summit partners GRI Summit 2003 - Global Real Estate Institute
summit partners GRI Summit 2003 - Global Real Estate Institute
summit partners GRI Summit 2003 - Global Real Estate Institute
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<strong>summit</strong> <strong>partners</strong><br />
Corporate Partners<br />
Senior Partners<br />
GLOBAL<br />
REAL<br />
ESTATE<br />
INSTITUTE<br />
Partners<br />
program<br />
<strong>GRI</strong> <strong>Summit</strong> <strong>2003</strong><br />
Gemini Commercial<br />
Investments Ltd<br />
CATALYST<br />
CAPITAL<br />
AE INVESTMENT<br />
AMERICAN<br />
E U R O P E A N<br />
BANKERS<br />
industry <strong>partners</strong>
<strong>GRI</strong> <strong>Summit</strong> <strong>2003</strong><br />
GLOBAL<br />
REAL<br />
ESTATE<br />
INSTITUTE<br />
Pre <strong>Summit</strong> schedule 2<br />
<strong>Summit</strong> schedule 3<br />
Pre-<strong>summit</strong> Chairs and discussions 4<br />
<strong>Summit</strong> Speakers and sessions 6<br />
<strong>Global</strong> <strong>Real</strong> <strong>Estate</strong> <strong>Institute</strong> 8<br />
contentsWelcome1<br />
<strong>GRI</strong> Board of Directors 9<br />
Company profiles 10-25<br />
Jones Lang LaSalle 10<br />
HRO 11<br />
Ernst and Young LPP 12<br />
DB <strong>Real</strong> <strong>Estate</strong> 13<br />
Lovells 14<br />
IXIS AEW 15<br />
Freshfields Bruckhaus Deringer 16<br />
Eurohypo 17<br />
O’Connor Capital Partners 18<br />
Lennar Partners Europe 19<br />
Goldman Sachs 20<br />
DTZ 21<br />
Catalyst Capital 22<br />
Ashurst Morris Crisp 23<br />
American European 24<br />
CMSA 25<br />
Inquiries and further information<br />
www.globalrealestate.org<br />
info@globalrealestate.org<br />
UK Tel: +44 20 8445 6653<br />
UK Fax: +44 20 8445 6633<br />
welcome!<br />
We are delighted to welcome you to the <strong>GRI</strong> <strong>Summit</strong><br />
<strong>2003</strong>. Thanks to the extraordinary contribution of our<br />
Partners, discussion chairs, moderators and<br />
speakers, we’re convinced you will be challenged<br />
and entertained.<br />
We encourage you to question, interrupt, disagree<br />
and generally let everyone know what you think. <strong>GRI</strong><br />
<strong>Summit</strong>s are collegial and participatory affairs, not<br />
polite afternoons.<br />
Helping you connect is why the <strong>GRI</strong> exists and we<br />
would be delighted if the <strong>Summit</strong> achieves that for<br />
you. Please let us know how we can serve<br />
you better.<br />
Welcome to the <strong>GRI</strong> <strong>2003</strong>.<br />
Henri Alster<br />
President, American European Investment Bankers, Inc.<br />
Chairman, <strong>GRI</strong> – <strong>Global</strong> <strong>Real</strong> <strong>Estate</strong> <strong>Institute</strong>.<br />
ONGOING UPDATES AT WWW.GLOBALREALESTATE.ORG<br />
1
pre <strong>summit</strong><br />
Tuesday, September 23<br />
14h30 –19h30<br />
19h30 –20h30<br />
20h30 –23h00<br />
Host of Annual<br />
<strong>GRI</strong> Board Dinner<br />
Pre-<strong>Summit</strong> group discussions<br />
<strong>Summit</strong> Opening cocktails<br />
Annual Board of Directors Dinner – Hosted by Howard Ronson,<br />
Chairman, HRO Group<br />
(Invitation only – <strong>GRI</strong> Board, <strong>Summit</strong> Partners…)<br />
FIRST FLOOR<br />
<strong>summit</strong><br />
GROUND FLOOR<br />
LOWER GROUND FLOOR<br />
COUNCILS<br />
Tuesday, September 23 14h30 – 16h00<br />
Wednesday, September 24<br />
PROGRAM PARTNER<br />
DEBUSSY<br />
INVESTMENT IN UK PROPERTY – SHOPPING BASKET<br />
OR BASKET CASE?<br />
CHOPIN<br />
RETAIL REAL ESTATE – WHAT ARE TOMORROW’S CONCEPTS?<br />
MESSAGER<br />
ITALY'S REAL ESTATE MARKET – IS IT STILL GROWING?<br />
CONCERTO<br />
HOTEL ASSETS – IS PRIVATE OWNERSHIP REALLY BETTER?<br />
CHARPENTIER<br />
TURKEY, GREECE & THE BALKANS – IS NOW THE RIGHT TIME?<br />
DELIBES<br />
DEBT FINANCING – WHO’S GOT MONEY, WHO HASN’T<br />
9h00 – 10h00<br />
<strong>Summit</strong> Sessions<br />
Keynotes. Moderators. Speakers<br />
OPERA – Traduction simultanée / Simultanübersetzung /Traducción simultánea<br />
Has Saddam brought regime change to Europe?<br />
Ms Therese Raphael, Editorial Page Editor, Wall Street Journal Europe, UK<br />
MOZART<br />
PUBLIC OR PRIVATE – WHAT STRATEGY THE HOLY GRAIL?<br />
MASSENET<br />
COMPUTERIZE, OUTSOURCE OR STRIP – CAN GLOBAL<br />
PORTFOLIOS BE RUN EFFICIENTLY?<br />
Ms Therese Raphael<br />
10h00 – 10h15<br />
10h15 – 11h30<br />
COFFEE BREAK<br />
OPERA<br />
Looking in the right places – is debt financing easier than ever?<br />
Nick Jacobson, Managing Director, Deutsche Bank AG, London, UK<br />
Clive Bull, Vice President, JP Morgan, UK<br />
Mark Griffith, MD, Lennar Partners Europe, UK<br />
Peter Kasch, Managing Partner, Catalyst Capital LLP, UK<br />
