate / BNP Paribas REIM / Brattle Cameron / Hamilton Hotel Partners / ional / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment / Investec Group / Investire Immobiliare / EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa tment Management / Legat CorbishleyAM / Resolution / Lloyds Real Banking Estate GroupAdvisors /

New Dover Capital / Och-Ziff Managementrs / St. James’s Europe Place / PacifiPartnership c Investments / Starwood PLC / Global AM / Valad Property Group / Wedlake Bell /

Partners / Black Mountain Resorts / ER /Capital BNP Paribas NV / Esterel Real Estate Capital / BNP/ Euro Paribas Capital

hen & Steers Europe / ColliersGreenOak InternationalnOak Real Estate / Cordea Advisors Savills / Groupe/ Corestate Casino Capital / Hamilton / CQS Red / ING Real Estate / innesco / Investec Group / Investire direx / InfraRed / ING Real Estate /ff innesco Management / Investec Europe Group / Pacifi/ Investire c obaltalt Law / LaSalle Investment Managementet Management / Legat / Resolute Corbishley AM // ResolutionLloyds tion / New Dover Capital / Och-Ziff Management Europe / Pacifi c ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC Partners / Black Mountain Resorts / CapitalBNP P Analyticsrra / Sorgente orgente/ Reit Asset UK / Management Squire Sanders / Resolute / St. James’s AM / Place Resolution / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Cerberus / Chayton Capital / Cohen & Steers Europe / Colliers Internat / Tristan Capital Partners Partners / Black / UBS Mountain Global AM Resorts / Valad / BNP Property Paribas Management / Cushman & Wakefi eld / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Postbank AG / DLA Piper / DTZ / EBRD / EC Harris / Echo Investment urope / Colliers International / Cordea Savills / Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital Real Estate / GeG srl / GIC Real Estate International / Green Street Advisors / GreenOak Reim Real /Estate Benson AdvisorsCohen Elliot / &/ BGC GroupeSteers Partners Europe Casino / /Black Colliers Mountain International Resorts / Cordea/ BNP Paribas Savills / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Hunter Property Fund Management / HVS / Illumina Real Estate Advisors / Indirex / InfraRed / ING Real Estate Echo/ innesco Investmentnvestment / EMREEM / Eq Group / ER Capital NV / SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates / KASPAR Associates / Keops - Colliers International / Knight Frank / Kobalt Law / LaSalle Inves l / Green Street Advisors / GreenOak Real Estate Advisors / Real Expertise ernational / Green Street Advisors / GreenOak Real Estate Advisors / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfi eld Management / Mazars / McArthurGlen / Merrill Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multi Corporation / tate Advisors / Indirexaw / / InfraRed LaSalle Investment / ING Real ManagementEstate / innesco / na Real Estate Advisors / Indirex / InfraRed / ING Real Estate / innesco Pacifi c Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Market Analysis / PropertyEU / Prupim / PWC / Queensgate Investments / Real Capital Analytics / Reit Asset ManagementKnight Frank / Resolute / Kobalt Law / LaSalle Investment Management / / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal Title / Sheffi eld Haworth / SJ Berwin / Société Générale / Sonae Sierra / Sorgente UK / Squire Sande Multi Corporation / New Dover Capital / Och-Ziff Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Financial Consultants / Towers Watson / TPG Credit Management / Tristan Capital Partners / UBS te Investments / Real Capital Analytics / Reit Asset Management WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC rope / MGPA UK Ltd / Morgan Stanley / Multi Corporation / New Dover Capital / Och-Ziff REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Cerberus / Chayton Capital / Co / Prupim / PWCth // SJQueensgate Berwin / Société Investments Générale / Real / Sonae Capital Sierra Analytics / Sorgente / Reit UKAsset / Squire Management Sanders (UK) / CR Investment Management / Cushman & Wakefi eld / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Postbank AG / DLA Piper / DTZ / EBRD / EC Harris / Echo Investment / EMREEM / Eq Group atson / TPGXA Credit Reim Management / Benson Elliot / Tristan / BGC CapitalPartners Partners / Black /Mountain UBS Global Resorts AM / / Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital Real Estate / GeG srl / GIC Real Estate International / Green Street Advisors / Gree n Capital / Cohen & Steers Europe / Colliers International / Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Hunter Property Fund Management / HVS / Illumina Real Estate Advisors / IndirexIn / Infra / EC Harris / Echo Investment / EMREEM / Eq Group / ER tional / Green Street Advisors / GreenOak Real Estate Immobiliare SGR – Banca Finnat Group / InvestmentAd Buisman PropertyAlberto Forum Albertazzi / IPD / ISAAlexander Limited von Cramm / ISG InteriorAlexandre ExteriorFernandes PLCAnders / Jones Tägt Lang LaSalleAnnette / Kroeger JP Morgan AndrewAsset Smith Management / K & L Gates / KASPAR Associates / Keops - Colliers International / Knight Frank / KobK dvisors / Indirex / InfraRed / ING Real Estate Kobalt Law / LaSalle Investment Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfi eld Management / Mazars / McArthurGlen / Merrill Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multi CorporaCorporation / New Dover Capital / Och-Zi orporation / New Dover Capital / Investments PLC / Pacifi c Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Market Analysis / PropertyEU / Prupim / PWC / Queensgate Investments / Real Capital Analytics / Reit Ass ital Analytics / Reit Asset Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal Title / Sheffi eld Haworth / SJ Berwin / Société Générale / Sonae SieSierra / S Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Financial Consultants / Towers Watson / TPG Credit Management Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Cerberus / Chayton Capital / Cohen & Steers E Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefi eld / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Postbank AG / DLA Piper /re DTZLegal / TitleEBRD / /Sheffi tantsEC Harris / eldTowers / HaworthEcho Watson I / SJ / TPGBerwin Credit / Société Management Générale // TristanSonae SierraCapital / PartnersSorgente / UBSUK / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital Real Estate / GeG srl / GIC Real Estate IntInternationa Anthony Khoi Ari Danielsson Christian Delaire ChristophAri Danielsson Schumacher Daniel Harris DickAlexandre van Hal Fernandes Domenico Bilotta BRE / Cerberus / Chayton Capital / Cohen & Steers Europe / Colliers Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Hunter Property Fund Management / HVS / lIlluminaIllumi Estate / RealAXA EsReal Estate / AXA Reim / Benson Elliot / BGC Partners / Black / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates / KASPAR Associates / Keops - Colliers Internationalstbank AG / Knight / DLA FrankPiper / DTZKobalt / EBRDL / EC Harris / Echo Investment / EMREEM / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfi eld Management / Mazars / McArthurGlen / Merrill Lynch EuropeEu / MGPA UK Ltd / Morgan Stanley GeG / srl / GIC mentReal Estate/ HVS International/ Illumina Real / Green Estate Street Advisors Advisors / Indirex / / Management Europe / Pacifi c Investments PLC / Pacifi c Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Market Analysis / PropertyEU / Prupim / PWC / Queensga eops - Colliers International / Knight Frank / Kobalt Law / GPA UK Ltd / Morgan Stanley / Multi Corporation / New / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal Title / Sheffi eld Hawor nsgate Investmentsiété Générale / Real / Sonae Capital Sierra Analytics / / / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Financial Consultants / Towers W Management / Tristan Capital Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / A BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Cerberus / Chayto Cordea Savills / Corestate Capital / CQSFrançois (UK) Rispe / CR InvestmentFrançoise Roels ManagementGeert de / Nekker Cushman &Heino Wakefi Vink eld / Da HermanVinci KokCapital ManagementIan Laming / DeekayDanielIan WorboysManagement Harris / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Postbank AG / DLA Piper / DTZ / EBRD Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital Real Estate / GeG srl / GIC Real Estate Interna Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Hunter Property Fund ManagementUK // HVSAthlon / Illumina Real Estate Real / EstateAXA Real A Estate / AXA Reim / Benson Elliot / BGC Partners / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates / KASPAR Associates / Keopsi e Prestiti - Colliers Investimenti Internationalstbank SGR AG / /te/ CBRE KnightDLA / GeG Piper/ Frank Cerberussrl / GICDTZ/ /Real / Chayton EBRD Estate / CapitalEC International Harris / Cohen / Echo / &Green Investment Steers Street Europe / / Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfi eld Management / Mazars / McArthurGlen / Merrill Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multieops C - Colliers International / Knight Frank / Och-Ziff Management Europe / Pacifi c Investments PLC / Pacifi c Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Market Analysis / PropertyEU / Prupim / PWC Property/ Queensgate Fund InvestmentsManagement / / RealHVS Cap / Illumina Real Estate Advisors / Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secu rrill Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multi Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Financial Consul / PropertyEUitle // PrupimSheffi /eld PWC Haworth / Queensgate / SJ Berwin Investments / Société / Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Rea l Consultants /ate Towers / AXA Watson Real Estate / TPG / AXA Credit Reim / Mountain Resorts / BNP ParibasJanHeino Real Evert Vink EstatePost / BNPJeppe Paribas de Boer REIM / BrattleJonathan Baines Cameron /Kai Bridgehouse Schubart CapitalMarcus / CielebackBroadcliff CapitalMariacristina Partners Laria / MartinBurrows Erbe Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / C RE / Cerberus / Chayton International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefi eld / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Po AG / DLA Piper / DTZ / EBRD / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital Real Estate / G srl / GIC Real Estate GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Hunter Property Fund Manage und Management / HVS / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates / KASPAR Associates / K AR Associatesope / Keops / MGPA - Colliers UK Ltd / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfi eld Management / Mazars / McArthurGlen / Merrill Lynch Europe / M Dover Capital / Och-Ziff Management Europe / Pacifi c Investments PLC / Pacifi c Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Market Analysis / PropertyEU / Prupim / PWC / Quee U / Prupim / PWC / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal Title / Sheffi eld Haworth / SJ Berwin / Soc Title / Sheffi eld Haworth / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Financial Consultants / Towers Watson / TPG Credit onsultants / Towers Olaf Schmidt Olivier de Molliens Peter Damesick Peter Wilhelm Philip Dunne Richard Barkham Ryuhei Mori Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Deposit Colliers International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefi eld / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Po EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital Real Esta Advisors / GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / italHunter / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA mited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Indirex / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates Deutsche/ KASPAR Bank Associates / Deutsche / K Pfandbriefbank AG / Deutsche Postbank AG / DLA Kobalt Law / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfi eld Management / Mazars / McArthurGlen / EstateMe Capital / Flashbulb / FTI Consulting / GE Capital Real Estate / GeG srl Corporation / New Dover Capital / Och-Ziff Management Europe / Pacifi c Investments PLC / Pacifi c Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Marketodes Analysis Weill & Associates / Hogan Lovells / Hunter Property Fund Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal T Saul Goldstein Steff en Ricken Stephane Theuriau Thomas Persson Timo Tschammler Walter Hampel Yann Guen nes Lang LaSalle / JP Morgan Asset Management / K & L Gates / KASPAR Générale / Sonae Sierra / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman SpeyerManagement / Totalserve LLP Financia / Mayfi eld Management / Mazars / McArthurGlen / Merrill Management / Tristan Capital Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Est dvisors / Perella Weinberg / Pradera AM / Prologis / Property Market Analysis / Benson Elliot / BGC Partners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassaa Property Depositi Investors e Prestiti / InvestimentiSalans / Savills SGR / Schroder / CB Property Investment / Secure Capital / Cohen & Steers Europe / Colliers International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefi eld / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbankof Scotland / TIAA-CREF AG / Deutsche | Financial Postbank Services / Tishman Speyer / Totalserve EC Harris / Echo Investment / EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI ConsultingIG / Alpha / Real GE CapitalCapital Real/ APN Estate Property / Ge Group / Apollo / Argus / Artelia International / Green Street Advisors / GreenOakReal Real Estate Advisors / GroupeNetworking Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associatesd / Genuity Hogan LovellsHawkpoint / Hunter Limited Property / Cass F Business School / Cassa Depositi e Illumina Real Estate Advisors / Indirex / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Managementnagement / / K Delin & L Gates Capital / KASP/ Deutsche Bank / Deutsche Pfandbriefbank AG International / Knight Frank / Kobalt Law / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfi eld Management / Farmer / MazarsUKRE // FirstMcArthurGlen Growth Real / EstateMerrill LynchCapital Eur / Flashbulb / FTI Consulting / Morgan Stanley / MultiThank Corporation you / Newto all Dover our Capital expert / Och-Ziff speakers Management in 2012 Europe and / Pacifi our c 2500Investments guests PLC /across Pacifi c 7Real cities Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM /obal Prologis Investors / LCProperty / / Jones Hill RE MarketLang Services LaSalle Analysis / Hodes / JP/ PropertyEMorgan Weill & Asset Associates Management / Hogan / KLovells & L / Queensgate Investments / Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investmentnagement LLP/ Secure / Mayfi Legal eld Management / Mazars / ors / Perella Weinberg / Pradera AM / Prologis / Property SJ Berwin / Société Générale / Sonae Sierra / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalservenvestors Financial / Salans C / Savills / Schroder Property Watson / TPG Credit Management / Tristan Capital Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Cap land / TIAA-CREF | Financial Services / Tishman Real Estate / AXA Reim / Benson Elliot / BGC Partners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Li Real Capitalted / /APN Cass Property Business Group School / Apollo / Cerberus / Chayton Capital / Cohen & Steers Europe / Colliers International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefi eld / Da Vinci Capital Management / Deekay Management / Delin Capital / Piper Investment/ DTZ / [email protected] EBRD / EC Harris / Echo 1 Investment / EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital13.02.28 09:55 / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real / GIC Real Estate International / Green Street Advisors / GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / H Management / HVS / Illumina Real Estate Advisors / Indirex / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jo Associates / Keops - Colliers International / Knight Frank / Kobalt Law / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multi Corporation / New Dover Capital / Och-Ziff Management Europe / Pacifi c Investments PLC / Pacifi c Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital A PropertyEU / Prupim / PWC / Queensgate Investments / Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynd Legal Title / Sheffi eld Haworth / SJ Berwin / Société Générale / Sonae Sierra / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank Financial Consultants / Towers Watson / TPG Credit Management / Tristan Capital Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis /a ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / A UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC Partners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccor Prestiti Investimenti SGR / CBRE / Cerberus / Chayton Capital / Cohen & Steers Europe / Colliers International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefi eld / Da Vinci Capital Management / Deekay Ma / Deutsche Postbank AG / DLA Piper / DTZ / EBRD / EC Harris / Echo Investment / EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International GE Capital Real Estate / GeG srl / GIC Real Estate International / Green Street Advisors / GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Gl Hunter Property Fund Management / HVS / Illumina Real Estate Advisors / Indirex / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior P Gates / KASPAR Associates / Keops - Colliers International / Knight Frank / Kobalt Law / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Ma McArthurGlen / Merrill Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multi Corporation / New Dover Capital / Och-Ziff Management Europe / Pacifi c Investments PLC / Pacifi c Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advis Market Analysis / PropertyEU / Prupim / PWC / Queensgate Investments / Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property I Investment / Secure Legal Title / Sheffi eld Haworth / SJ Berwin / Société Générale / Sonae Sierra / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scot Speyer / Totalserve Financial Consultants / Towers Watson / TPG Credit Management / Tristan Capital Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC Partners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limi aribas Real Estate / BNP Paribas REIM / Brattle Cameron / Hamilton Hotel Partners / ional / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment nesco / Investec Group / Investire Immobiliare / EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa tment Management / Legat Corbishley / Lloyds Banking Group / apital / Och-Ziff Management es’sEurope Place / Pacific Partnership Investments / Starwood PLC / AM / Valad Property Group / Wedlake Bell / Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors tners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas dvisors / Groupe Casino / Hamilton Steers Europe / Colliers International / Cordea Savills / Corestate Capital / CQS rris / Echo Investment / EMREEMRed / Eq / GroupING Real / ER Estate Capital / innesco NV / Esterel / Investec Capital Group / Euro / Investire Capital / LaSalle Investment Managementement / Legat / Resolute Corbishley AM // ResolutionLloyds Squire