Bernd Knobloch, Deputy Chairman of the Board, Eurohypo, Germany<br />
John Nacos, Managing Director, Deutsche Bank AG, London, UK<br />
GOUNOD/BIZET<br />
Privatizations & Portfolio acquisitions – boon or bane?<br />
Kevin Reid, Managing Director, O’Connor Capital Partners, UK<br />
Dr Johannes Conradi, Partner, Freshfields Bruckhaus Deringer, Germany<br />
Richard Lewis, Chief Investment Officer, IXIS AEW Europe, UK<br />
Paul Wolfenden, Director, Head of European Valuations, DTZ Group, UK<br />
Mark Newman, Managing Director, Lehman Brothers, UK<br />
Tuesday, September 23 16h15 – 17h45<br />
DELIBES<br />
FRANCE – EUROPE’S FAVORITE MARKET OR FOOLS’ PARADISE?<br />
CHARPENTIER<br />
CENTRAL EUROPE – BEST RISK/RETURN PROFILE IN EUROPE?<br />
MASSENET<br />
INCREASED INTEREST IN THE NORDIC REGION – A NEW TREND?<br />
MOZART<br />
COMATOSE OFFICE MARKETS – WHENCE WILL REVIVAL COME?<br />
DEBUSSY<br />
SWITZERLAND – DOES IT MAKES SENSE FOR FOREIGN<br />
INVESTORS?<br />
CONCERTO<br />
MORTGAGE FINANCING – IS A CAPITAL MARKET STANDARD<br />
POSSIBLE?<br />
11h30 – 12h00<br />
12h00 – 13h15<br />
COFFEE BREAK<br />
OPERA<br />
Fool’s gold – should quoted companies avoid going private?<br />
Neil Lawson-May, Joint Chief Executive, Eurohypo Investment Banking, UK<br />
Nikolaus Ley, Partner, Lovells, Germany<br />
Richard Smee, Managing Partner <strong>Real</strong> <strong>Estate</strong>, Hospitality, Construction<br />
Ernst & Young LLP, UK<br />
Richard Cotton, Managing Director, Cazenove, UK<br />
Ms Ana de Pro Gonzalo, CFO, Grupo Sacyr, Spain<br />
Tim Wheeler, CEO, Brixton PLC, UK<br />
GOUNOD/BIZET<br />
New developments – is now the best time?<br />
Ms Karin Laglas, COO, Mab Groep, Netherlands<br />
Drs Jaap Blokhuis, CEO, Redevco Europe, Netherlands<br />
Ms Anni Hönicke, Head of International Property Lending Division, Eurohypo, Germany<br />
Philip Lewis, Executive Chairman, Hines UK, UK<br />
Erick van Egeraat, Architect, EEA, Netherlands<br />
CHOPIN<br />
CORPORATE REAL ESTATE – IS SELLING SENSIBLE?<br />
ADAGIO<br />
BIGGER BANG FOR THE BUCK – GERMAN OR US<br />
INVESTMENT FUNDS?<br />
MESSAGER<br />
PRIVATE EQUITY’S BETTER CHOICE – PRIVATE PARTNERSHIPS<br />
VS FUNDS<br />
12h45 – 14h30<br />
14h15 – 14h55<br />
BERLIOZ – LUNCH<br />
OPERA<br />
Capital keeps flooding in – what does it mean for the property business?<br />
Donald King, <strong>Global</strong> Head, DB <strong>Real</strong> <strong>Estate</strong>, USA<br />
Tuesday, September 23 18h00 – 19h30<br />
DEBUSSY<br />
GERMANY: RECOVERY IN SIGHT – OR POSTPONED BY A<br />
LENDING SQUEEZE?<br />
MESSAGER<br />
PAN-EUROPEAN SHOPPING CENTER COMPANIES – MYTH<br />
OR MAGIC<br />
MASSENET<br />
COMMERCIAL MORTGAGE BACKED SECURITIES<br />
(CMBS) – AN ALTERNATIVE TO BANK LENDING?<br />
DELIBES<br />
IBERIA – TOO HOT TO HANDLE OR GROWTH GALORE?<br />
MOZART<br />
RISE AND RISE OF WAREHOUSES – HOW FAR WILL<br />
PRICES GO UP?<br />
CHARPENTIER<br />
REAL ESTATE – A SOUND FINANCIAL PRODUCT?<br />
CONCERTO<br />
EU’S TEN EASTERN NEWCOMERS – HAPPY EVER AFTER?<br />
ADAGIO<br />
REGENERATION – IS MONEY ON QUALITY WELL SPENT?<br />
CHOPIN<br />
PROPERTY FUND MANAGEMENT – WILL GROWTH<br />
BE EXPLOSIVE?<br />
Donald King<br />
John Llewellyn<br />
15h00 – 16h15<br />
16h15-16h30<br />
16h30 - 17h30<br />
17h30-18h30<br />
OPERA<br />
Office markets – when recovery?<br />
Robert Orr, CEO Europe, Jones Lang LaSalle, UK<br />
Ms Barbara Knoflach, MD, SEB Immoinvest, Germany<br />
Nigel Roberts, Head of European Research, Jones Lang LaSalle, UK<br />
Howard Ronson, International Chairman, HRO Group, France<br />
Edward Siskind, MD, Head Europe Whitehall Funds,<br />
Goldman Sachs International, UK<br />
Gary Watson, Property Partner, Ashurst Morris Crisp, UK<br />
COFFEE BREAK<br />
OPERA<br />
Europe’s superpower ambitions – dream or reality?<br />
John Llewellyn, Chief Economist, Lehman Brothers, UK<br />
Closing cocktails<br />
GOUNOD/BIZET<br />
Best-kept secret – have opportunity investors lowered<br />
target returns<br />
William Benjamin, Head Europe, Apollo <strong>Real</strong> <strong>Estate</strong>, UK<br />
Alistair Dixon, Managing Director, DB <strong>Real</strong> <strong>Estate</strong>, UK<br />
Russell Jewell, Managing Director, Merrill Lynch, UK<br />
Peter Marano, Chairman, Gemini Commercial Investments, UK<br />
Van Stults, Managing Director, Orion Capital Managers, USA<br />
Struan Robertson, Managing Director, Morgan Stanley, France<br />
PROGRAM PARTNER<br />
2 3
pre <strong>summit</strong><br />
Tuesday, September 23, 14h30 – 19h30<br />
Arthur de Haast<br />
David Brush<br />
PROGRAM PARTNER<br />
14h30 – 16h00<br />
DEBUSSY<br />
INVESTMENT IN THE UK – SHOPPING BASKET OR BASKET CASE?<br />
ROBERT KIDBY partner LOVELLS uk<br />