Sanders / St. James’s Place ti Corporation / New Dover Capital / Och-Ziff Management Europe / Pacific ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC Partners / Black Mountain Resorts / BNP P / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Cerberus / Chayton Capital / Cohen & Steers Europe / Colliers Internat / Tristan Capital Partners / UBS Global AM / Valad Property Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Postbank AG / DLA Piper / DTZ / EBRD / EC Harris / Echo Investment Eq Group / ER Capital NV / Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital Real Estate / GeG srl / GIC Real Estate International / Green Street Advisors / GreenOak Real Estatenson Advisors Elliot / / BGC Groupe Partners Casino / Black Mountain Resorts / BNP Paribas Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Hunter Property Fund Management / HVS / Illumina Real Estate Advisors / Indirex / InfraRed / ING Real Estate / in t Advisors / GreenOak Real Estate Advisors / s / Chayton Capital / Cohen & Steers Europe / Colliers International / Cordea Savills / SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates / KASPAR Associates /Join Keops - Colliers International the / Knight Frank / KobaltExpert Law / LaSalle Inves Panelors / Indirex / InfraRed / ING Real Estate / innesco M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfield Management / Mazars / McArthurGlen / Merrill Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multi Corporation / New Dover C Pacific Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Market Analysis / PropertyEU / Prupim / PWC / Queensgate Investments / / Knight Frank / Kobalt Law / LaSalle Investment Management / / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal Title / Sheffield Haworth / SJ Berwin / Société Générale / Sonae Sierra / Sorgente UK / Squire Sanders/ Multi /Corporation St.nts Jam / Real Capital/ New Dover Analytics Capital / Reit / Och-Ziff Asset Management Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Financial Consultants PropertyEU / Towers Watson /Investment TPG Credit Management Briefings / Tristan Capital Partners2013 / UBS Global énérale / Sonaen Sierra Capital / SorgentePartners /UK UBS / Squire Global Sanders AM / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC Par REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti InvestimentiMonth SGR / CBRE /Date Cerberus / ChaytonTopic Capital / Cohen & Locationn Elliot / BGC Partners / Black Mountain Resorts / (UK) / CR Investment Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Postbank AG / DLA Piper / DTZ / EBRD / EC Ha rs Europe / Colliers International / Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital RealJanuary Estate / GeG srl /30 GIC Real EstatePan-European International Logistics / Green Street Advisors / GreenOak RealLondon Estate A nvestment / EMREEM / Eq Group / ER Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Hunter PropertyFebruary Fund Management14 / HVSTurkey / Illumina Investment Real Estate Briefing Advisors / Indirex / Infra London Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates / KASPAR Associates / Keops - Colliers International / Knight Frank / Kobalt Law Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfield Management / Mazars / McArthurGlen / Merrill Lynch Europe26 / MGPA UK GermanyLtd / Morgan Investment Stanley / BriefingMul London Investments PLC / Pacific Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Market AnalysisMarch / PropertyEU 12/ Prupim / PWCLogistics / Queensgate Investment Investments Briefingate / GeG / Real srlement /Capital GIC / HVSReal Analytics /Estate Illumina /International ReitMIPIM Real Asset Estate / CannesManag / GreenAdvisors Street / Indirex Advisors / InfraRed / GreenOak / ING Real Real Estate Estate Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal Title / Sheffield Haworth / SJ Berwin / Société Générale / Sonae Sierratd / /Sorgente Morgan StanleyUK / / Multi Corporation / New Dover Capital / Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Financial14 Consultants CEE / Towers Investment Watson Briefing/ TPG Credit KeopsManagement - Colliers InternationalMIPIM / Knight / Cannes Frank / Kobalt Law / LaSalle Investment in / Société Générale / Sonae Sierra / Sorgente UK / Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon27 Real EstateNordics / AXA Investment Real Estate Briefing / AXA Reim / Be PWC / QueensgateLondon Investments / Real Capital Analytics / Reit Asset Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Cerberu / TPG Credit Management / Tristan Capital Partners / UBS April 23 European Debt Finance Frankfurt Reim / Bensonital Elliot / Cohen / BGC & Partners Steers Europe / Black / Colliers Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Postbank AG / DLA Piper / DTZ / EBRD / EC Harris / Echo Investment / EMREEM / is / Echo Investment / EMREEM / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting /25 GE Capital RealEuropean Estate /Debt GeG Financesrl / GIC Real Estate International / GreenLondon Stree Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells26 / Hunter PropertyCEE Investment Fund Management Briefing / HVS / Illumina Real Estate AdvisLondon / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates / KASPAR Associates / Keops - Colliers International Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfield ManagementMay / Mazars / McArthurGlen7 / MerrillGermany Lynch InvestmentEurope / MGPA Briefing UK Ltd / Morgan Stanley Paris Management Europe / Pacific Investments PLC / Pacific Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property15 MarketItaly Analysis Investment / PropertyEU Briefing / Prupim /al PWCReal / Estate Queensgate / GeG Investmesrl London/ GIC Real Estate International / Green Street Advisors / / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal Title / Sheffield Haworthunter / Property SJ Berwin Fund / Société Management G / HVS / Illumina Real Estate Advisors / Indirex / 22 Distressed Real Estate SPAR Associates EuropeLondon / MGPAKeops -UK Colliers Ltd / InternationalMorgan Stanley / Knight / Multi Frank Corporation / Kobalt /Law New / / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer29 / TotalserveEuropean Financial Policy Consultants & Investment / Towers WatsonBriefing / TPG Credit ManagementBrusselspim / PWC / Trista / QueensgateJ Berwin / Société Investments Générale / Real / Sonae Capital Sierra Analytics / / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benso BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa29 Depositi e BeneluxPrestiti Investimenti Investment SGR Briefing / CBRE / Cerberus / Chayton CapitalRealty / /Cohen/ Towers Brussels & WatsonStee // AXATPG ReimCredit / ManagementBenson Elliot // TristanBGC Partners Capital yton Capital ris/ Cohen / Echo & Investment Steers Europe / / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay Management / Delin Capital / DeutscheJune Bank / Deutsche Pfandbriefbank05 UK AG Investment / Deutsche BriefingPostbank AG / DLA Piper / DTZ / EBRD Provada/ EC Harris / Amsterdam/ Echo I Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capital Real Est nternational / Green Street Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates05 / Hogan LovellsGermany / Hunter Investment Property Fund Briefing Manag Provada / Amsterdam / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management11 / K & FranceL Gates Investment/ KASPAR Associates Briefing / London Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP / Mayfield Management25 / Mazars /European McArthurGlen Retail / InvestmentMerrill Lynch EuropeBriefing / MGPA UK L London Och-Ziff Management Europe / Pacific Investments PLC / Pacific Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Property Market Analysis / PropertyEU / Prupims / / Hunter Property Fund Management / HVS / Illumina Real Estate Advisors / Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors September/ Salans / Savills / Schroder12 PropertyDistressed Investment Real / EstateSecure Legal Title / SheffieldGates Haworth / KASPAR London/ SJ Berw Associates / Keops - Colliers International / Knight Frank / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services19 / TishmanGermany Speyer /Investment Totalserve Financial Briefing Consultants / Towersen Watson /London Merrill Lynch/ PropertyEU Europe // PrupimMGPA UK/ PWC Ltd / MorganQueensgate Stanley Investments / Multi / Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA al Title / Sheffield Haworth / SJ Berwin / Société 24 CEE Investment Briefing London Real Estate / AXA Real Estate / AXA Reim / Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Cerberusotalserve / Chayton Financial Cap Consultants // Towers CBRE / Watson Cerberus / TPG/ Chayton Credit International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay Management / DelinOctober Capital / Deutsche 7Bank / DeutscheEuropean Pfandbriefbank Logistics InvestmentAG / Deutsche Briefing Postbank AG / DLA ExpoPiper / RealDTZ // MunichEBRD / EC Harr Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting / GE Capit Postbank AG / DLA Piper / DTZ / EBRD / 7 European Retail Investment Briefing Expo Real / Munich Estate / GeG srl / GIC Real Estate GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / H 8 Netherlands Investment Briefing Expo Real / Munich operty Fund Management / HVS / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Gates / KA AR Associates / Keops - Colliers LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Management LLP /8 Mayfield EuropeanManagement Debt / MazarsFinance / McArthurGlen / Merrill Lynch Expo Real / Munich Dover Capital / Och-Ziff Management Europe / Pacific Investments PLC / Pacific Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg24 / PraderaPan AMEuropean / Prologis Residential / Property Market Analysis / PropertyEU London/ Pru Merrill Lynch Europe / MGPA UK Ltd / / PropertyEU / Prupim / PWC / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Legal Title / Sheffield Haworth / S Legal Title / Sheffield Haworth / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Financial Consultants ncial Consultants / Towers Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate hlon Real Estate / AXA / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Prestiti Investimenti SGR / CBRE / Cerberus / Cha stiti InvestimentiPostbank SGR AG // CBREDLA / Colliers International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay ManagementEuropean / Delin OutlookCapital / Deutsche 2014 Bank / Deutsche Pfandbriefbank AG / Deutsche Postbank AG / DLA Piper / DTZ / EBRD / EC Har pital Real Estate / GeG srl EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / FarmerLondon UKRE | Paris/ First | GrowthFrankfurt Real | ViennaEstate Capital | Stockholm / Flashbulb | Amsterdam / FTI Consulting | Moscow / GE Capital Real Estate / GeG srl / GIC Real Estate I erty Fund Advisors / GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovell Indirex / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG InteriorSpecial Exterior Event PLCSeries / Jones in the Lang key LaSalle centres / JP of Morgan Europe Asset during Management November / K& &December L focusing on the outlook for Gates / KASPAR Kobalt Law / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrixpan-European Property Fund markets. Management Each event LLP provides/ Mayfield an Management indepth briefing / Mazars from / McArthurGl leading figures on the outlook for the host y Market Analysis / Corporation / New Dover Capital / Och-Ziff Management Europe / Pacific Investments PLC / Pacific Real Estate Capital Partners / Panattoni / Partners Group (UK) Limitedcountry / Peakside and the Capital key trendsAdvisors for / PerellaEuropean Weinberg real estate/ Pradera investment AM / Prologis & finance / Property in 2014. Market Analysis Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investors / Salans / Savills / Schroder Property Investment / Secure Leg Générale / Sonae Sierra / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyerd Management / T LLP / Mayfield Management / Mazars / McArthurGlen / Merrill Management / Tristan Capital Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Athlon Benson Elliot / BGC Partners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Property Depositi Investors e Prestiti / InvestimentiSalans / Savills SGR / Schroder Property Investment / Secure Capital / Cohen & Steers Europe / Colliers International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbankotland / TIAA-CREF AG / Deutsche | Financial Services / Tishman Speyer / Totalserve EC Harris / Echo Investment / EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI ConsultingG / Alpha / Real GE CapitalCapital Real/ APN Property Group / Apollo / Argus / Artelia International / Green Street Advisors / GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogannuity LovellsHawkpoint / Hunter Limited Pr / Cass Business School / Cassa Depositi e Richard Betts Thorsten Herbert ement / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG Illumina Real Estate Advisors / Indirex / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset ManagementRE / KFirst & L Growth Gates / Real KASP Estate Capital / Flashbulb / FTI Consulting / International / Knight Frank / Kobalt Law / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company +44/ Mansford 208 340 4328 Real Estate / Matrix +49Property 170 47 Fund 98 793 Management LLP / Mayfield Management / Mazars / McArthurGlen / vestors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Morgan Stanley / Multi Corporation / New Dover Capital / Och-Ziff Management Europe / Pacific Investments PLC / Pacific Real Estate Capital Partners / Panattoni / [email protected] Group (UK) Limited / [email protected] Capital Advisors / Perella Weinberg / Pradera AM / Prologis / PropertyJones Market Lang LaSalleAnalysis / JP Morgan Asset Management / K & L Queensgate Investments / Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investorsinvestment / Salans / Savills / Schroder briefings Property Investmentagement LLP/ Secure / Mayfield Management / Mazars / / Perella Weinberg / Pradera AM / Prologis / Property SJ Berwin / Société Générale / Sonae Sierra / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA-CREF | Financial Services / Tishman Speyer / Totalserve Finas / Salans / Savills / Schroder Property CREF | Financial Services / Tishman Watson / TPG Credit Management / Tristan Capital Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Capital / APN Property Group / Apollo / Argus / Artelia UK / Atital / APN Property Group / Apollo Real Estate / AXA Reim / Benson Elliot / BGC Partners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / Cass Business School / Cassa Depositi e Pre Cass Business School / Cerberus / Chayton Capital / Cohen & Steers Europe / Colliers International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay Management / Delin Capital / Deutsche Bank / Deutsche Pfandbriefbank AG / Deutsche Piper / DTZ / EBRD / EC Harris / Echo Investment / EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / EwanInvestment Partners [email protected] / Exitoso Property People 2 / Experian / FAF International / Farmer UKRE / First Growth Real Estate Capital / Flashbulb / FTI Consulting13.02.28 09:55 / GE Ca / GIC Real Estate International / Green Street Advisors / GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global Investors / Hill RE Services / Hodes Weill & Associates / Hogan Lovells / Hunter Prop Management / HVS / Illumina Real Estate Advisors / Indirex / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Jones Lang LaSalle / JP Morgan Asset Management / K & L Associates / Keops - Colliers International / Knight Frank / Kobalt Law / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fun Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multi Corporation / New Dover Capital / Och-Ziff Management Europe / Pacific Investments PLC / Pacific Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors / Perella Weinberg / Pradera AM / Prologis / Propert PropertyEU / Prupim / PWC / Queensgate Investments / Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Legal Title / Sheffield Haworth / SJ Berwin / Société Générale / Sonae Sierra / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Sc Financial Consultants / Towers Watson / TPG Credit Management / Tristan Capital Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis /a ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AI UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC Partners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Ge Prestiti Investimenti SGR / CBRE / Cerberus / Chayton Capital / Cohen & Steers Europe / Colliers International / Cordea Savills / Corestate Capital / CQS (UK) / CR Investment Management / Cushman & Wakefield / Da Vinci Capital Management / Deekay Manag / Deutsche Postbank AG / DLA Piper / DTZ / EBRD / EC Harris / Echo Investment / EMREEM / Eq Group / ER Capital NV / Esterel Capital / Euro Capital Property / Europa Capital / Ewan Partners / Exitoso Property People / Experian / FAF International / Farmer UK GE Capital Real Estate / GeG srl / GIC Real Estate International / Green Street Advisors / GreenOak Real Estate Advisors / Groupe Casino / Hamilton Hotel Partners / Harbert Management Corporation / HeadLand Consultancy / Heitman / Henderson Global In Hunter Property Fund Management / HVS / Illumina Real Estate Advisors / Indirex / InfraRed / ING Real Estate / innesco / Investec Group / Investire Immobiliare SGR – Banca Finnat Group / Investment Property Forum / IPD / ISA Limited / ISG Interior Exterior PLC / Gates / KASPAR Associates / Keops - Colliers International / Knight Frank / Kobalt Law / LaSalle Investment Management / Legat Corbishley / Lloyds Banking Group / M3 Capital Partners Limited / Macdonald & Company / Mansford Real Estate / Matrix Property Fund Man McArthurGlen / Merrill Lynch Europe / MGPA UK Ltd / Morgan Stanley / Multi Corporation / New Dover Capital / Och-Ziff Management Europe / Pacific Investments PLC / Pacific Real Estate Capital Partners / Panattoni / Partners Group (UK) Limited / Peakside Capital Advisors Market Analysis / PropertyEU / Prupim / PWC / Queensgate Investments / Real Capital Analytics / Reit Asset Management / Resolute AM / Resolution Real Estate Advisors / RETRI Group / REVCAP / Rockspring / Routes Consulting Solutions / RREEF / RTKL-UK / Rynda Property Investor Investment / Secure Legal Title / Sheffield Haworth / SJ Berwin / Société Générale / Sonae Sierra / Sorgente UK / Squire Sanders / St. James’s Place Partnership / Starwood Capital / StormHarbour Securities / Taylor Global Advisors / The Blackstone Group / The Royal Bank of Scotland / TIAA- Speyer / Totalserve Financial Consultants / Towers Watson / TPG Credit Management / Tristan Capital Partners / UBS Global AM / Valad Property Group / Wedlake Bell / WELLS FARGO / Willis / ACT Properties / Aberdeen Asset Management / ADIA / AECOM / AEW Europe / AIG / Alpha Real Cap / Argus / Artelia UK / Athlon Real Estate / AXA Real Estate / AXA Reim / Benson Elliot / BGC Partners / Black Mountain Resorts / BNP Paribas Real Estate / BNP Paribas REIM / Brattle Cameron / Bridgehouse Capital / Broadcliff Capital Partners / Burrows Little / Canaccord Genuity Hawkpoint Limited / TOP 100 INVESTORS PropertyEU’s TOP 100 INVESTORS The 2012 ranking focuses on AUM in Europe and is a prelude to an Investors Yearbook to be published later this year

BY JUDI SEEBUS

XA Real Estate retained its lead in this year’s conversion rate as at end-2011 was used. PropertyEU ranking of top 100 investment man- Two new players joined this year’s top 100: German listed Aagers after seeing total assets under manage- company Patrizia Immobilien and Tristan Capital Partners. ment rise 6% year-on-year to €42 bn. The gap with its The inclusion of Patrizia follows an omission in 2011 while nearest competitor widened to €14 bn after CBRE Global Tristan was propelled into nr 93 after lifting AUM by 10% Investors recorded a 3% decline in AUM compared to year-on-year. A number of the shifts in the ranking – in last year. PropertyEU’s ranking of Top Investors is based particular relating to the German open-ended fund manag- on a survey sent between June-August 2012 to both listed ers – reflect exclusion of AUM outside Europe. The over- and non-listed players active in Europe. PropertyEU re- all ranking excludes a number of US investors (Cerberus, ceived 90 responses to the survey, which was sent out to Brookfield) who declined to participate. PropertyEU plans 130 companies. Additional data was compiled from the to publish an expanded Investors Yearbook later this year financial reports published by listed companies. with more details on the top European investors in this Unless otherwise indicated, the ranking is based on the overview as well as newcomers that have since been added value of companies’ real estate assets under manage- to the list including Area Property Partners and BlackRock. ment in Europe as at 31 December 2011. Where respond- We invite investment managers active in Europe to take part ents reported figures in non-euro currencies, the euro – and welcome any feedback from our readers.

US contingent muscles in

CBRE Global Investors held on to its position as the second- TOP 10 US INVESTORS biggest investment manager in Europe despite a 3% drop in AUM name aum €bn headingyear-on-year. CBRE GI has its European headquarters in the Neth- 2 CBRE Global Investors 28.00 erlands, but counts as a US player for the purposes of this rank- 22 La Salle Investment Management 13.60 ing. In total, the top 100 includes 13 US players, which is fewer than for Germany which had 18 in total, but more than for France 44 Blackstone Group 7.00 (11). The strong US contingent in Europe reflects the dominant 53 Morgan Stanley Real Estate Investing 6.40 headingposition of US fund managers in the global property fund man- 54 Pramerica Real Estate Investors 6.10 agement industry. According to a new survey by INREV, US players 55 Lone Star Europe 6.00 account for 70% of the top 10 worldwide. The figures for a number 58 JP Morgan Asset Management 5.60 of the US players in this ranking – Blackstone, Lone Star Europe, 66 Hines Europe 4.50 IntroJP Morgan Asset Management and Beacon Capital Partners – are 69 Invesco Real Estate 4.30 introbased on 2010 data. Cerberus was dropped from this year’s rank- 72 Beacon Capital Partners 4.30 ing after it failed to provide a breakdown for Europe. RANKING IN TOP 100

22 | march 2013 | propertyeu SPECIAL REPORT

NAME *AUM € BN COUNTRY NAME AUM € BN COUNTRY 1 AXA Real Estate 42.0 51 Hermes Real Estate 6.7 2 CBRE Global Investors 28.0 52 Morgan Stanley Real Estate Investing 6.5 3 Generali Real Estate 28.0 53 Bouwfonds REIM 6.1 4 Credit Suisse Real Estate 27.8 54 Pramerica Real Estate Investors (Europe) 6.1 5 Aviva Investors 27.8 55 Lone Star Europe 6.0 6 Unibail-Rodamco 25.9 56 Segro 6.1 7 ECE Projektmanagement 23.5 57 Amundi Real Estate 5.8 8 Aberdeen Asset Management 23.4 58 Jp Morgan Asset Management 5.6 9 UBS Global Asset Management 22.0 59 Bayerische Verzorgungskammer (BVK) 5.3 10 IVG Immobilien 20.3 60 Patrizia Immobilien 5.2 The 2012 ranking focuses on AUM in Europe and is a prelude 11 Deka Immobilien And Westinvest 20.2 61 Bouwinvest REIM 5.1 to an Investors Yearbook to be published later this year 12 APG 19.2 62 Evans Randall 5.0 13 AEW Europe 18.6 63 PGGM 4.9 14 Allianz Real Estate 17.5 64 Swisscanto Asset Management 4.9 15 RREEF Real Estate 17.0 65 PSP Swiss Property 4.6 16 Klepierre 16.2 66 Iii Investments 4.5 17 Prupim 15.8 67 ASR Real Estate Investment Management 4.5 18 Commerz Real 15.5 68 Hines Europe 4.3 19 Corpus Sireo Real Estate 15.4 69 Vesteda 4.3 20 Union Investment Real Estate 15.4 70 Invesco Real Estate 4.3 21 SEB Asset Management 14.7 71 Warburg-Henderson Kapitalanlagegesellschaft 4.3 22 Lasalle Investment Management 13.3 72 Beni Stabili 4.3 23 BNP Paribas REIM 12.7 73 Beacon Capital Partners (Europe) 4.3 24 Henderson Global Investors 12.6 74 MN Services 4.1 25 Prelios 12.4 75 Valad Europe 4.1 26 Schroder Property Investment Management 12.2 76 Hamburgische Immobilien Handlung (HIH) 4.0 27 Land Securities 12.0 77 Ignis Asset Management 4.0 28 British Land 11.8 78 AG Real Estate 4.0 29 Legal & General Property 11.8 79 Sorgente Group 3.9 30 Gecina 11.8 80 Tishman Speyer 3.9 31 Standard Life Investments 11.2 81 Starwood Capital Group 3.8 32 Scottish Widows Investment Partnership 10.1 82 Castellum 3.8 33 Icade 10.0 83 Pensioenfonds Metaal En Techniek (PMT) 3.7 34 Idea Fimit 10.0 84 Grosvenor Fund Management 3.5 US contingent muscles in 35 Syntrus Achmea 9.7 85 Wolbern Invest 3.5 36 Immofinanz 9.2 86 Silic 3.5 37 Fonciere Des Regions 9.0 87 Real I.S. 3.5 38 F&C Reit 8.5 88 DIC Asset 3.3 39 Intu Properties 8.4 89 Cordea Savills 3.3 40 Metro Group Properties 8.0 90 Europa Capital 3.3 41 Rockspring Property Investment Management 7.5 91 Sponda 3.2 42 Redevco 7.5 92 Q-Park 3.1 43 Corio 7.4 93 Cofinimmo 3.1 44 La Francaise Real Estate Managers 7.1 94 Tristan Capital Partners 3.1 45 Blackstone Group 7.0 95 Carlyle Europe Real Estate Partners 3.0 46 Aerium Finance 7.0 96 Niam 3.0 47 London & Regional Properties 6.9 97 Orion Capital Managers 3.0 48 Hammerson 6.8 98 Delta Lloyd Real Estate 3.0 49 Swiss Prime Site 6.7 99 Conwert Immobilien Invest 2.8 50 Kanam 6.7 100 Kungsleden 2.8 *TOTAL EUROPEAN AUM END 2011

propertyeu | march 2013 | 23 TOP 100 INVESTORS

AXA REAL ESTATE CBRE GLOBAL INVESTORS GENERALI REAL ESTATE status: Non-listed status: Non-listed status: Non-listed 1head office: Paris, France 2head office: Amsterdam, Netherlands 3head office: Trieste, Italy ceo (real estate): Pierre Vaquier ceo (real estate): Pieter Hendrikse ceo (real estate): Giancarlo Scotti web address: www.axa-realestate.com web address: www.cbreglobalinvestors.com web address: www.gre.generali.com employees (real estate): 500 employees (real estate): 656 employees (real estate): 600+ segments: Commercial, residential, alternative, debt segments: Industrial, office, retail, mixed-use segments: Retail, office, residential total european aum (end 2011): €42 bn total european aum (end 2011): €28 bn total european aum (end 2011): €28 bn total european aum (end 2012): €45.3 bn total european aum (march 2012): As above COMPANY PROFILE COMPANY PROFILE COMPANY PROFILE Generali Real Estate is the real estate arm of AXA Real Estate is the property arm of French CBRE Global Investors is a global real estate insurance giant Generali and co-ordinates the global insurance group AXA. The unit is also investment management company with $90.4 activities of the group in the real estate sector. the largest real estate portfolio and asset bn (€ 68.4 bn) in assets under management as Founded in 2002, the group has offices in 11 manager in Europe, with €42 bn of assets un- of September 30 2012. The firm sponsors in- countries and is a major investor and asset man- der management as of the end of December vestment programmes across the risk/return ager in Europe, and particularly in Italy, which 2011. It has more than 130 external institu- spectrum for investors worldwide. CBRE Global represents about 40% of its portfolio. Recently, tional clients across the world, in addition to Investors is an independently operated affiliate the company has announced plans to boost the managing funds for 10 AXA insurance com- of CBRE Group, the world’s largest full-service fund management business for third parties, panies. With over 500 real estate profession- commercial real estate services company. CBRE with the aim to reach €36 bn of assets under als operating in 22 countries, AXA Real Estate Global Investors was founded in 1972 as the in- management by 2015. structures and actively manages or advises investment management subsidiary of Coldwell, vestment products, seeking wide-ranging op- Banker & Company and began investing in real PROFILE CEO portunities along the risk spectrum to deliver estate for US tax-exempt investors that same Giancarlo Scotti is the CEO of targeted returns commensurate with clients’ year. Over the next decades, the firm branched Generali Real Estate, the property risk profiles, through a variety of investment out from Los Angeles and London to 20 offices arm created in 2011 to assemble strategies. These range from core to oppor- across North America, Europe, Asia, Australia all of the insurer’s real estate ac- tunistic, country-specific to geographically-di- and the Middle East. In 2011, CBRE acquired tivities. He is leading the group’s versified, sector-specific to multi-sector, with the bulk of the ING Real Estate Investment Man- new strategy to boost the property portfolio from the capacity to invest at all levels of the capital agement (ING REIM) operations in Europe and €28 bn to €36 bn. Born in 1961, he graduated at structure. Asia from Netherlands-based ING Group as well the Bocconi University of Milan in 1985 with a as Clarion Real Estate Securities (CRES), its US- degree in finance and business management. He PROFILE CEO based global real estate listed securities business. started his career at investment group Lazard Pierre Vaquier serves as the where he became head of the European real es- chief executive officer of AXA PROFILE CEO tate business. He joined Generali in September Real Estate, based in its Paris Pieter Hendrikse is chief executive 2007 as head of the property subsidiary. headquarters. He joined the officer of CBRE Global Investors’ AXA group in 1993 as director European operations and is re- of development of AXA Immobilier and was sponsible for all real-estate invest- CREDIT SUISSE REAL ESTATE appointed chairman and CEO of AXA REIM in ment management activities in status: Non-listed 1999. A graduate of Hautes Etudes Commer- Europe. He joined CBRE Global Investors in 2011 4head office: Zurich, Switzerland ciales management school, Vaquier started as part of the acquisition of the ING Real Estate ceo (real estate): Timothy Blackwell his career as manager of international opera- Investment Management business, where he led web address: www.credit-suisse.com/ch/real- tions with Paribas. He then moved to New the European activities. Hendrikse joined ING in estate York to lead the real estate activities at Paribas 1999, when he was appointed managing director employees (real estate): 179 Investment Banking and returned to his home with ING Real Estate Investment Management segments: Office, retail, residential, parking, country in 1992 as deputy director at Paribas Europe and given the task of heading the Dutch senior housing, hotel, campus, storage, leisure Asset Management. He has more than 30 business unit. He was appointed CEO in 2003, total european aum (end 2011): €27.8 bn years of experience in the real estate sector and from this position he spearheaded the rapid total european aum (march 2012): €28.6 bn and also holds the positions of independent growth of the European business. He is co- director of Fonciere des Regions, director of founder and board member of INREV, the Euro- COMPANY PROFILE Mercialys and vice chairman of Logement pean Association for Investors in Non-listed Real Credit Suisse Real Estate falls under the asset Francais. Estate Vehicles. management division of listed Swiss financial