MS LIZ PEACE chief executive BRITISH PROPERTY FEDERATION uk<br />
14h30 – 16h00<br />
MESSAGER<br />
ITALY’S REAL ESTATE MARKET – IS IT STILL GROWING?<br />
PROF CESARE FERRERO ceo IPI italy<br />
GERARDO SOLARO DEL BORGO md DEUTSCHE BANK FONDI IMMOBILIARI italy<br />
16h15 – 17h45<br />
DELIBES<br />
FRANCE – EUROPE’S FAVORITE MARKET OR FOOLS’ PARADISE?<br />
BENOÎT DU PASSAGE md southern europe JONES LANG LASALLE france<br />
FRANCOIS TRAUSCH managing director, head france GE REAL ESTATE EUROPE france<br />
16h15 – 17h45<br />
MASSENET<br />
INCREASED INTEREST IN THE NORDIC REGION – A NEW TREND?<br />
URBAN EDENSTROM ceo NEWSEC sweden<br />
FREDRIK ELWING director CSFB uk<br />
18h00 – 19h30<br />
DEBUSSY<br />
GERMANY: RECOVERY IN SIGHT – OR POSTPONED BY A LENDING SQUEEZE?<br />
MARCUS POLLMANN head, international investors group EUROHYPO germany<br />
NORBERT MÜLLER international director JONES LANG LASALLE germany<br />
18h00 – 19h30<br />
DELIBES<br />
IBERIA – TOO HOT TO HANDLE OR GROWTH GALORE?<br />
SIMON BLAXLAND head, international investors group GE REAL ESTATE spain<br />
ISMAEL CLEMENTE director DB REAL ESTATE spain<br />
John McCready<br />
Peter Steiner<br />
14h30 – 16h00<br />
CHARPENTIER<br />
TURKEY, GREECE & THE BALKANS – IS NOW THE RIGHT TIME?<br />
HAKAN KODAL general manager YAPI KREDI KORAY turkey<br />
CHRIS PAPACHRISTOPHOROU md DB REAL ESTATE uk<br />
GÜNTHER BUKOR md CPB IMMOBILIEN GMBH austria<br />
16h15 – 17h45<br />
DEBUSSY<br />
SWITZERLAND – DOES IT MAKE SENSE FOR FOREIGN INVESTORS?<br />
PETER STEINER chairman of the board STEINER GROUP switzerland<br />
THOMAS HAFEN head inv. promotion SECO switzerland<br />
DR EUGEN HALTINER head business area UBS switzerland<br />
VICTOR MEYER partner PWC switzerland<br />
MARTIN NEFF director, head swiss research CREDIT SUISSE switzerland<br />
18h00 – 19h30<br />
CONCERTO<br />
EU’S TEN EASTERN NEWCOMERS – HAPPY EVER AFTER?<br />
CHRISTOPHER BENNETT chairman DTZ CEE hungary<br />
ANTHONY CAINE ceo ACRED GROUP czech republic<br />
Robert Kidby<br />
14h30 – 16h00<br />
CHOPIN<br />
RETAIL REAL ESTATE – WHAT ARE TOMORROW’S CONCEPTS?<br />
ERIC ADLER md MSREF MORGAN STANLEY france<br />
GUILLAUME POITRINAL directeur general UNIBAIL france<br />
16h15 – 17h45<br />
CHARPENTIER<br />
CENTRAL EUROPE – BEST RISK/RETURN PROFILE IN EUROPE?<br />
DENNIS G LOPEZ head real estate europe JP MORGAN CHASE uk<br />
KENDALL YOUNG managing director GE REAL ESTATE germany<br />
18h00 – 19h30<br />
MESSAGER<br />
PAN-EUROPEAN SHOPPING CENTER COMPANIES – MYTH OR MAGIC?<br />
SCOTT D MALKIN chairman VALUE RETAIL uk<br />
JEREMY EDDY national director, european retail capital markets JONES LANG LASALLE uk<br />
Nikoletta Fouska-<br />
Stromback<br />
Ingrid Nappi-Choulet<br />
14h30 – 16h00<br />
CONCERTO<br />
HOTEL ASSETS – IS PRIVATE OWNERSHIP REALLY BETTER?<br />
ARTHUR W DE HAAST global ceo JONES LANG LASALLE HOTELS uk<br />
CHRISTIAN KARAOGLANIAN chief development officer ACCOR france<br />
16h15 – 17h45<br />
MOZART<br />
COMATOSE OFFICE MARKETS – WHENCE WILL REVIVAL COME?<br />
PETER COLLINS md DTZ EUROINVEST uk<br />
CHAD PIKE senior md head europe BLACKSTONE REAL ESTATE uk<br />
18h00 – 19h30<br />
ADAGIO<br />
REGENERATION – IS MONEY ON QUALITY WELL SPENT?<br />
JOHN MCCREADY partner ERNST & YOUNG uk<br />
DAVID HIGGINS ceo ENGLISH PARTNERSHIPS uk<br />
Erick Adler<br />
David Ereira<br />
Simon Blaxland<br />
The <strong>GRI</strong> welcomes the involvement of<br />
industry leaders who wish to organize and<br />
chair group discussions at the<br />
<strong>GRI</strong> <strong>Summit</strong> 2004.<br />
Please contact<br />
Henri Alster, <strong>GRI</strong> Chairman<br />
tel +44 20 8445 6600<br />
henri.alster@globalrealestate.org<br />
14h30 – 16h00<br />
DELIBES<br />
DEBT FINANCING – WHO’S GOT MONEY, WHO HASN’T<br />
SETH M LIEBERMAN joint managing director HVB uk<br />
JAMES BLAKEMORE md securitization LEHMAN BROTHERS uk<br />
MAITLAND BRUCE md real estate investment banking HVB uk<br />
ZUBIN IRANI executive director GOLDMAN SACHS INTERNATIONAL uk<br />
JAMES SPRINGHAM associate director ANGLO IRISH BANK uk<br />
14h30 – 16h00<br />
MOZART<br />
PUBLIC OR PRIVATE – WHAT STRATEGY THE HOLY GRAIL?<br />
CHRISTOPHE DE TAURINES managing director CAPITAL AND MARKETING uk<br />
DAVID M BRUSH global head of the real estate opportunities group DB REAL ESTATE uk<br />
ERWIN F STOUTHAMER director international real estate MN SERVICES netherlands<br />
14h30 – 16h00<br />
MASSENET<br />
COMPUTERIZE, OUTSOURCE OR STRIP<br />
CAN GLOBAL PORTFOLIOS BE RUN EFFICIENTLY?<br />
MS KRISTINE KARSTEN partner EVERSHEDS france<br />
SAM CARR DUPONT uk<br />
JAMES DRAYTON executive director CREDIT A<strong>GRI</strong>COLE INDOSUEZ uk<br />
MS TINA PAILLET business development director BOVIS LEND LEASE france<br />
DR PETER HOBBS head of european research PROPERTY & PORTFOLIO RESEARCH LTD uk<br />
16h15 – 17h45<br />
CONCERTO<br />
MORTGAGE FINANCING – IS A CAPITAL MARKET STANDARD POSSIBLE?<br />
IAIN BARBOUR head, structured finance research COMMERZBANK SECURITIES uk<br />
16h15 – 17h45<br />
CHOPIN<br />
CORPORATE REAL ESTATE – IS SELLING SENSIBLE?<br />
DAVID EREIRA partner FRESHFIELDS BRUCKHAUS DERINGER uk<br />
DR IN<strong>GRI</strong>D NAPPI-CHOULET associate professor ESSEC france<br />
MARK NORRIS head of new business LAND SECURITIES TRILLIUM uk<br />
JONATHAN THOMPSON head of real estate KPMG uk<br />
16h15 – 17h45<br />
ADAGIO<br />
BIGGER BANG FOR THE BUCK – GERMAN OR US INVESTMENT FUNDS?<br />
DR RUPRECHT HELLAUER managing director DTZ germany<br />
GEORGE E KOUNTOURIS principal REAL ESTATE PRIVATE EQUITY uk<br />
18h00 – 19h30<br />
MOZART<br />
RISE AND RISE OF WAREHOUSES – HOW FAR WILL PRICES GO UP?<br />
SIMON NELSON acquisitions direcetor PROLOGIS france<br />
AREF LAHHAM managing director ORION CAPITAL MANAGERS france<br />
18h00 – 19h30<br />
MASSENET<br />
COMMERCIAL MORTGAGE BACKED SECURITIES (CMBS)<br />
AN ALTERNATIVE TO BANK LENDING?<br />
DON RUNDBLOM director-capital markets CROWN MORTGAGE MANAGEMENT uk<br />
18h00 – 19h30<br />
CHARPENTIER<br />
REAL ESTATE – A SOUND FINANCIAL PRODUCT?<br />
CLAUS M HABLE managing director AHI INVEST austria<br />
DR BRUNO ETTENAUER head of property austria and ce HVB austria<br />
16h15 – 17h45<br />
MESSAGER<br />
PRIVATE EQUITY’S BETTER CHOICE<br />
18h00 – 19h30<br />
GLOBAL<br />
REAL<br />
PRIVATE PARTNERSHIPS VS FUNDS<br />
CHOPIN<br />
ERIC SONDEN partner FOUNTAIN CAPITAL<br />
ESTATE<br />
uk<br />
PROPERTY FUND MANAGEMENT – WILL GROWTH BE EXPLOSIVE?<br />
INSTITUTE<br />
JONATHAN PRICE managing director CLOSE BUSINESS CENTRE CAPITAL uk<br />
MRS NIKOLETTA FOUSKA-STROMBACK manager business planning SETE switzerland<br />
RODNEY BYSH director HENDERSON GLOBAL INVESTORS germany<br />
4 5<br />
PROGRAM PARTNER
<strong>summit</strong><br />
Wednesday, September 24, 09h00 – 18h30<br />
09h00 – 10h00<br />
ms therese raphael<br />
OPERA<br />
HAS SADDAM BROUGHT REGIME CHANGE TO EUROPE?<br />
MS THERESE RAPHAEL editorial page editor WALL STREET JOURNAL EUROPE uk<br />
10h15 – 11h30<br />
12h00 – 13h15<br />
karin laglas jaap blokhuis anni honicke philip lewis erick van egeraat<br />
GOUNOD/BIZET<br />
NEW DEVELOPMENTS – IS NOW THE BEST TIME?<br />
MS KARIN LAGLAS coo MAB netherlands<br />
DRS JAAP BLOKHUIS ceo REDEVCO EUROPE netherlands<br />
MS ANNI HÖNICKE head of international property lending division EUROHYPO germany<br />
PHILIP LEWIS executive chairman HINES UK uk<br />
ERICK VAN EGERAAT architect EEA netherlands<br />
14h00 – 14h45<br />
nick jacobson bernd knobloch clive bull john nacos peter kasch mark griffith<br />
OPERA<br />
LOOKING IN THE RIGHT PLACES – IS DEBT FINANCING EASIER THAN EVER?<br />
NICK JACOBSON partner DEUTSCHE BANK AG, LONDON uk<br />
CLIVE BULL vice president JP MORGAN uk<br />
MARK <strong>GRI</strong>FFITH managing director LENNAR PARTNERS EUROPE uk<br />
PETER KASCH managing partner CATALYST CAPITAL LLP uk<br />
BERND KNOBLOCH deputy chairman of the board EUROHYPO germany<br />
JOHN NACOS managing director DEUTSCHE BANK AG LONDON uk<br />
Donald King<br />
OPERA<br />
CAPITAL KEEPS FLOODING IN<br />
WHAT DOES IT MEAN FOR THE PROPERTY BUSINESS?<br />
DONALD A KING JR global head DB REAL ESTATE usa<br />
15h00 – 16h15<br />
10h15 – 11h30<br />
johannes conradi ric lewis kevin reid paul wolfenden mark newman<br />
GOUNOD/BIZET<br />
PRIVATIZATIONS & PORTFOLIO ACQUISITIONS – BOON OR BANE?<br />
KEVIN L REID managing director O'CONNOR CAPITAL PARTNERS uk<br />
DR JOHANNES CONRADI partner FRESHFIELDS BRUCKHAUS DERINGER germany<br />
RICHARD LEWIS chief investment officer IXIS AEW EUROPE uk<br />
PAUL WOLFENDEN director, head of european valuations DTZ GROUP uk<br />
MARK NEWMAN managing director LEHMAN BROTHERS uk<br />
robert orr howard ronson edward siskind gary watson barbara knoflach nigel roberts<br />
OPERA<br />
OFFICE MARKETS – WHEN RECOVERY?<br />
ROBERT S ORR ceo europe JONES LANG LASALLE uk<br />
MS BARBARA KNOFLACH md SEB IMMOINVEST germany<br />
NIGEL ROBERTS head of european research JONES LANG LASALLE uk<br />
HOWARD RONSON international chairman HRO GROUP france<br />
EDWARD SISKIND md, head europe whitehall funds GOLDMAN SACHS INTERNATIONAL uk<br />
GARY WATSON property partner ASHURST MORRIS CRISP uk<br />
15h00 – 16h15<br />
12h00 – 13h15<br />
neil lawson-may nicolaus ley richard smee richard cotton ana de pro<br />
gonzalo<br />
tim wheeler<br />
OPERA<br />
FOOL’S GOLD – SHOULD QUOTED COMPANIES AVOID GOING PRIVATE?<br />
NEIL LAWSON-MAY joint chief executive EUROHYPO INVESTMENT BANKING uk<br />
NIKOLAUS LEY partner LOVELLS germany<br />