24 | march 2013 | propertyeu SPECIAL REPORT

services group Credit Suisse, which has opera- PROFILE CEO the CEO post at Unibail-Rodam- tions in more than 50 countries. The company Ian Womack joined Aviva Inves- co, he was chief operating officer offers a range of direct real estate investment tors in August 1980. As chief ex- at the company. Before joining vehicles which are distributed as open or ecutive of Aviva Investors Global Unibail-Rodamco, Cuvillier spent closed-ended property funds, property compa- Real Estate, he is responsible for 11 years at PPR Group, a Paris- nies and foundations to retail and institutional setting the strategic direction for listed multinational that owns a number of luxury investors. Credit Suisse also raises capital for the division as well as overseeing its day-to-day and sports and lifestyle brands. He was CEO of third-party real estate private equity funds for operations. He is also a member of the Aviva In- the group’s furniture retailer Conforama from investment in opportunistic, specialty and inter- vestors executive committee, reflecting the stra- 2000 to 2005 and CEO of the FNAC entertain- national assets. tegic importance of the division to the business ment retail division from 2008 to 2010. Prior to overall. The majority of his career has been with joining the PPR Group, he spent 14 years in the PROFILE CEO Aviva Investors, working in a variety of roles with- luxury products division of cosmetic and beauty Timothy Blackwell is managing in the real estate division before being appointed chain L’Oreal, holding various senior manage- director and global head of Real to his current position in July 2000. ment positions over an eight-year period. Estate Asset Management at Credit Suisse AG. He joined the Credit Suisse Group in June 2012 UNIBAIL-RODAMCO ECE PROJEKTMANAGEMENT from UBS Global Asset Management, where he status: Listed status: Non-listed was head of Europe. Between 1996 and 2011 6head office: Paris, France 7head office: Hamburg, Germany Blackwell held various positions at UBS AG / ceo (real estate): Christophe Cuvillier (from ceo (real estate): Alexander Otto UBS Global Asset Management including chair- 25 April 2013) web address: www.ece.com man and CEO of CCR Asset Management based web address: www.unibail-rodamco.com employees (real estate): 3,000 in Paris, head of Continental Europe based in employees (real estate): 1,464 segments: Shopping centres, offices, logistics Frankfurt and Paris, head of Germany based in segments: Shopping centres, offices, conven- total european aum (end 2011): €23.5 bn Frankfurt and head of strategic planning based in tion and exhibition centres total european aum (march 2012): As above London. He has more than 10 years of manage- total european aum (end 2011): €25.9 bn ment experience and started his business career total european aum (end 2012): €29.3 bn COMPANY PROFILE at ABB Asea Brown Bovery. The ECE Group encompasses a broad spectrum COMPANY PROFILE of real estate activities ranging from investment Unibail-Rodamco was formed in 2007 from the and development to retail and office leasing, AVIVA INVESTORS merger of Unibail and Rodamco Europe and is shopping centre management, facility manage- status: Non-listed Europe’s leading listed commercial property ment and financing. The group’s flagship com- 5head office: London, UK company, with a portfolio valued at €25.9 bn as pany ECE Projektmanagement is the European ceo (real estate): Ian Womack of December 2011. The company is included market leader in the field of inner-city shopping web address: www.avivainvestors.com in France’s CAC 40 index, the Dutch AEX index centres. In 2011 ECE launched its first fund, ECE employees (real estate): 225 (Euronext Amsterdam) and the DJ Eurostoxx 50. European Prime Shopping Centre Fund, via a segments: Office, retail, industrial, logistics Unibail-Rodamco is active as an investor, devel- new fund management company called ECE total european aum (end 2011): €27.8 bn oper and operator in 12 European countries, with Real Estate Partners. The fund had its final clos- a focus on large shopping centres in capital cit- ing in August 2011 with €775.5 mln of equity COMPANY PROFILE ies, large offices and convention and exhibition commitments. Aviva Investors is part of listed insurance group centres in the Paris region. Unibail-Rodamco has Aviva plc and is one of the largest real estate in- a €6.9 bn development pipeline which it aims to PROFILE CEO vestment managers in Europe, with more than deploy over the coming years. Major investors Alexander Otto serves as chief ex- £23 bn (€27 bn) of real estate funds under man- and shareholders in the company as of Novem- ecutive officer of German retail agement. The company operates out of four of- ber 30, 2011, include APG AM (9.03%), Amundi specialist ECE Projektmanage- fices in Europe. Its teams in London and Frank- AM (5.13%), Cohen & Steers (3.73%), Northern ment. The youngest son of the furt manage funds with a pan-European scope as Cross (3.46%) and BNP Paribas LP (3.09%). Hamburg shipping house found- well as funds that focus on specific countries or er Werner Otto, he joined the family business in groups of countries. Aviva Investors has a Real PROFILE CEO 1994 and was appointed CEO of ECE, owned by Estate Sustainability Group to vet the environ- Christophe Cuvillier will replace Guillaume Poitri- the Otto family holding company, in 2000. Until mental, social and economical credentials of in- nal as CEO of Unibail-Rodamco in April 2013. He 2011, Otto was chairman of ULI Europe at the vestment properties and is a member of the UK has over two decades of real estate experience in Urban Land Institute and continues to serve as Green Building Council. the retail and luxury brand sectors. Prior to taking chairman of the ULI Europe Advisory Board.

propertyeu | march 2013 | 25 TOP 100 INVESTORS

ABERDEEN ASSET UBS GLOBAL ASSET tors, IVG manages funds and mandates with a MANAGEMENT MANAGEMENT total volume of €15 bn. IVG Asset Management 8status: Non-listed 9status: Non-listed is responsible for managing the properties held head office: London, UK head office: Zurich, Switzerland by IVG within its own portfolio and funds, and ceo (real estate): Andrew Smith ceo (real estate): Thomas Wels is also responsible for buying and selling real es- web address: www.aberdeen-asset.com web address: www.ubs.com/realestate tate across Europe. Major investors and share- employees (real estate): 260 employees (real estate): 384 holders in the company include Santo Holding segments: Commercial , residential segments: Office, retail AG (10%), MANN Immobilien Verwaltung AG total european aum (end 2011): € 23.4 bn total european aum (end 2011): €22 bn (20%), Goldsmith Capital Partners (4.94%), Uni- total european aum (march 2012): €21.3 bn total european aum (march 2012): €17 bn versal-Investment-Gesellschaft mbH (4.64%). The free float is 60.42%. COMPANY PROFILE COMPANY PROFILE Aberdeen Asset Management is an inter- UBS Global Asset Management’s Global Real PROFILE CEO national investment management group Estate (GRE) business actively manages direct Wolfgang Schafers has been a headquartered in Aberdeen, Scotland. It investments in the hotel, industrial, multi-family member of the management manages more than $27.1 bn (€20.5 bn) residential, office and retail real estate sectors. board and Chief Executive Officer of assets in direct real estate vehicles and The company also manages investments in at IVG Immobilien since Novem- separate account mandates that invest in farmland in the US, in which the business spe- ber 2011. Prior to that, he served the Nordics, UK and Continental Europe cialises in the acquisition, management and dis- as member of the management board and chief and Global strategies. It offers investment position of agricultural real estate investments. financial officer at the firm. He also holds -man styles that focus on core to value-add strate- dates at IVG Immobilien-Management Holding gies and has experience in core real estate PROFILE CEO and IVG Institutional Funds. As of 2004, Schafers sectors - office, retail and industrial - and in Thomas Wels is head of the global real estate worked at the University of Regensburg, IRE I BS more specialist sectors including shopping business at UBS Global Asset Management. He International Real Estate Business School, as centres, business parks and residential in- has been with the firm since 2005 and has been professor for real estate management. From vestment. The company’s experience as a a member of its executive committee since 2007. 2002 to 2009 he worked for Sal Oppenheim Jr multi-manager real estate investor started He was previously chief operating officer at UBS and CIE KGaA as managing director and head of in the UK in 1996, expanding into mainland and led the integration and further expansion of real estate investment banking. From 1996 until Europe in 2001, Asia in 2006 and North the firm’s global fund services business. 2002, he worked for Arthur Andersen in real es- America in 2010. The direct real estate team tate corporate finance. encompasses portfolio managers, an international transactions team, asset managers IVG IMMOBILIEN and property-servicing personnel. status: Listed DEKA IMMOBILIEN 10 head office: Frankfurt, Germany AND WESTINVEST PROFILE CEO ceo (real estate): Wolfgang Schäfers 11 status: Non-listed Andrew Smith is global head web address: www.ivg.de head office: Frankfurt, Germany of property at Aberdeen Asset employees (real estate): 600 ceo (real estate): Torsten Knapmeyer Management and a member segments: Commercial (all asset types) web address: www.deka-immobilien.de of the group management total european aum (end 2011): €20.3 bn total european aum (end 2011): €20.2 bn board. He joined Aberdeen in total european aum (march 2012): €20.3 bn 2002 as head of investment strategy and COMPANY PROFILE subsequently fulfilled a variety of fund man- IVG Immobilien AG is one of Europe’s largest COMPANY PROFILE agement roles before taking up his current listed real estate companies with €21.5 bn of Deka Immobilien GmbH is the real estate fund position in 2010. Andrew’s property career assets under management. Of this figure, €6.4 management arm of the DekaBank Group, the began in 1986 at Pearl Assurance in the UK, bn is on IVG’s balance sheet, while €1.6 bn is in- largest provider of open-ended real estate funds where he established one of the industry’s vested in development. In the funds sector, the in Germany. Deka Immobilien GmbH buys, sells first institutional property research teams. company leads the market for special property and manages assets for the bank’s two fund sub- He has served on a variety of industry steer- funds for institutional investors (Spezialfonds) sidiaries - Deka Immobilien Investment GmbH ing groups and currently chairs the Invest- with a market share of about 25% and €12 bn and WestInvest Gesellschaft für Investmentfonds ment Property Forum Research Committee assets under management. In the private funds mbH - which have total assets of more than €22 and IPD’s Global Pooled Property Funds segment, IVG manages 27 vehicles with a total bn globally. Deka Immobilien Investment GmbH Consultative Group investment volume of around €3 bn. Including manages assets of €15.6 bn through seven open- closed-end real estate vehicles for private inves- ended real estate funds, of which five are special

26 | march 2013 | propertyeu SPECIAL REPORT

funds (Spezialfonds) for institutional investors ALLIANZ REAL ESTATE estate debt and opportunistic real estate. and two (Deka-ImmobilienEuropa and Deka-Im- status: Non-listed RREEF Real Estate aims to deliver superior mobilienGlobal) are open to the public. 14 head office: Munich, Germany long-term risk-adjusted returns, preserva- ceo (real estate): Olivier Piani tion of capital and diversification to its in- web address: www.allianz-realestate.com vestors, which include governments, corpo- APG employees (real estate): 450 rations, insurance companies, endowments status: Non-listed segments: Office, retail, residential, logistics and retirement plans. 12 head office: Heerlen, NL total european aum (end 2011): €17.5 bn ceo (real estate): Patrick Kanters web address: www.apg.nl COMPANY PROFILE KLEPIERRE employees (real estate): 40 Allianz Real Estate is part of insurer Allianz status: Listed total european aum (end 2011): €19.2 bn Group and manages some €19.5 bn in direct and 16 head office: Paris, France indirect real estate investments worldwide, repre- ceo (real estate): Laurent Morel COMPANY PROFILE senting 4% of the total investment portfolio. The web address: www.klepierre.com APG administers more than 30% of all collective operational management of these investments employees (real estate): 1,476 pension schemes in the Netherlands. It provides is carried out by six subsidiaries in Germany, segments: Retail, office pension management services to 34 pension France, Italy, Switzerland, the US and the Asia/ total european aum (end 2011): €16.2 bn funds within a wide range of sectors. APG pro- Pacific region. Allianz Real Estate Germany is vides pension administration services to approxi- responsible for the markets in Germany, Austria, COMPANY PROFILE mately 4.3 million participants and over 30,000 Switzerland, Eastern Europe and Scandinavia Klépierre is a Paris-listed Real Estate Invest- employers for which it manages €284 bn of pen- whilst Allianz Real Estate France is responsible ment Trust specialising in retail assets. Its port- sion capital. It also manages the assets of Dutch for France and the Benelux countries. Allianz Real folio comprises more than 270 shopping cen- civil service pension fund ABP. APG had a total Estate follows a ‘buy-manage-sell’ strategy to in- tres across 13 European countries. Klépierre €29.8 bn invested in real estate in 2011, of which crease the value of its portfolio. The company is also holds a controlling stake in Steen & Strøm €19.2 bn is in Europe. The bulk of this figure is also emerging as a major player in the real estate (56.1%), the Scandinavian shopping centre own- from ABP, which in 2011 had €28.7 bn invested debt market. er and manager. Klépierre’s largest shareholder in real estate. is the Simon Property Group (28.9%), along with European bank BNP Paribas (22.5%). RREEF REAL ESTATE AEW EUROPE status: Non-listed status: Non-listed 15 head office: London, UK PRUPIM 13 head office: Paris, France ceo (real estate): Gianluca Muzzi status: Non-listed ceo (real estate): Christian Delaire web address: www.rreef.com 17 head office: London, UK web address: www.aeweurope.com employees (real estate): 223 ceo (real estate): Alex Jeffrey employees (real estate): 265 segments: Office, retail, industrial, residential web address: www.prupim.com segments: Office, retail, logistics, residential total european aum (end 2011): €17 bn employees (real estate): 177 total european aum (end 2011): €18.6 bn total european aum (march 2012): €16.9 bn segments: Retail, office, industrial, residential total european aum (march 2012): €18.5 bn total european aum (end 2011): €15.8 bn COMPANY PROFILE total european aum (march 2012): €16.2 bn COMPANY PROFILE RREEF Real Estate is the real estate invest- AEW Europe is a real estate asset and investment business of Deutsche Asset Manage- COMPANY PROFILE ment manager. Together with AEW Capital ment. Over the past 40 years, RREEF Real Prupim forms part of the M&G Group of Management in the US and Asia, AEW Europe Estate has built a world-leading real estate Companies, the asset management arm of and its subsidiaries form a global platform investing business, with nearly 600 profes- Prudential plc in the UK and Europe and a with €36 bn of assets under management. Of sionals located in 22 cities around the world leading UK real estate investment manager. this sum, €18.6 bn is in Europe. AEW has and $57.4 bn (€44.4 bn) in assets under Prupim manages more than £16 bn (€18.5 more than 30-years’ experience in the man- management as of 31 December 2011. bn) worth of real estate assets globally, of agement of real estate funds and separate in- RREEF Real Estate employs a disciplined which approximately £3 bn (€3.5 bn) is stitutional mandates and employs 500 people investment approach and offers a diverse invested internationally in North America, in 13 countries. AEW Europe is a subsidiary range of strategies and solutions across Europe and the Asia Pacific region. Prupim of Natixis Global Asset Management, one of the risk/return and geographic spectrums, holds investments in 740 properties with the top 15 asset managers in the world with including core and value-added real estate, approximately 3,500 property occupiers assets under management of €293 bn. real estate and infrastructure securities, real worldwide.

propertyeu | march 2013 | 27 CentrO Oberhausen

Type: Shopping Center Warta Tower Size: 160,000 m2 Warsaw • Security-Agent Co-Agent Type: Office Building Size: 28,000 m2 Sole Lender • Arranger • Agent

Watermark Place

London

Type: Office Building Size: 50,000 m2 Agent • Underwriter

Foncière des Régions Di Fiore Architecture – Anawa 88north Munich

New Vélizy

Type: Office Building Paris Size: 47,000 m2 Type: Office Building Lender Size: 49,000 m2 Agent • Arranger • Lender

Europe is growing. Visit us at MIPIM: Espace Riviera With our financing solutions. Stand R 33.07

Real Estate Finance. Offering the best in bespoke financing, we are your experts for national and international markets. With solutions tailored to suit your needs, a lean organization, and fast decision making, we are a partner you count on for your projects – today and for many tomorrows to come. www.helaba.de

2013010635_Immo_PropEUMagazin_215x280_39L.indd 1 28.01.13 15:59 CentrO Oberhausen SPECIAL REPORT

Warta Tower Type: Shopping Center COMMERZ REAL er special funds for institutional and corporate €132 bn. Founded in 1978, the company Size: 160,000 m2 Warsaw status: Non-listed investors, which are arranged and managed by made its first acquisition outside Germany in • Security-Agent Co-Agent head office: Dusseldorf, DE its team in Luxembourg. 1995 and has been expanding its internation- Type: Office Building 18 ceo (real estate): Michael Bücker al portfolio ever since. In 2008 SEB merged Size: 28,000 m2 web address: www.commerzreal.com its investment operations. Its product range Sole Lender • Arranger employees (real estate): 450 UNION INVESTMENT comprises mutual funds, real estate special • Agent segments: Office, retail, hotels, logistics REAL ESTATE GMBH funds under German and Luxembourg law, total european aum (end 2011): €15.5 bn 20status: Non-listed individual and pool mandates as well as REIT total european aum (march 2012): As above head office: Hamburg, Germany funds for German and international investors. ceo (real estate): Dr. Reinhard Kutscher Watermark Place COMPANY PROFILE web address: realestate.union-investment.com Commerz Real is a fully-owned subsidiary of employees (real estate): 269 LASALLE INVEST- London Commerz Bank AG with more than 40 years of segments: Offices, business parks, shopping MENT MANAGEMENT market experience and approximately €37bn centres, logistics, business hotels status: Non-listed Type: Office Building 22 Size: 50,000 m2 in assets under management. The company total european aum (end 2011): €15.4 bn head office: London, UK combines comprehensive know-how in asset total european aum (march 2012): €15.6 bn ceo (real estate): Jeff Jacobson Agent • Underwriter management and a broad-based structuring ex- web address: www.lasalle.com pertise to deliver its signature range of services. COMPANY PROFILE employees (real estate): 700 (250 in Europe) Fund products are focused on tangible assets to Hamburg-based Union Investment is an inter- segments: Retail, office, logistics, debt ensure stable long-term growth, while tailored national investment company specialising in total european aum (end 2011): €13.3 bn financing concepts create new investment mar- open-ended real estate funds for private and Foncière des Régions Di Fiore Architecture – Anawa gins. The company’s spectrum of funds includes institutional investors. The company has world- COMPANY PROFILE open-ended real estate funds, institutional in- wide assets under management of €19.6 bn LaSalle Investment Management is one of the 88north vestment products and closed-end funds for within nine real estate funds. Within the Union world’s leading real estate investment manag- Munich real estate, aviation, renewable energy and ships. Investment Group, Union Investment Real Es- ers, with $47bn (€36 bn) of assets under man- Among its financing products are planning, con- tate GmbH specialises in private real estate in- agement. LaSalle is active across a range of struction and financing services in the context of vestment, while its sister company Union Invest- real estate markets across the globe and has a New Vélizy commercial real estate and investment solutions ment Institutional Property GmbH focuses on significant presence throughout Europe, North for a wide variety of asset classes. real estate investment for institutional custom- America and the Asia Pacific region. LaSalle in- Type: Office Building Paris ers. Union Investment is also active as a property vests in both private and public equity real es- Size: 47,000 m2 Type: Office Building developer and landlord. tate, as well as real estate debt. The company’s Lender Size: 49,000 m2 CORPUS SIREO clients include pension funds, insurance com- Agent • Arranger REAL ESTATE panies, governments, endowments and private • Lender 19 status: Non-listed SEB ASSET individuals. LaSalle provides its clients with a head office: Cologne, Germany MANAGEMENT full range of product options, including tailored ceo (real estate): Ralph Günther 21 status: Non-listed separate accounts, open and closed-end funds, web address: www.corpussireo.com head office: Frankfurt, Germany public securities, mutual funds and entity level Europe is growing. employees (real estate): 500 ceo (real estate): Barbara Knoflach investments. Visit us at MIPIM: segments: Residential, offices, retail, logistics, web address: www.sebassetmanagement.de residential care homes, technology centres employees (real estate): 30 Espace Riviera total european aum (end 2011): €15.4 bn segments: Commercial, residential BNP PARIBAS REIM With our financing solutions. Stand R 33.07 total european aum (march 2012): As above total european aum (end 2011): €14.7 bn status: Non-listed total european aum (march 2012): €12.6 bn 23head office: Paris, France COMPANY PROFILE ceo (real estate): David Aubin Corpus Sireo is an independent real estate invest- COMPANY PROFILE web address: www.reim.bnpparibas.fr ment and asset management company owned SEB Asset Management, based in Frankfurt, employees (real estate): 185 Real Estate Finance. Offering the best in bespoke by three of the largest German municipal sav- is the real estate and securities investment segments: Office, retail, residential, hotel financing, we are your experts for national and ings banks: Sparkasse KolnBonn (50%), Stadt- house of the Nordic financial services group total european aum (end 2011): €12.7 bn sparkasse Düsseldorf (25%) and Frankfurter SEB. SEB Asset Management, including its international markets. With solutions tailored to suit Sparkasse (25%). The company has some €15.4 investment company SEB Investment, is part COMPANY PROFILE your needs, a lean organization, and fast decision bn of residential and commercial real estate as- of the group’s Wealth Management division, BNP Paribas Real Estate Investment Manage- making, we are a partner you count on for your sets under management. In the funds sector, with approximately 1,000 employees and as- ment is an international business line of BNP projects – today and for many tomorrows to come. Corpus Sireo offers tailor-made vehicles and oth- sets under management of approximately Paribas Real Estate. It has €12.7 bn of prop- www.helaba.de

propertyeu | march 2013 | 29

2013010635_Immo_PropEUMagazin_215x280_39L.indd 1 28.01.13 15:59 TOP 100 INVESTORS

erty assets under management and more than SCHRODER PROP- employees (real estate): 200 100,000 clients. The company manages pooled ERTY INVESTMENT segments: Retail, office funds for institutions and retail clients, provides 26MANAGEMENT LTD total european aum (end 2011): €11.8 bn fund administration services and offers separate status: Non-listed accounts and advisory mandates services. head office: London, UK COMPANY PROFILE ceo (real estate): William Hill British Land is one of Europe’s largest Real Es- web address: www.schroderproperty.com tate Investment Trusts with total assets, owned HENDERSON GLOBAL employees (real estate): 100 or managed on behalf of third parties, of £15.8 INVESTORS segments: Industrial, office, residential, retail bn (€18.3 bn). Its property portfolio comprises 24status: Non-listed total european aum (end 2011): €12.2 bn prime retail locations and Central London offices. head office: London, UK The company’s main investors and sharehold- ceo (real estate): James Darkins, Mike Sales COMPANY PROFILE ers include Blackrock, Norges Bank and Legal & web address: www.henderson.com/sites/hen- Schroders has managed property investments General. derson/uk_property/home.aspx since 1971 and has more than £10.2 bn (€12.2 employees (real estate): 206 bn) of gross property assets under management. segments: Office, Industrial, retail, residential, The London-based company manages a broad LEGAL & GENERAL total european aum (end 2011): €12.6 bn range of open and closed-ended property funds PROPERTY offering investors exposure to both diversified 29status: Non-listed COMPANY PROFILE and sector-focused portfolios as well as a variety head office: London, UK Henderson Global Investors manages more than of risk and return profiles. Investors can choose ceo (real estate): Bill Hughes £64.8 bn (€74.9 bn) in assets, with its property between single country funds, regional funds and web address: www.lgim.com division managing £12.4 bn (€14.3 bn) of these a global solution. The Schroders property team employees (real estate): 86 assets worldwide. Henderson has a clear focus consists of around 100 people across nine offices segments: Retail, office, industrial, healthcare on investment management and manufactures a in the UK and Europe, experienced in property total european aum (end 2011): €11.8 bn broad range of investment products for institu- fund management, research and strategy. tional and retail investors across multiple asset COMPANY PROFILE classes including equities, fixed income, private Legal & General Property (LGP) is a wholly- equity and property. LAND SECURITIES owned subsidiary of asset manager Legal & status: Listed General Investment Management (LGIM). LGIM 27head office: London, UK manages approximately £383bn (€443 bn) of PRELIOS ceo (real estate): Robert Noel assets on behalf of more than 3,300 clients (as status: Listed web address: www.landsecurities.com of 31 December 2011) and provides products 25head office: Milan, Italy employees (real estate): 590 and solutions spanning all asset classes. LGP is ceo (real estate): Paolo Bottelli segments: Retail, office the UK’s third-largest institutional property fund web address: www.prelios.com total european aum (end 2011): €12 bn manager, managing or co-managing 16 separate employees (real estate): 100 funds and two segregated mandates with an ag- segments: Retail, office, residential COMPANY PROFILE gregate asset value of £10.3bn (€11.8 bn) as of total european aum (end 2011): €12.4 bn Land Securities owns and manages more than 31 December 2011. 2.7 million m2 of property, from shopping cen- COMPANY PROFILE tres to offices. Its history dates back to 1944 Prelios, formerly known as Pirelli Real Estate, when Harold Samuel bought Land Securities In- GECINA is a major Italian investor and asset manager. vestment Trust Limited, which at the time owned status: Listed Based in Milan, the company has been listed on three houses in Kensington. Today, the company 30head office: Paris, France the Italian stock exchange since 2002 and has is the UK’s largest commercial property company ceo (real estate): Bernard Michel historically focused on two European countries, and a member of the FTSE 100. The company webs address: www.gecina.fr Italy and Germany. Recently, the company has has a core+, valued-added investment style. employees (real estate): 550 announced plans to re-focus the business exclu- segments: Office, residential, retail, healthcare sively on property services for third parties and to total european aum (end 2011): €11.8 bn reposition itself as a pure management company. BRITISH LAND The company’s main investors and shareholders status: Listed COMPANY PROFILE include Camfin Cam Finanziaria SpA, Norges 28head office: London, UK Gecina owns, manages and develops property Bank, Otus Capital Management, Invesco, Me- ceo (real estate): Chris Grigg holdings worth €11.8 bn as of 31 December diobanca and Assicurazioni Generali. web address: www.britishland.com 2011, of which 86% are located in the Paris re-

30 | march 2013 | propertyeu SPECIAL REPORT

gion. The business is built around an Economic across all major asset classes, including world- ceo (real estate): Henk Jagersma division, which includes France’s largest office wide equities, property, bonds and cash. web address: www.syntrusachmea.com portfolio, and a demographic division, with resi- employees (real estate): N/A dential assets, student residences and healthcare segments: Retail, office, residential, loans facilities. Gecina is a French real estate invest- ICADE total european aum (end 2011): €9.7 bn ment trust (SIIC) listed on Euronext Paris. Its status: Listed main investors and shareholders include Metro- 33head office: Paris, France COMPANY PROFILE vacesa (27%), non-resident institutionals (22%) ceo (real estate): Serge Grzybowski Syntrus Achmea is a Dutch asset management Rivero Group (16%) and Soler Group (15%). web address: www.icade.fr company handling real estate and mortgage employees (real estate): 1,716 funds. It invests in, finances and develops real segments: Office, business parks, retail, health estate for the investment portfolios of Dutch pen- STANDARD LIFE total european aum (end 2011): €10 bn sion funds and other institutional investors. With INVESTMENTS a total investment portfolio of more than €14 bn, 31 status: Non-listed COMPANY PROFILE Syntrus Achmea is one of the largest real estate head office: Edinburgh, UK Icade has been one of the most active listed prop- investors in the Netherlands. It is active in Eu- ceo (real estate): Keith Skeoch erty companies since the credit crisis first broke. ropean, North-American and in Asiatic markets, web address: www.standardlifeinvestments. In line with its strategy to exit the residential sec- through its AREA Funds for non-listed real estate. com/realestate tor, the property subsidiary of Caisse des Depots employees (real estate): 125 bought Morgan Stanley’s La Lucette in 2010 and segments: Retail, office, industrial, other direct sold a €2 bn residential portfolio. The company IMMOFINANZ total european aum (end 2011): €11.2 bn is currently finalising the takeover of rival real status: Listed estate investor Silic, which will create the largest 36 head office: Vienna, Austria COMPANY PROFILE business park owner in France with a portfolio of ceo (real estate): Eduard Zehetner Standard Life Investments is one of Europe’s around €10 bn. Icade went public in April 2006, web address: www.immofinanz.com largest commercial real estate managers. The raising €700 mln in its IPO. employees (real estate): 937 firm is an active investment manager and man- segments: Retail, office, logistics, residential ages a range of investment vehicles across the total european aum (end 2011): €9.2 bn risk spectrum, from core to opportunistic. Its IDEA FIMIT fund range includes single sector/ single country status: Non-listed COMPANY PROFILE funds, diversified regional funds, diversified sin- 34 head office: Rome, Italy Immofinanz, listed on the Austrian Trade Index, gle country funds, specialist funds, global listed ceo (real estate): Massimo Brunelli is one of Europe’s leading listed property inves- funds and a hybrid fund. web address: www.ideafimit.it tors and developers. Its portfolio comprises more employees (real estate): N/A than 1,830 investment properties with a carrying segments: Retail, office, residential amount of approx. €9.81 bn. Immofinanz con- SCOTTISH WIDOWS total european aum (end 2011): €10 bn centrates on the retail, office, logistics and resi- INVESTMENT dential segments in eight core markets. The com- 32 PARTNERSHIP COMPANY PROFILE pany covers the acquisition and management of status: Non-listed Idea Fimit is a major Italian fund manager with investment properties, the realisation of develop- head office: Edinburgh, UK its headquarters in Rome. The company was cre- ment projects and the sale of assets, according ceo (real estate): P. Lillington, R. Matthews ated in 2011 from the merger of Fondi Immo- to a clearly defined, standardised procedure.Its web address: www.swip.com biliari Italiani and First Atlantic Real Estate, and investors include FRIES Familien-Privatstiftung. employees (real estate): 41 currently manages more than €10 bn worth of segments: Retail, office, industrial, indirects properties across 31 funds. Major shareholders total european aum (end 2011): €10.1 bn include such institutional players as Ifim, Inp- FONCIERE dap, Enpals and Enasarco and Fare Holding. In DES REGIONS COMPANY PROFILE mid-2012, the company took over eight property 37status: Listed Scottish Widows Investment Partnership (SWIP) funds from Duemme Sgr, strengthening its posi- head office: Paris, France is part of Lloyds Banking Group and one of Eu- tioning in the Italian fund management industry. ceo (real estate): Christophe Kullmann rope’s largest asset management companies, web address: www.fdr.fr with a total of some £136.4 bn (€157.8 bn) of employees (real estate): 341 funds under management. Its European real as- SYNTRUS ACHMEA segments: Office, retail, logistics, hotel, park- sets under management totalled €10.1 bn, as status: Non-listed ing, nursing homes of 31 December 2011. The funds are invested 35head office: Amsterdam, NL total european aum (end 2011): €9 bn propertyeu | march 2013 | 31 WWW.CITYLEADERS.INFO