RICHARD SMEE managing partner real estate, hospitality, construction ERNST & YOUNG LLP uk<br />
RICHARD COTTON managing director CAZENOVE uk<br />
MS ANA DE PRO GONZALO cfo GRUPO SACYR spain<br />
TIM WHEELER chief executive BRIXTON PLC uk<br />
bill benjamin alistair dixon russell jewell peter morano van stults struan robertson<br />
GOUNOD/BIZET<br />
BEST-KEPT SECRET<br />
HAVE OPPORTUNITY INVESTORS LOWERED TARGET RETURNS?<br />
WILLIAM BENJAMIN head europe APOLLO REAL ESTATE uk<br />
ALISTAIR DIXON managing director DB REAL ESTATE uk<br />
RUSSELL JEWELL managing director MERRILL LYNCH uk<br />
PETER MARANO chairman GEMINI COMMERCIAL INVESTMENTS uk<br />
VAN STULTS managing director ORION CAPITAL MANAGERS usa<br />
STRUAN ROBERTSON managing director MORGAN STANLEY france<br />
16h30 – 17h30<br />
John Llewellyn<br />
OPERA<br />
EUROPE’S SUPERPOWER AMBITIONS – REALISTIC OR DELUSIONAL?<br />
JOHN LLEWELLYN chief economist LEHMAN BROTHERS uk<br />
6 7
<strong>GRI</strong> – global real estate institute<br />
The <strong>GRI</strong> exists to connect senior real estate<br />
decision-makers that need to know each other.<br />
1. Annual <strong>Summit</strong><br />
The annual <strong>GRI</strong> <strong>Summit</strong> in September brings together on a<br />
first-name basis the most significant investors, owners,<br />
developers and users from Europe and the USA at the<br />
most senior levels.<br />
2. Pre-<strong>Summit</strong> Councils & Group Discussions<br />
<strong>GRI</strong> Councils and group discussions gather decisionmakers<br />
that need to do business with each other, in smallgroup<br />
discussions addressing the main issues and<br />
opportunities affecting their sector. Each council is run by<br />
one or two chairs each a senior leader playing a central<br />
role in the real estate industry. Council meetings are in<br />
“international”English (simultaneous translation is<br />
regrettably not possible) and take place immediately<br />
preceding the opening of the Annual <strong>Summit</strong>. Membership<br />
availability is limited.<br />
3. The Chairmen’s Retreat<br />
The Chairmen’s Retreat is a private get-together, on a<br />
first-name basis, of the top 100 real estate investors,<br />
developers, owners and users in greater Europe. It takes<br />
place in January in Switzerland and is reserved for the #1<br />
or #2 real estate chiefs within any organization.<br />
donald gordon LIBERTY INTERNATIONAL<br />
walter klug<br />
DB REAL ESTATE<br />
ed siskind<br />
GOLDMAN SACHS<br />
david brush<br />
DB REAL ESTATE<br />
2004<br />
THE <strong>GRI</strong> CHAIRMEN’S RETREAT<br />
barry sternlicht STARWOOD<br />
<strong>Global</strong> <strong>Real</strong> <strong>Estate</strong> <strong>Institute</strong><br />
New York . London<br />
Inquiries and further information<br />
www.globalrealestate.org<br />
info@globalrealestate.org<br />
THE <strong>GRI</strong> CHAIRMEN’S RETREAT<br />
2004<br />
THE CHAIRMEN’S CONCLUSIONS<br />
UK Tel: +44. 20 8445 6653<br />
UK Fax: +44. 20 8445 6633<br />
Leading global players present their expectations<br />
for the coming 12 months<br />
henri alster president AMERICAN EUROPEAN INVESTMENT BANKERS moderator<br />
GLOBAL<br />
REAL<br />
ESTATE<br />
INSTITUTE<br />
gri board of directors<br />
AHI INVEST austria<br />
IMMOFINANZ IMMOBILIEN ANLAGEN austria<br />
BUELENS REAL ESTATE belgium<br />
COFINIMMO belgium<br />
WILHELM belgium<br />
CAISSE DE DÉPÔT ET PLACEMENT QUÉBEC canada<br />
EUROPEAN PROPERTY DEVELOPMENT czech republic<br />
SEKYRA GROUP czech republic<br />
IXIS AEW EUROPE france<br />
ENTENIAL france<br />
IXIS AEW EUROPE france<br />
HRO GROUP france<br />
SHAFTESBURY france<br />
AGIV germany<br />
DREYER BRETTEL germany<br />
WÜRTTEMBERGISCHE HYPOTHEKENBANK germany<br />
EUROHYPO germany<br />
DB REAL ESTATE germany<br />
DETE IMMOBILIEN germany<br />
MEAG REAL ESTATE MANAGEMENT germany<br />
BAYERISCHE HAUSBAU germany<br />
EUROHYPO germany<br />
BCRE BRACK CAPITAL REAL ESTATE israel<br />
AEDES italy<br />
BOUWFONDS the netherlands<br />
MAB GROEP the netherlands<br />
VASTNED the netherlands<br />
PROKOM INVESTMENTS poland<br />
OLD MUTUAL PROPERTIES south african republic<br />
EL CONSORCI ZONA FRANCA DE BARCELONA spain<br />
GRUPO LAR spain<br />
SETE switzerland<br />
PSP SWISS PROPERTY switzerland<br />
KARL STEINER switzerland<br />
MCARTHURGLEN uk<br />
BENCHMARK GROUP uk<br />
KENMORE PROPERTY GROUP uk<br />
RESOLUTION PROPERTY uk<br />
RETAIL RESORTS INTERNATIONAL UK<br />
PRUDENTIAL PROPERTY INVESTMENT uk<br />
CATALYST CAPITAL LLP uk<br />
PALMER CAPITAL uk<br />
PRICOA REALTY GROUP uk<br />
COLONY CAPITAL usa<br />
BLACKSTONE REAL ESTATE ADVISORS LP usa<br />
GOLDMAN SACHS usa<br />
O’CONNOR CAPITAL PARTNERS usa<br />
GE REAL ESTATE usa<br />
JE ROBERT COMPANIES usa<br />