Advertentie CityLeaders web.indd 1 13.02.28 14:52 SPECIAL REPORT

COMPANY PROFILE locations. The five major out-of-town centres vestment group, fully owned by its partners and Foncière des Régions is a major office-focused and nine in-town destinations include ten of employees. It has more than €7.5 bn of funds real estate investment trust in France, with a port- the UK’s top 25 shopping centres, including under management and specialises in the acqui- folio of €9 bn located primarily in Ile-de-France, the Trafford Centre in Manchester, acquired sition and management of commercial property major French regional towns and northern Italy. in 2011. Formerly Liberty International, the throughout the UK and mainland Europe on be- The company is also active in other segments company was founded by Sir Donald Gordon half of major international institutional clients. through a number of subsidiaries, including and demerged its central London-focused in- Rockspring has its headquarters in London as Foncière des Murs and Foncière Developpement vestment and development division, Capital & well as offices in Amsterdam, Berlin, Brussels, Logements. In Italy, the company is the majority Counties Properties, in 2010. Its main inves- Budapest, Madrid and Paris. owner of Milan-listed office group Beni Stabili. Its tors and shareholders include the Peel Group main investors and shareholders include Groupe (20%), Coronation Asset Management (Pty) Delfin, Groupe Covéa Finance, Groupe Crédit Ag- Ltd (10.9%) and Gordon Family Interests REDEVCO ricole and Assurances du Crédit Mutuel. (10.7%). status: Non-listed 42head office: Amsterdam, NL ceo (real estate): Andrew Vaughan F&C REIT METRO GROUP web address: www.redevco.com status: Non-listed PROPERTIES employees (real estate): 200 38head office: London, UK 40 status: Non-listed segments: Retail ceo (real estate): Nick Criticos head office: Dusseldorf, Germany total european aum (end 2011): €7.5 bn web address: www.fandcreit.com ceo (real estate): Jean-Christophe Bretxa employees (real estate): 125 web address: www.metro-properties.com COMPANY PROFILE segments: Retail, office employees (real estate): 1,700 Redevco is an independent real estate company, total european aum (end 2011): €8.5 bn segments: Retail managing and developing one of the largest re- total european aum (end 2011): €8 bn tail portfolios in Europe. The portfolio comprises COMPANY PROFILE more than 600 properties, most of them in top F&C REIT is a UK-owned international real COMPANY PROFILE locations in major European cities. Redevco fo- estate manager. Formed through the com- Metro Properties is the real estate arm of Eu- cuses on prime retail in good locations offering bination of F&C Asset Management’s prop- ropean retail specialist Metro Group, whose high growth potential. Redevco is owned by COF- erty business and REIT Asset Management in brands include electronics retailers Media RA Holding AG, a Swiss-based holding company. 2008, F&C REIT is an institutionally-partnered Markt and Saturn. Metro Properties manag- force in commercial property investment es a portfolio of 688 retail properties across management. The company is responsible for 30 countries, within four regions: western CORIO a £7.4 bn (€8.5 bn) global portfolio of assets Europe, eastern Europe, Asia and the CIS status: Listed under management. The company is active in states. The company owns a further 153 non- 43head office: Utrecht, NL the European market, with a particular focus retail properties across the world, bringing its ceo (real estate): Gerard Groener on the UK, Germany, Ireland and France. global assets to €11 bn in total. In 2011 Metro web address: www.corio-eu.com Properties achieved an EBIT of €639 mln and employees (real estate): 517 employs around 1,700 people. segments: Retail INTU PROPERTIES total european aum (end 2011): €7.4 bn status: Listed 39head office: London, UK ROCKSPRING PROP- COMPANY PROFILE ceo (real estate): David Fischel ERTY INVESTMENT Corio is a Dutch-based listed real estate in- web address: www.intugroup.co.uk 41MANAGEMENT vestment company which owns and manages employees (real estate): 624 status: Non-listed shopping centres. Headquartered in Utrecht, segments: Retail head office: London, UK the firm primarily consists of a portfolio of total european aum (end 2011): €8.4 bn ceo (real estate): Robert Gilchrist retail properties in the Netherlands, France, web address: www.rockspringpim.com Italy, Spain, Germany and Turkey worth €7.4 COMPANY PROFILE employees (real estate): 98 bn. The company was formed in 2000 by the Intu Properties (formerly Capital Shopping segments: Retail, office, logistics, industrial merger of the property funds VIB and WBN Centres Group) is the only pure UK prime total european aum (end 2011): €7.5 bn and initially invested significantly in office shopping centre REIT. It owns and operates buildings and other commercial property. WWW.CITYLEADERS.INFO 14 regional shopping centres, representing COMPANY PROFILE These activities have since been scaled back over 1.5 million m2 of retail space, in major UK Rockspring is an independent professional in- in favour of retail real estate.

propertyeu | march 2013 | 33

Advertentie CityLeaders web.indd 1 13.02.28 14:52 TOP 100 INVESTORS

LA FRANCAISE REAL AERIUM FINANCE web address: www.hammerson.com ESTATE MANAGERS status: Non-listed employees (real estate): 350 44status: Non-listed 46head office: London, UK segments: Retail head office: Paris, France ceo (real estate): Franck A. Ruimy total european aum (end 2011): €6.8 bn ceo (real estate): Jean-Marc Coly web address: www.aerium.com web address: www.lafrancaise-am.com employees (real estate): 200 COMPANY PROFILE employees (real estate): 113 segments: Retail, office, hotels, logistics Hammerson is a British property development segments: Office, retail, hotel, debt total european aum (end 2011): €7 bn and investment company, benefiting from tax- total european aum (end 2011): €7.1 bn exempt Real Estate Investment Trust status since COMPANY PROFILE 2007. The majority of Hammerson’s portfolio COMPANY PROFILE UK-based Aerium Finance was established in is in the UK, but the company also operates in La Française Real Estate Managers, the 2003 and specialises in the development and mainland Europe, particularly in France. It invests property arm of La Française AM, is a spe- management of closed-end property ventures. mainly in offices and retail premises and current- cialist and recognised leader in the man- Its operations are focused on high-quality, in- ly has a portfolio valued at nearly €7 bn. agement of French regulated funds (SCPI, come-producing investment and development OPCI), with €7.2 bn of property assets un- schemes in top-tier eastern European markets. der management. The company is majori- The company is involved in a variety of sec- SWISS PRIME SITE ty-owned by Crédit Mutuel Nord Europe. La tors, including office, retail, hotel, industrial and status: Listed Française AM was created in 2009 through mixed-use sector facilities. Since its inception, 49head office: Olten, Switzerland the merger of UFG and La Française des Aerium has launched 14 property funds, largely ceo (real estate): Markus Graf Placements. In addition to funds invested with an added-value and opportunistic profile. web address: www.swiss-prime-site.ch in real assets, the company is set to enter employees (real estate): N/A the property lending business. segments: Office, retail, other LONDON & REGIONAL total european aum (end 2011): €6.7 bn PROPERTIES BLACKSTONE GROUP- 47status: Non-listed COMPANY PROFILE status: Non-listed in Europe head office: London, UK Swiss Prime Site AG is a major company for real 45head office (Europe): London, UK ceo (real estate): Richard Livingstone estate investments in Switzerland. The firm has ceo (real estate): Kenneth Kaplan web address: www.lrp.co.uk been listed on the SIX Swiss Exchange since April web address: www.blackstone.com employees (real estate): 260 2000. Its portfolio is valued at some CHF 8.4 employees (real estate): 190 segments: Commercial, residential, hospitality bn (€6.7 bn) and primarily comprises retail and segments: Retail, office, logistics, residential total european aum (end 2011): €6.9 bn commercial properties situated in prime loca- total european aum (end 2011): €7bn tions in Swiss economic centres. COMPANY PROFILE COMPANY PROFILE London & Regional Properties (L&R) was found- Blackstone is the largest listed real estate ed in 1987 by the Livingstone brothers and is KANAM private equity firm in the world with $48 today one of the largest privately held property status: Non-listed bn (€36 bn) of assets under management companies in Europe, with business interests in 50head office: Munich, Germany through its opportunistic and debt strat- the UK, Scandinavia, the Baltics, Germany, Po- ceo (real estate): Karlheinz Fichtl egy funds. It has offices around the globe, land, South Africa, Russia, Ukraine, Switzerland web address: www.kanam.de with investments and staff in the US, Eu- and Central America. The company manages employees (real estate): 130 rope, Asia and Latin America. The com- business, retail and leisure complexes and has a segments: Retail, office, hotels pany’s portfolios include properties in the prime and secondary UK property asset base in total european aum (end 2011): €6.7 bn US, Europe and Asia, with a diverse mix the region of €4 bn. L&R also undertakes key pro- of hotels, office, retail, industrial, residen- jects in partnership with the government and the tial and healthcare investments. In 2008, corporate occupational market as well as its own COMPANY PROFILE the group started its Blackstone Real Es- substantial direct property development projects. The KanAm Group, with offices in Munich and tate Debt Strategies (BREDS) in response Frankfurt, is one of Germany’s leading sponsors to the dislocation in the global real estate of international real estate funds. The company and credit markets. Today, BREDS is a HAMMERSON syndicates, develops, operates, manages and provider of debt investment opportunities status: Listed sells real estate in the US, Australia, eastern with nearly $4 bn (€3 bn) of assets under 48head office: London, UK Europe and western Europe. Within the Group, management. ceo (real estate): David Atkins KanAm in Munich concentrates on coordinating

34 | march 2013 | propertyeu SPECIAL REPORT

the activities of the KanAm closed-end real estate ment arm of Morgan Stanley. Established in COMPANY PROFILE funds, with particular emphasis on the USA. Kan- the early 1990s, MSREI has been an active real Pramerica Real Estate Investors (PREI ) is the Am Grund Kapitalanlagegesellschaft in Frankfurt estate investor for more than two decades, ac- real estate investment management business is responsible for two open-ended real estate quiring approximately $180 bn (€136 bn) of of Pramerica Investment Management, part of funds - KanAm Grundinvest Fonds and KanAm assets in 36 countries. MSREI leverages the New York-listed Prudential Financial. PREI has US-grundinvest Fonds. It was formed in 2000 as Morgan Stanley franchise to deliver competi- 160 professionals in eight offices across Europe the first independent real estate investment com- tive advantages, including enhanced access and the Middle East and had gross assets of $8.9 pany in the form of a KAG in Germany. KanAm to opportunities, global perspective and sig- bn (€6.6 bn) under management as of the end Grund Spezialfondsgesellschaft mbH Frankfurt nificant transaction execution expertise. With of September 2012. The company invests in all is an investment company specialising in the re- dedicated real estate investing professionals major asset types: office, retail, residential and in- quirements of institutional investors, and to this located in 15 offices around the world, MSREI dustrial properties, as well as some emerging as- end has set up an open-ended real estate fund provides acquisition, finance and asset man- set classes such as senior housing, self-storage not available to the general public. agement services on behalf of its clients, in- and debt. Its investment strategies range across cluding many of the largest global pension the risk spectrum from core to opportunistic. funds, sovereign wealth funds and high net HERMES REAL ESTATE worth investors. status: Non-listed LONE STAR EUROPE 51 head office: London, UK status: Non-listed ceo (real estate): Chris Taylor BOUWFONDS REIM 55 head office (europe): London, web address: www.hermes.co.uk status: Non-listed UK employees (real estate): N/A 53 head office: Hoevelaken, NL ceo (real estate): Olivier Brahin segments: Retail, office ceo (real estate): Jaap Gillis web address: www.lonestarfunds.com total european aum (end 2011): €6.7 bn web address: www.bouwfonds.com employees (real estate): 50 employees (real estate): 150 segments: Retail, office, residential, debt COMPANY PROFILE segments: Residential, offices, industrial, retail, total european aum (end 2011): €6 bn Hermes is a UK-based, privately-owned multi- infrastructure, agricultural specialist fund manager providing investment total european aum (end 2011): €6.1 bn COMPANY PROFILE solutions in the alternative, equities and bonds Lone Star Funds is a worldwide private equity asset classes. Hermes manages assets on behalf COMPANY PROFILE firm that specialises in purchasing distressed of over 170 clients across these investment ar- Bouwfonds REIM is part of Rabo Real Estate companies and assets, and also purchases un- eas with more than £26.5 bn (€30.6 bn) worth Group, the real estate company of co-operative der-performing and non-performing loans from of assets under management, of which €6.7 bn Dutch bank Rabobank. The company initiates banks. The company is based in Dallas, Texas is in real estate. With offices in London, Boston, and manages real estate investment funds for and has affiliate offices in London, Tokyo, Dublin, New York and Sydney, Hermes is owned by the both institutional and private investors in Europe Brussels, Luxembourg and Frankfurt. Its general BT Pension Scheme, the UK’s largest funded oc- and the US from its offices in Hoevelaken, Am- partner is a Bermuda-based entity headquartered cupational pension scheme. sterdam, Berlin and Paris. With total global as- in Hamilton. John Grayken is the company’s sets under management of €7.2 bn and a work- founder and chairman. force of more than 150, Bouwfonds REIM is one MORGAN STANLEY of Europe’s leading investment managers. REAL ESTATE SEGRO 52INVESTING status: Listed status: Non-listed PRAMERICA REAL 56head office: London, UK head office: London, UK ESTATE INVESTORS ceo (real estate): David Sleath ceo (real estate): John Klopp, Olivier de 54(EUROPE) web address: www.segro.com Poulpiquet status: Non-listed employees (real estate): 250 web address: www.morganstanley.com head office (europe): London, UK segments: Modern warehousing, light indus- employees (real estate): 280 ceo (real estate, Europe): Eric Adler trial, logistics, data centres segments: web address: www.pramericarei.com/prameri- total european aum (end 2011): €6.1 bn total european aum (end 2011): €6.5 bn ca/realestate/index.html total european aum (march 2012): €5.8 bn employees (real estate): 166 COMPANY PROFILE segments: Office, retail, residential, industrial COMPANY PROFILE Morgan Stanley Real Estate Investing (MSREI) total european aum (end 2011): €6.1 bn Segro is a leading owner, asset manager and de- is the global real estate investment manage- total european aum (march 2012): €7.1 bn veloper of modern warehousing, light industrial

propertyeu | march 2013 | 35 TOP 100 INVESTORS

properties and data centres. The company boasts COMPANY PROFILE range of products include the purchase, man- £4.7 bn (€5.8 bn) of assets including its joint ven- JP Morgan Asset Management is a division of JP agement, value increase and sale of residen- ture shares, principally concentrated in London’s Morgan Chase and an asset manager for insti- tial and commercial real estate. As a recog- Western Corridor and key conurbations in France, tutions, individuals and financial intermediaries. nised business partner of large institutional Germany and Poland. In the UK the company JP Morgan Asset Management’s €5.5 bn Euro- investors, the company covers the entire value enjoys a market-leading position in Heathrow, pean real estate business has offices in London chain in the real estate industry. The company with assets in some of the most sought-after af- and Luxemburg and institutional clients located currently manages real estate assets worth ter airside and off-airport locations. In mainland across the continent. With a staff of more than nearly €7 bn, primarily as a holder of a real Europe, it holds £1.6 bn (€1.8 bn) worth of ware- 400 real estate and infrastructure professionals estate portfolio for insurance companies, pen- housing and light industrial assets concentrated and over $60 bn (€45 bn) in global assets un- sion fund institutions, sovereign wealth funds in sub-markets including the Ile de France region der management, the company offers a range of and savings banks. Via its asset management in greater Paris, Germany’s Rhine Rhur and key products across the risk/return spectrum in the companies, Patrizia issues special real estate markets in Poland. US, Europe and Asia. funds in accordance with the German Invest- ment Act and is now one of Germany’s top names in this field. AMUNDI REAL ESTATE BAYERISCHE VER- status: Non-listed ZORGUNGSKAMMER 57head office: Paris, France 59 (BVK) BOUWINVEST REIM ceo (real estate): Nicolas Simon status: Non-listed status: Non-listed web address: www.amundi-immobilier.com head office: Hannover, Germany 61 head office: Amsterdam, NL employees (real estate): 80 ceo (real estate): Norman Fackelmann ceo (real estate): Dick van Hal segments: Retail, office, residential, logistics web address: www.bvk-immobilien.de web address: www.bouwinvest.nl total european aum (end 2011): €5.8 bn employees (real estate): N/A employees (real estate): 125 segments: Office, retail, residential segments: Residential, commercial, alternative COMPANY PROFILE total european aum (end 2011): €5.3 bn total european aum (end 2011): €5.1 bn Amundi Real Estate was formed from the merger of the real estate investment activities of Crédit COMPANY PROFILE COMPANY PROFILE Agricole and Société Générale. Amundi Real Es- Bayerische Versorgungskammer (BVK) is Ger- Bouwinvest Real Estate Investment Manage- tate carries out its activities in France, Italy, Japan, many’s largest pension fund, with €55 bn of as- ment is a large independent real estate in- Morocco and Luxembourg and benefits from sets under management. Founded in 1995, BVK vestment manager based in Amsterdam, the the strong international and European presence represents a dozen professional organisations Netherlands. The company has its origins in of the Amundi Group. Amundi Real Estate of- in Germany. Real estate investments make up bpfBOUW, the pension fund for the Dutch fers private, corporate and institutional clients a around 12% of the company’s portfolio. Nor- construction sector, which remains the ma- global vision of real estate investment through a man Fackelmann took the helm of the business jor shareholder. In total Bouwinvest manages range of investment products and bespoke tai- in early 2013. 15,000 homes, 263,000 m2 of office space, lored financial solutions. With €6.7 bn in assets 180,000 m2 of retail space and 50,000 m2 of under management globally, the company runs other real estate (hotels and specialty real es- a total of 42 real estate funds, including 27 retail PATRIZIA tate), partly held through its office, residential, and private bank funds and 15 funds or dedi- IMMOBILIEN hotel, leisure and retail funds. The Residential cated mandates for financial institutions or real 60status: Listed Fund is continuously supplied with new invest- estate professionals. Its two main investors and head office: Augsburg, Germany ment opportunities through Bouwinvest Devel- shareholders are Crédit Agricole (75%) and So- ceo (real estate): Wolfgang Egger opment, which is dedicated to developing resi- ciété Générale (25%). web address: www.patrizia.ag dential real estate. employees (real estate): 500 segments: Residential, office, retail, care, hotel JP MORGAN AM total european aum (end 2011): €5.2 bn EVANS RANDALL status: Non-listed total european aum (march 2012): €7 bn status: Non-listed 58head office: London, UK 62head office: London, UK ceo (real estate): Peter Reilly COMPANY PROFILE ceo (real estate): Michael Evans web address: www.jpmorgan.com With 500 employees across 10 countries, web address: www.evansrandall.com employees (real estate): 400 Patrizia Immobilien AG has been active on employees (real estate): N/A segments: Office, retail the real estate market as both an investor and segments: Alternative total european aum (end 2011): €5.6 bn service provider for nearly 30 years. Patrizia’s total european aum (end 2011): €5 bn