STARWOOD HOTELS usa<br />
ORION CAPITAL MANAGERS usa<br />
MORGAN STANLEY usa<br />
8 9<br />
Anton Meijer<br />
Julian Newiss<br />
Michael Kremer<br />
Howard Ronson<br />
Jean-Jacques Dayries<br />
Bernd Knobloch<br />
CLAUS HABLE ceo<br />
KARL PETRIKOVICS ceo<br />
Luca Castelli<br />
GUSTAAF BUELENS ceo<br />
SERGE FAUTRÉ ceo<br />
PETER WILHELM managing director<br />
FERNAND PERREAULT premier vice-président<br />
DR WERNER EBM president<br />
DR LUDEK SEKYRA chairman of the board<br />
JEAN-JACQUES DAYRIES head europe<br />
JACQUES LEBHAR chairman & ceo<br />
FRANÇOIS POCHARD senior managing director<br />
HOWARD RONSON international chairman<br />
MILES D’ARCY-IRVINE chairman<br />
DR RAINER BEHNE ceo<br />
GISBERT DREYER ceo<br />
DR DITTMAR HAGEDORN board member<br />
BERND KNOBLOCH deputy chairman of the board<br />
MICHAEL KREMER ceo<br />
DR GERHARD NIESSLEIN ceo<br />
DR KNUT RIESMEIER ceo<br />
JOERG SCHEUFELE ceo<br />
DR KARSTEN VON KÖLLER ceo<br />
SHIMON WEINTRAUB ceo<br />
LUCA CASTELLI ceo<br />
IR BART BLEKER member board of directors<br />
ANTON MEIJER chairman & ceo<br />
REINIER VAN GERREVINK ceo<br />
ZBIGNIEW OKONSKI vice president<br />
IAN WATT managing director<br />
ENRIQUE LACALLE president & ceo<br />
LUIS PEREDA ceo<br />
MRS NIKOLETTA FOUSKA-STROMBACK manager business planning<br />
FRITZ JÖRG chief executive officer<br />
PETER STEINER chairman<br />
JOSEPH KAEMPFER chairman<br />
NIGEL KEMPNER chief executive<br />
JOHN KENNEDY chief executive<br />
ROBERT LAURENCE chief executive<br />
JOHN MILLIGAN ceo<br />
MARTIN MOORE managing director<br />
JULIAN NEWISS chairman<br />
RAYMOND PALMER chairman<br />
JONATHAN SHORT chief executive<br />
THOMAS BARRACK chairman & ceo<br />
JOHN KUKRAL senior managing director<br />
DANIEL NEIDICH managing partner, whitehall funds<br />
JEREMIAH O’CONNOR chairman & ceo<br />
MICHAEL PRALLE president & ceo<br />
JOSEPH ROBERT chairman & ceo<br />
BARRY STERNLICHT chairman & ceo<br />
VAN STULTS managing director<br />
OWEN THOMAS global head morgan stanley realty
corporate <strong>partners</strong><br />
Robert Orr<br />
CEO Europe<br />
European and <strong>Global</strong> Operational<br />
Headquarters<br />
Jones Lang LaSalle<br />
22 Hanover Square<br />
London W1A 2BN<br />
Tel +44 20 7493 6040<br />
Fax +44 20 7408 0220<br />
Company Overview<br />
Jones Lang LaSalle Incorporated (NYSE: JLL) is the world’s leading real<br />
estate services and investment management firm, operating across<br />
more than 100 markets around the globe. It provides comprehensive<br />
integrated expertise including advisory, management, transactional and<br />
investment management services at local, regional and global levels to<br />
owners, occupiers and investors. Operating under a single<br />
organisational and ownership structure, the company has approximately<br />
17,600 employees, including some 9,200 directly reimbursable property<br />
maintenance employees, working from three geographic regions: the<br />
Americas, Asia Pacific and Europe.<br />
Mission<br />
To be the chosen real estate expert and strategic adviser to the leading<br />
owners, occupiers and investors around the world<br />
Leader in European Capital Markets<br />
Jones Lang LaSalle’s European Capital Markets team comprises 220<br />
professionals based in 17 countries. As Europe’s market leader, it<br />
integrates real estate investment and corporate finance expertise with<br />
unrivalled access to global capital markets. In 2002, Jones Lang LaSalle<br />
completed capital markets transactions across Europe involving €14<br />
billion of assets. We provide strategic advice and implementation on<br />
sales, acquisitions, corporate asset disposals, equity raising, structured<br />
and senior debt, joint ventures, M&A and indirect investment vehicles.<br />
<strong>Global</strong> investment management<br />
The company’s investment management business, LaSalle Investment<br />
Management, is one of the world’s largest and most diverse real estate<br />
investment management firms, with more than $20.5 billion of assets<br />
under management. It provides a fully integrated investment<br />
management service across the globe for clients wishing to invest in<br />
separate accounts of direct property, commingled funds and separate<br />
accounts of quoted property shares and/or REITs<br />
World leader in hotel investment services<br />
Jones Lang LaSalle Hotels, the world’s leading hotel investment services<br />
group, provides clients with value-added investment opportunities and<br />
advice. In 2002, its success story includes the sale of 6,747 hotel rooms<br />
to the value of US$862 million in 36 cities. Services include transactions,<br />
M&A, financial advice and capital raising, valuation and appraisal, asset<br />