36 | march 2013 | propertyeu SPECIAL REPORT

COMPANY PROFILE client assets of CHF 52.8 bn (€44 bn) and services. With AUM of some €4.5 bn in 13 Evans Randall is a privately held investment bank- employs 390 people in eight European cities. European countries, iii-investments man- ing and private equity group specialising in alter- Swisscanto has built up a track record in sus- ages nine special funds and one Luxembourg native assets. Since the beginning of 2005 Evans tainable investments and is known for its an- SICAV-FIS, as well as one public open-ended Randall has acquired more than £4 bn (€4.6 bn) nual Swiss pension funds study. property fund. of commercial real estate in the UK and mainland Europe, through deals typically in the £100 mln (€115 mln) to £500 mln (€575 mln) price range. PSP SWISS PROPERTY ASR REAL ESTATE status: Listed INVESTMENT 65head office: Zug, Switzerland 67MANAGEMENT PGGM ceo (real estate): Luciano Gabriel status: Non-listed status: Non-listed web address: www.psp.info/en head office: Utrecht, Netherlands 63head office: Zeist, Netherlands employees (real estate): 78 ceo (real estate): Dick Gort ceo (real estate): Else Bos segments: Commerical web address: www.asrreim.com web address: www.pggm.nl total european aum (end 2011): €4.6 bn employees (real estate): 124 employees (real estate): N/A total european aum (march 2012): €4.7 bn segments: Office, retail, residential segments: Various total european aum (end 2011): €4.5 bn total european aum (end 2011): €4.9 bn COMPANY PROFILE PSP Swiss Property is one of the largest real COMPANY PROFILE COMPANY PROFILE estate companies in Switzerland. The com- ASR Real Estate Investment Management PGGM is a leading Dutch pension fund admin- pany was created in 1999 as a spin-off from (ASR REIM) is part of ASR Nederland, one of istrator with its origins in the care and welfare Zurich Financial Services and listed on the the biggest insurance companies in the Neth- sector. It was set up in 2008 as the administra- Swiss Stock Exchange a year later. Headquar- erlands. The company has invested in and tor of the healthcare sector fund Pensioenfonds tered in Zug, PSP owns office and commercial managed real estate on behalf of institutional Zorg en Welzijn. PGGM provides pension man- properties mainly in prime locations in Zurich, investors for more than 100 years and is one agement, integrated asset management, man- Geneva, Basel, Bern and Lausanne. Its real es- of the largest real estate investment managers agement support and policy advice for pension tate holdings are worth CHF 5.8 bn (€4.7 bn). in the Netherlands with over 850 shops, 7,000 funds. PGGM currently works on behalf of six PSP holds and manages its properties on a homes and 30 office buildings. The portfolio pension funds, managing around €133 bn (as of long-term basis to benefit from both income is located exclusively in the Netherlands. ASR January 2013) of pension assets for more than and value appreciation. REIM also manages some 32,000 hectares of 2.5 million participants. PGGM Vermogensbe- agricultural land, the largest portfolio in the heer is PGGM’s investment management arm country. which aligns its investments in line with those of III INVESTMENTS its pension fund clients. status: Non-listed 66head office: Munich, Germany HINES EUROPE ceo (real estate): Reinhard Mattern, Bernd status: Non-listed SWISSCANTO ASSET Schoffel 68head office: London, UK MANAGEMENT web address: www.iii-investments.de ceo (real estate): Michael J.G. Topham 64status: Non-listed employees (real estate): N/A web address: www.hines.com head office: Berne, Switzerland segments: Retail, institutional employees (real estate): 215 ceo (real estate): Dr. Gérard Fischer total european aum (end 2011): €4.5 bn segments: Office, retail, residential, industrial web address: www.swisscanto.com total european aum (end 2011): €4.3 bn employees (real estate): 390 COMPANY PROFILE segments: Retail, institutional iii-investments was founded in 1958 and is COMPANY PROFILE total european aum (end 2011): €4.9 bn the real estate investment company of Hy- Since 1991 Hines has sponsored core, value- total european aum (march 2012): €5.1 bn poVereinsbank in the UniCredit Group. iii- added and opportunistic investment vehicles investments is a market leader in the German for property acquisition and development in COMPANY PROFILE real estate special funds (Spezialfonds) sector. developed and emerging markets in the Amer- Swisscanto is an investment fund provider The company has been active in the institu- icas, Europe and Asia. The firm has been ac- and asset manager owned jointly by 24 Swiss tional sector since 1997 and both manages tive in Europe since 1991, where it currently Cantonal Banks. The company also develops and administers fund products. It provides manages assets of $5.6 bn (€4.3 bn) across investment and pension solutions for private market research, transaction and asset man- all property segments for various institutional and institutional Swiss investors. It manages agement as well as portfolio management and third-party investors.

propertyeu | march 2013 | 37 TOP 100 INVESTORS

VESTEDA WARBURG- BEACON CAPITAL status: Non-listed HENDERSON PARTNERS (EUROPE) 69head office: Amsterdam, NL 71status: Non-listed 73status: Non-listed ceo (real estate): Arjan Schakenbos head office: Hamburg, Germany head office: London, UK web address: www.vesteda.com ceo (real estate): Dr. Henning Klöppelt ceo (real estate): Paul Stanford employees (real estate): 300 web address: www.warburg-henderson.com web address: www.beaconcapital.com segments: Residential employees (real estate): 33 employees (real estate): 20 total european aum (end 2011): €4.3 bn segments: Office, retail, logistics segments: Office total european aum (end 2011): €4.3 bn total european aum (end 2011): €4.3 bn COMPANY PROFILE Vesteda is a real estate fund specialising COMPANY PROFILE COMPANY PROFILE in housing and home development. It was Warburg - Henderson KAG is a joint Beacon Capital Partners is a private real estate formed from the restructuring of Dutch civil venture between German private bank investment firm formed in 1998 by the senior service pension fund ABP’s real estate port- M.M.Warburg & Co and UK investment management team of the US-based Beacon folio, which resulted in the fund trading its di- management company Henderson Global Properties Corporation. Since its inception in rect real estate holdings for minority stakes in Investors, with assets under management 1998, Beacon has raised more than $11 bn (€8.3 sector-specific real estate investment compa- of approximately €4.3 bn. Its (open-ended bn) worth of equity for office real estate invest- nies. Vesteda was set up following the spin-off and special) fund products are aimed at ment. Beacon’s investors consist of institutions of ABP’s residential fund in 1998. Today the German and international institutional from around the world, including public and company develops, leases, manages and sells property investors. The company offers private pension funds, major endowments and homes and residential development schemes. both pooled funds and segregated man- foundations, sovereign wealth funds, and insur- Most homes are developed for the company’s dates. The asset management of the prop- ance companies. own fund, which comprises 26,000 assets erties is conducted by Henderson Global with a combined value of some €4.3 bn. Investors for Europe (excluding Germany) and Hamburgische Immobilien Handlung MN SERVICES (HIH) for Germany. The fund administra- status: Non-listed INVESCO tion is conducted by IntReal International 74head office: The Hague, NL REAL ESTATE Real Estate KAG. ceo (real estate): Richard van Ovost 70status: Non-listed web address: www.mn-services.com head office: London, UK employees (real estate): 978 ceo (real estate): Andy Rofe BENI STABILI SIIQ segments: Commerical web address: www.invescorealestate.co.uk status: Listed total european aum (end 2011): €4.1 bn employees (real estate): 321 72head office: Milan, Italy segments: Office, retail, industrial, hotels ceo (real estate): Aldo Mazzocco COMPANY PROFILE total european aum (end 2011): €4.3 bn web address: www.benistabili.it MN Services is one of the largest pension ad- employees (real estate): 130 ministrators and asset managers in the Neth- COMPANY PROFILE segments: Office, retail erlands. The company manages some €76 Invesco Real Estate is a global real estate firm total european aum (end 2011): €4.3 bn bn in pension fund assets for a wide variety which has been providing investment manage- of pension funds in the Netherlands and the ment services to institutional investors since COMPANY PROFILE UK. These represent nearly two million partici- 1983, first in the US and then in Europe and the Beni Stabili Siiq is the largest listed prop- pants and over 40,000 employers. MN invests Asia-Pacific region. It currently manages €36.8 bn erty company by market capitalisation in It- directly and indirectly in real estate in Europe, of assets in both direct property and investments aly. Based in Milan and Rome, the company North America and Asia. in real estate securities globally. As the real estate changed into SIIQ fiscal regime in 2010. The arm of Invesco Ltd., one of the world’s leading company’s asset portfolio amounts to €4.3 independent global investment management bn and it specialises in office properties in VALAD EUROPE firms, Invesco Real Estate has the global strength the largest markets of Milan and Rome. status: Non-listed of a large organisation complemented by the lo- Beni Stabili Siiq is majority-owned by the 75head office: London, UK cal expertise of on-the-ground real estate special- French listed property group Foncière des ceo (real estate): Martyn McCarthy ists who are active in their markets. In Europe, Régions. Other investors and sharehold- web address: www.valad.eu Invesco Real Estate has around 90 staff across its ers include Crédit Agricole (5.0%), Morgan employees (real estate): 220 six offices and manages €4.3bn and 138 assets Stanley (2.0%) and APG (2.0%). segments: Industrial, Office across 13 countries. total european aum (end 2011): €4.1 bn

38 | march 2013 | propertyeu SPECIAL REPORT

COMPANY PROFILE company distributes a range of global invest- COMPANY PROFILE Valad Europe is a European multi-let real estate ment services and its real estate division fo- Tishman Speyer has acquired, developed investment manager specialising in multi-let cuses on asset management and maintaining and managed a global portfolio valued at commercial properties in the UK and mainland high and stable income streams. Ignis Real more than $57 bn (€43 bn) since its crea- Europe. Valad Europe is an independent com- Estate had £3.2bn (€3.7 bn) worth of assets tion in 1978. The privately-held US company whose major shareholders include man- as of 31 May 2012. pany began its European activities in Frank- agement and the $10.9 bn (€7.5 bn) Blackstone furt in 1988 with the development of the Real Estate Partners VI LP global real estate fund. MesseTurm office tower. It has since built The company has €4.1 bn worth of assets under AG REAL ESTATE up a significant European presence. The management and has a presence in 12 countries. status: Non-listed company manages assets of some €4 bn 78 head office: Brussels, Belgium in Europe and has invested in more than ceo (real estate): Serge Fautre 50 assets. HAMBURGISCHE web address: www.agrealestate.eu IMMOBILIEN employees (real estate): 105 76 HANDLUNG (HIH) segments: Office, retail, residential STARWOOD status: Non-listed total european aum (end 2011): €4 bn CAPITAL GROUP head office: Hamburg, Germany 81 status: Non-listed ceo (real estate): Stefan Best, Erik Marienfeldt COMPANY PROFILE head office: London, UK web address: www.hih.de/en/home.html AG Real Estate is Belgium’s largest real estate ceo (real estate): Jeffrey G. Dishner employees (real estate): 220 group and employs 200 people in its asset man- web address: www.starwoodcapital.com segments: Asset management, property management and development departments. Fully employees (real estate): 200 agement, project development owned by AG Insurance, the company specialises segments: Office, retail, industrial, residential total european aum (end 2011): €4 bn in the office, retail and residential sectors and has total european aum (end 2011): €3.8 bn total european aum (march 2012): As above interests in public car park management. COMPANY PROFILE COMPANY PROFILE Starwood Capital Group is a global private Hamburgische Immobilien Handlung (HIH) is SORGENTE GROUP equity and venture capital firm founded in part of the M.M. Warburg German private bank- status: Non-listed 1991. The company began operating in Eu- ing group and has been active in real estate in- 79head office: Rome, Italy rope in 2004 and currently manages assets vestment management for the past 20 years. As ceo (real estate): Prof. Valter Mainetti totalling $4.7 bn (€3.7 bn) in the region. a real estate investment and service group, the web address: www.sorgentegroup.com Starwood raised more than $2 bn (€1.6 bn) company manages the complete lifecycle of pre- employees (real estate): 297 of equity for its funds on behalf of institu- dominantly commercially-designated real estate. segments: Office, retail, hotel tional and high net worth investors in 2011. The company also acts as an adviser on special total european aum (end 2011): €3.9 bn real estate assets to Warburg-Henderson KAG, Apollo Management International LLP, Natixis COMPANY PROFILE CASTELLUM Capital Partners and Rockpoint. Sorgente Group comprises five investment man- status: Listed agement companies and 41 real estate compa- 82head office: Gothenburg, SE nies located in Italy, France, Luxembourg, the UK ceo (real estate): Hakan Hellstrom IGNIS ASSET and the USA. As of 31 December 2011 Sorgente web address: www.castellum.com MANAGEMENT registered total real estate and finance revenues employees (real estate): 239 77status: Non-listed in excess of €98 mln and total global real estate segments: Office, retail, warehouse, logistics head office: London, UK assets under management of €3.9 bn. total european aum (end 2011): €3.8 bn ceo (real estate): Gary Hutcheson web address: www.ignisasset.com COMPANY PROFILE employees (real estate): 350 TISHMAN SPEYER Castellum AB had assets valued at SEK segments: Commericial, office status: Non-listed 34 bn (€3.8 bn) as of 31 March 2012. The total european aum (end 2011): €4 bn 80head office (Europe): London company focuses exclusively on Swedish ceo (real estate): Michael Spies office, retail, warehouse, logistics and in- COMPANY PROFILE web address: www.tishmanspeyer.com dustrial properties. Its portfolio of some Ignis is a well-capitalised investment busi- employees (real estate): 691 620 assets is owned and managed by six ness with some £73.3bn (€84 bn) in assets segments: Office wholly-owned subsidiaries. under management as of 31 May 2012. The total european aum (end 2011): €3.9 bn