management, strategic planning, operator assessment and selection,<br />
and industry research.<br />
Howard Ronson<br />
Chairman<br />
HRO Paris Office<br />
HRO France<br />
10 avenue de la Grande Armée<br />
75017 Paris<br />
Tel: + 33 (0) 1 58 05 41 00<br />
Fax: + 33 (0) 1 58 05 41 41<br />
HRO London Office<br />
HRO U.K. Ltd<br />
40 Bond Street<br />
London W1S 2RX<br />
Tel: + 44 (0) 207 493 66 99<br />
Fax: + 44 (0) 207 913 66 30<br />
HRO Frankfurt Office<br />
HRO Deutschland Gmbh<br />
Goetheplatz 4<br />
60 311 Frankfurt<br />
Tel: + 49 (0) 69 21 931 700<br />
Fax: + 49 69 2193 1799<br />
HRO Italy Office<br />
HRO Italia<br />
Corso Magenta 12<br />
20123 Milan<br />
Tel: + 33 (0) 1 58 05 41 00<br />
Fax: + 33 (0) 1 58 05 41 41<br />
Noel Simpson<br />
Director<br />
Clive Llewelyn<br />
Director<br />
Corporate Summary<br />
The HRO Group has been active for more than 40 years in six European<br />
countries and USA and has developed in excess of 57 projects, total size<br />
in excess of 1.3 million square metres. Currently there is one project in<br />
London, six projects in Paris, one in Frankfurt, one in Milan and one in<br />
Rome. The group has been active throughout Europe since 1969. HRO is<br />
made up of 70 professionals situated in 5 offices.<br />
Mission<br />
Create the most technologically advanced and user-friendly international<br />
quality commercial properties to serve the needs of tenants and create<br />
the best investment value.<br />
History<br />
In the 1960’s and 1970’s, HRO developed 23 offices, retail and residential<br />
projects across 5 European countries. It then exported its experience to<br />
the United States in 1980 where it established itself as the most active<br />
and successful developer in the world’s most competitive real estate<br />
market – New York City. During the following decade the firm developed<br />
or renovated 11 office buildings totalling over 500, 000 m 2<br />
Its experience in delivering high quality, adaptable and yet cost efficient<br />
offices for the most technologically demanding tenants in New York was<br />
brought back to Europe in the late 1990’s and has so far been applied to<br />
15 projects, totalling 401,479 m 2 in Paris, London and Frankfurt. All of<br />
these projects have been successfully leased prior to completion, and<br />
most have been sold on to long-term, institutional investors.<br />
Goals<br />
HRO’s experience has taught it that consistently successful<br />
developments can only be achieved by devoting time, effort and money<br />
into constantly re-analysing each former generation of building and<br />
projecting future tenant requirements. By applying this information to its<br />
latest projects, HRO is continually innovating and advancing the state-ofthe-art<br />
in international quality commercial properties.<br />
New projects are in advanced stages of negotiations in Paris and now in<br />
Italy, the 6th European country.<br />
10 11
corporate <strong>partners</strong><br />
Richard Smee<br />
Partner <strong>Real</strong> <strong>Estate</strong><br />
Group<br />
United Kingdom<br />
Richard Smee + 44 (0) 20 7951 4646<br />
e-mail: rsmee@uk.ey.com or mobile: +44 (0) 7774 646821<br />
Richard White + 44 (0) 20 7951 4699<br />
e-mail: rwhite2@uk.ey.com or mobile: + 44 (0) 7887 823594<br />
John McCready + 44 (0) 20 7951 7778<br />
e-mail: jmccready1@uk.ey.com or mobile +44 (0) 860 933357<br />
Paul Davies + 44 (0) 20 79514050<br />
e-mail: pdavies1@uk.ey.com or mobile + 44 (0) 7740 933399<br />
Dean Hodcroft + 44 (0) 20 7951 4870<br />
e-mail: dhodcroft@uk.ey.com or mobile +44 (0) 7747 790126<br />
Stephen Dingle + 44 (0) 20 7951 3777<br />
e-mail: sdingle@uk.ey.com or mobile + 44 (0) 7802 836275<br />
Andrew Ovey + 44 (0) 20 7951 5079<br />
e-mail: aovey@uk.ey.com or mobile +44 (0) 7775 582407<br />
The Netherlands<br />
Hans Gerritsen +31 (0) 30 259 2468<br />
e-mail: hans.gerritsen@nl.ey.com or mobile +31 (0) 6 2908 3956<br />
Bart Verghan +31 (0) 20 546 6276<br />
e-mail: helmar.klink@nl.ey.com or mobile: +31 (0) 6 2125 2813<br />
Helmar Klink +31 (0) 20 546-6731<br />
e-mail: helmar.klink@nl.ey.com or mobile +31 (0) 6 21 25 20 75<br />
Mark Bookman +31 (0) 20 549 74 31<br />
e-mail: mark.bookman@nl.ey.com or mobile +31 (0) 6 29 08 4411<br />
Greece<br />
Victor Orth +30 210 2886 425<br />
e-mail: Victor.Orth@gr.ey.com or mobile +30 697 377 3287<br />
As the real estate market becomes more complex, international<br />
investors and major corporate occupiers are challenging the way real<br />
estate is priced and financed. In developed markets, competition for<br />
investment opportunities has increased dramatically. In Europe, large,<br />
well-financed investment vehicles have entered the market, demanding<br />