propertyeu | march 2013 | 39 TOP 100 INVESTORS

PENSIOENFONDS in June 2012. The company is active in Germany, segments: Office, retail METAAL EN the Netherlands, the UK, France and Austria total european aum (end 2011): €3.3 bn 83TECHNIEK (PMT) total european aum (march 2012): As above status: Non-listed head office: The Hague, Netherlands SILIC COMPANY PROFILE ceo (real estate): 10-strong board status: Listed DIC Asset focuses mainly on the German com- web address: www.bpmt.nl 86head office: Nanterre, France mercial real estate market, with around 280 employees (real estate): N/A ceo (real estate): Philippe Lemoine properties and AUM of approximately €3.3 bn segments: Commercial web address: www.silic.fr (of which €2.2 bn on DIC Asset’s balance sheet). total european aum (end 2011): €3.7 bn segments: Office The company has been listed on the SDAX index total european aum (end 2011): €3.5 bn since June 2006 and is part of the international COMPANY PROFILE EPRA index. It is active as real estate investor PMT (Pensioenfonds Metaal en Techniek) is the COMPANY PROFILE across the entire real estate chain - from acquisi- pension fund for the Dutch metal and engineer- Silic is a property investment company whose tion and real estate management through to sale. ing industry. With assets of some €47 bn, it is primary business interest is its portfolio of of- DIC Asset also co-invests through funds, joint one of the country’s top five pension funds. PMT fice business parks in the Paris region. The ventures, and interests in development projects. had some €3.7 bn invested in real estate in 2011. portfolio comprises 1.2 million m2 of office and As a rule, the company takes a minority holding multi-purpose space and was valued at €3.5 bn of 20% in its investments. as of December 2011. The bulk of the portfolio GROSVENOR FUND is concentrated in five of the eight Greater Paris MANAGEMENT development areas. The French firm enjoys SIIC CORDEA SAVILLS 84status: Non-listed tax status (akin to that of a REIT) and received status: Non-listed head office: London, UK a tender offer from its larger rival Icade in 2012. 89head office: London, UK ceo (real estate): Jeffrey Weingarten ceo (real estate): Justin O’Connor web address: www.grosvenor.com web address: www.cordeasavills.com employees (real estate): 135 REAL I.S. employees (real estate): 118 segments: Retail, office, residential status: Non-listed segments: Retail, office, industrial , residential total european aum (end 2011): €3.5bn 87 head office: Munich, Germany total european aum (end 2011): €3.3 bn ceo (real estate): Josef Brandhuber COMPANY PROFILE web address: www.realisag.de COMPANY PROFILE Grosvenor is a privately-owned property group employees (real estate): 5 Cordea Savills is an international property invest- active in some of the world’s most important cit- segments: Retail, office, logistics ment manager wholly owned by Savills plc. The ies. The company operates as a specialist devel- total european aum (end 2011): €3.5 bn firm (together with other Savills Group compa- oper, investor and fund manager in several sec- nies through its European platform) manages tors, including residential, retail and offices. COMPANY PROFILE €7.65 bn of assets worldwide on behalf of pen- Real I.S. is the real estate asset management sion funds, insurance companies, charities, qual- and fund provider for German bank BayernLB. ified professional investors and family offices on WOLBERN INVEST The company is active in special funds, includ- a pooled fund and separate account basis. status: Non-listed ing funds set up under German investment law, 85 head office: Hamburg, Germany and public funds launched as closed-end funds, ceo (real estate): Thomas Kühl customised fund solutions, portfolio manage- EUROPA CAPITAL web address: www.woelbern-invest.de ment and the management of international insti- status: Non-listed employees (real estate): 65 tutional real estate portfolios. Since 1991 Real I.S. 90head office: London, UK segments: Office has offered more than 100 fund products with an ceo (real estate): Charles Graham, Noel total european aum (end 2011): €3.5 bn investment volume in excess of €8 bn. Manns, Peter Cluff, Robert Martin web address: www.europacapital.com COMPANY PROFILE employees (real estate): 45 Wolbern Invest is an initiator and manager of DIC ASSET segments: Retail, office, logistics closed-end real estate funds for the Wolbern status: Listed total european aum (end 2011): €3.3 bn Group, which has 93 real estate and private 88head office: Frankfurt, Germany equity funds with a total investment volume of ceo (real estate): Ulrich Höller COMPANY PROFILE €3.5 bn. Wolbern Invest focuses on office invest- web address: www.dic-asset.de Europa Capital is a real estate fund manager fo- ments and launched its first green building fund employees (real estate): 140 cused on European markets. Europa Capital adds

40 | march 2013 | propertyeu SPECIAL REPORT

value utilising a variety of strategies implemented vestment property and operating activities are Europe for select institutional and private in- through active asset management, change of use focused on inner-city multifunctional parking at vestors. The company’s pan-European real or refurbishment and development in all prop- public transport interchanges and on parking estate investment funds include ‘core-plus’ erty classes. Since 1995 the company’s principals at hospitals. Q-Park owns and operates parking and ‘value added/opportunistic’ strategies have collectively raised six real estate funds and facilities in 10 European countries. Its sharehold- with total assets under management of €3 bn. committed to more than 70 transactions total- ers are institutional investors, primarily pension Tristan Capital Partners is owned and man- ling some €7 bn across 17 European countries. funds and insurance companies. aged by its principals. Europa Capital is a member of Rockefeller Group International (RGI), a subsidiary of Mitsubishi Estate Ltd. RGI is a strategic investor in Europa COFINIMMO CARLYLE EUROPE Capital’s investment management business. status: Listed REAL ESTATE PART- 93head office: Brussels, Belgium 95NERS ceo (real estate): Jean-Edouard Carbonnelle status: Non-listed SPONDA web address: www.cofinimmo.com head office: London, UK status: Listed employees (real estate): 109 ceo (real estate): Eric Sasson 91head office: Helsinki, Finland segments: Office, nursing homes, pubs, distri- web address: www.carlyle.com ceo (real estate): Kari Inkinen bution property networks employees (real estate): 44 web address: www.sponda.fi total european aum (end 2011): €3.1 bn segments: Office, retail, residential, hotel, stu- employees (real estate): 126 total european aum (march 2012): €3.2 bn dent housing, CMBS segments: Office, retail, logistics total european aum (end 2011): €3 bn total european aum (end 2011): €3.2 bn COMPANY PROFILE total european aum (march 2012): As above Cofinimmo is a listed Belgian real estate invest- COMPANY PROFILE ment company founded in 1983 with properties The Carlyle Group is a global alternative asset COMPANY PROFILE in Belgium, France and the Netherlands. The manager with more than $157 billion in assets Helsinki-listed real estate investment company company specialises in rental property and enjoys under management across 101 funds and 64 Sponda specialises in leasing business premises SIIC tax status (akin to that of a REIT) in France fund of funds vehicles. Its European real estate and also owning and developing properties in and benefits from the Sicafi regime in Belgium. subsidiary has €3 bn of assets under manage- the largest cities in Finland and Russia. The Nas- Its portfolio is split between offices (48.6%) and ment and is active in several sectors, including daq OMX-listed company is organised into four healthcare properties (33.9%), with alternative office, retail, residential and student housing. business units: Investment Properties, Property assets such as pubs making up the remainder. Development, Real Estate Funds and Russia. The Cofinimmo has built up a sizeable portfolio of company’s office, retail and logistics properties healthcare properties in recent years, investing in NIAM have a total leasable area of some 1.5 million m2 nursing homes and clinics. Its focus is on long status: Non-listed and a fair value of approximately €3.2 bn. The leases and properties with the potential to build 96head office: Stockholm, Sweden company’s long-term growth target for Russia is residual value over the longer term. ceo (real estate): Johan Bergman to raise the share of its real estate investments to web address: www.niam.se 10-20% of the company’s balance sheet. employees (real estate): 39 TRISTAN CAPITAL segments: Retail, office, industrial, residential PARTNERS total european aum (end 2011): €3 bn Q-PARK 94status: Non-listed total european aum (march 2012): €3.3 bn status: Non-listed head office: London, UK 92head office: Maastricht, NL ceo (real estate): Ric Lewis COMPANY PROFILE ceo (real estate): Ward Vleugels web address: www.tristancap.com Founded in 1998, Niam is a private equity firm web address: www.q-park.com employees (real estate): 45 offering investors the opportunity to invest in the employees (real estate): N/A segments: Office, retail, logistics, residential Nordic and Baltic regions through local funds. segments: Parking facilities total european aum (end 2011): €3.1 bn Niam’s 38-strong investment team is supported total european aum (end 2011): €3.1 bn total european aum (march 2012): As above through its parent, the Stronghold Group, which COMPANY PROFILE also owns Newsec and Datscha and has access Q-Park is an international investment property COMPANY PROFILE to a network of 600 professionals based across company focused on property value develop- Tristan Capital Partners is a London-based eight countries. Niam also acts as an operating ment by providing high-quality parking services real estate investment management com- partner - and sometimes co-investor - with lead- in built parking facilities and off-street parking pany, specialising in investment strategies in ing financial institutions such as Goldman Sachs, within strategic locations. The company’s in- all property types across the UK and mainland Morgan Stanley and GE Capital.

propertyeu | march 2013 | 41 TOP 100 INVESTORS

ORION CAPITAL CONWERT IMMO value is located in the three major city regions MANAGERS BILIEN INVEST of Stockholm, Gothenburg and Oresund, and in 97 status: Non-listed 99 status: Listed cities with a population of more than 100,000. head office: London, UK head office: Vienna, Austria Kungsleden is quoted on the Nasdaq OMX ceo (real estate): Bruce C. Bossum ceo (real estate): Thomas Doll, Jürgen Kelber Stockholm stock exchange mid-cap list. web address: www.orioncapman.com web address: www.conwert.at employees (real estate): 42 employees (real estate): 650 segments: Commericial, office segments: Residential, office WERELDHAVE total european aum (end 2011): €3 bn total european aum (end 2011): €2.8 bn status: Listed total european aum (march 2012): As above total european aum (march 2012): As above 101 head office: NL ceo (real estate): Dirk Anbeek COMPANY PROFILE COMPANY PROFILE web address: www.wereldhave.com Orion Capital Managers is a private European Conwert Immobilien Invest SE is a fully inte- employees (real estate): N/A real estate investment firm wholly owned by its grated European residential property company segments: Office, retail, residential founding partners. The firm has offices in Lon- founded in July 2001. Its core markets in Ger- total european aum (end 2011): €2.8 bn don, Madrid, Milan and Paris and is currently many and Austria account for 94% of its total as- investing Orion European Real Estate Fund III, set base. The company also has operations in the COMPANY PROFILE C.V. on behalf of major investors from around Czech Republic, Slovakia, Hungary, Luxembourg Wereldhave is a closed-end property investment the world. Orion Capital Managers has recently and Ukraine. The company, which is listed on company with variable capital which has been begun raising capital for its fourth opportunity the prime market of the Vienna Stock Exchange, listed on the Amsterdam stock exchange since fund - Orion European Real Estate Fund IV, C.V. specialises in inner-city residential properties 1946. The company invests in the Netherlands, with development potential. Conwert’s portfolio Belgium, Finland, France and Spain. It recently comprises 1,641 properties with a total value of sold its US and UK portfolios due to falling val- DELTA LLOYD REAL around €2.8 bn. ues in these markets. Wereldhave focuses on ESTATE shopping centres, offices and residential pro- 98status: Non-listed jects. The investments are held directly or by lo- head office: Amsterdam, Netherlands KUNGSLEDEN cal subsidiaries. Wereldhave’s shares are owned ceo (real estate): Patrick Ruwiel status: Listed by institutional and private investors, both in the web address: www.deltalloydvastgoed.nl 100 head office: Stockholm, SE Netherlands and abroad. As of December 2010, segments: Office, retail, residential ceo (real estate): Thomas Erseus Wereldhave had no shareholders with an interest total european aum (end 2011): €3 bn web address: www.kungsleden.se of more than 5%. The free float of the ordinary employees (real estate): 277 shares is 100%. COMPANY PROFILE segments: Office, retail, industrial Delta Lloyd Real Estate forms part of Delta Lloyd total european aum (end 2011): €2.8 bn Asset Management, part of the Delta Lloyd insurance group. The company invests in, man- COMPANY PROFILE ages and develops shopping centres, offices and Swedish investor Kungsleden has become one homes both for Delta Lloyd and third parties. The of the country’s leading landlords since its initial direct portfolio consists of offices, retail and resi- public offering in 1999. The company had 281 dential assets while the indirect holdings com- properties with a book value of SEK 14.8. bn (€ prise stakes in non-listed Dutch property funds. 1.7 bn) as of September 2012. The bulk of the Delta Lloyd Dutch Property Fund is a non-listed portfolio consists of industrial and warehouse fund for institutional investors which invests in properties (43%), followed by offices (29%) and Dutch offices, retail and residential assets. retail (14%). Some 61% of the property book

Publication of PropertyEuro BV, registered in Copyright © 2013 PropertyEuro BV. All rights Amsterdam, The Netherlands. World Trade Center, reserved. No part of this publication may be A Tower, 6th floor, Strawinskylaan 609, 1077 XX reproduced or transmitted in any form or by Amsterdam, P.O. Box 75485, 1070 AL Amsterdam. any means, electronic or mechanical, including + 31 20 5753317, [email protected], photocopy, recording, or any information storage www.propertyeu.info and retrieval system, without written permission.

42 | march 2013 | propertyeu Smart performance measurement?

Deliver value beyond returns through intelligent analytics and smarter performance measurement

YARDI Investment SuiteTM An end-to-end software platform that automates the entire real estate investment management lifecycle

YARDI Investment ManagementTM Complex deal structures with automated accounting, performance measurement and investor reporting

YARDI Advanced Budgeting and ForecastingTM Budget projections and consolidated cash flows with accurate, flexible forecasts and valuations

YARDI Investor CRMTM Easy tracking of communication, opportunities and deals for prospects and investors

For further information call:

United Kingdom +44 (0)1908 308400 - The Netherlands +31 (0)20 565 0050 - Germany +49 (0) 211 523 91 466 Or visit: www.yardi.co.uk - www.yardi.nl - www.yardi.de

Yardi Systems Investment, Asset & Property Management Software UNITED REAL ESTATES OF PATRIZIA

REAL ESTATE IS OUR WORLD Contact: Connected across Europe, represented in the region PATRIZIA transcends PATRIZIA Immobilien AG borders. This means we can be close to the market but keep the bigger PATRIZIA Bürohaus picture in mind. With real estate assets of almost EUR 7.5 billion in 10 Fuggerstrasse 26 European countries, we are the second largest private investor in PropertyEU’s 86150 Augsburg, Germany 2012 ranking. +49 821 50910-000 e-mail: [email protected]

www.patrizia.ag

RZ_PATRIZIA_AD_EU_215x280_5.indd 1 04.03.13 18:40