improved performance and increased flexibility.<br />
Ernst & Young guides investors through the maze of possibilities,<br />
providing practical solutions based on clear analysis of the available<br />
options and executing transactions effectively. By working as an<br />
integrated team drawing together professionals from real estate<br />
finance, tax, legal and audit/assurance functions, we ensure that the<br />
implications of each choice are carefully considered and that innovative<br />
structures are put in place wherever appropriate.<br />
Furthermore, we advise clients right through the transaction process,<br />
from the initial structuring to the negotiation of the legal<br />
documentation and final closure<br />
.<br />
Our European <strong>Real</strong> <strong>Estate</strong> Group is part of our <strong>Global</strong> <strong>Real</strong> <strong>Estate</strong>,<br />
Hospitality & Construction Group, which operates as one team to<br />
respond to our clients’ issues. The group is now positioned as the<br />
leading advisor in Europe and acts as trusted business advisors to<br />
some of the industry best-known names on issues as diverse as<br />
strategic direction, transaction execution and operational effectiveness.<br />
Recent papers produced by Ernst & Young for the real estate<br />
industry include:<br />
■ Opportunistic Investing: <strong>Real</strong> <strong>Estate</strong> Private Equity Funds<br />
– A survey of major real estate funds on issues including financial<br />
and performance reporting, tax and technology.<br />
■ <strong>Real</strong> <strong>Estate</strong>: The Local <strong>Global</strong> Economy<br />
– A detailed report highlighting differences and similarities, barriers,<br />
trends and opportunities in 27 real estate markets worldwide.<br />
■ European Investment Monitor<br />
– The most comprehensive annual review on foreign direct<br />
investment into Europe by country, industry and type of activity.<br />
David M Brush<br />
<strong>Global</strong> Head of the<br />
<strong>Real</strong> <strong>Estate</strong><br />
Opportunities Group<br />
DB <strong>Real</strong> <strong>Estate</strong><br />
Mergenthalerallee 73 - 75<br />
65760 Eschborn<br />
Germany<br />
Tel:+49 69 71 70 4-04<br />
Fax:+ 49 69 71 70 4-959<br />
Mr Michael A Kremer<br />
CEO<br />
DB <strong>Real</strong> <strong>Estate</strong> Germany<br />
DB <strong>Real</strong> <strong>Estate</strong> Opportunities Group<br />
1 Appold Street<br />
London EC2A 2UU<br />
UK<br />
David M. Brush<br />
Tel: +44 20 7547 5300<br />
david.m.brush@db.com<br />
Michael Kremer<br />
CEO<br />
DB <strong>Real</strong> <strong>Estate</strong> Germany<br />
DB <strong>Real</strong> <strong>Estate</strong>, a member of the Deutsche Bank Group, offers a<br />
comprehensive range of investment management products including<br />
core, value added, publicly-traded securities, mezzanine and<br />
opportunistic equity. Headquartered in Chicago with more than 1,500<br />
employees in 15 offices worldwide and global real estate funds under<br />
management in excess of $49 billion, DB <strong>Real</strong> <strong>Estate</strong> is the largest<br />
investment adviser of real estate equity assets globally.<br />
DB <strong>Real</strong> <strong>Estate</strong> has offices worldwide that provide its clients, both<br />
institutional and private, with comprehensive knowledge on local<br />
investments. The Firm's global perspective evolves from the<br />
collaboration of each of its business units which includes: DB <strong>Real</strong><br />
<strong>Estate</strong> Germany, RREEF (in the US), Deutsche Property Asset<br />
Management Limited (UK), DB <strong>Real</strong> <strong>Estate</strong> Italy, DB <strong>Real</strong> <strong>Estate</strong> Australia,<br />
DB <strong>Real</strong> <strong>Estate</strong> Opportunities Group and DB <strong>Real</strong> <strong>Estate</strong> Mezzanine<br />
Investment Funds.<br />
Luxembourg<br />
Keith O’Donnell +352 (0) 42 124 257<br />
e-mail: Keith.ODonnell@lu.ey.com or mobile: +352 (0) 91 830 203<br />
Visit www.ey.com/eim to access the online service.<br />
Germany<br />
Dietmar Patjens Tel: +49 (6196) 996 26890<br />
e-mail: dietmar.patjens@de.ey.com or mobile +49 160 9392 68 90<br />
France<br />
Olivier Messmin Tel : 331 46 93 62 59<br />
e-mail: olivier.mesmin@fr.eylaw.com or mobile +36 8259 3236<br />
www.ey.com/uk/realestate<br />
12 13
senior <strong>partners</strong><br />
Michael Stancombe<br />
Partner<br />
Robert Kidby<br />
Partner<br />
Corporate Summary<br />
Lovells is an international business law firm with offices in the major<br />
financial and commercial centres across Europe, Asia and the United<br />
States. Lovells is the fifth largest business law firm in Europe and the<br />
seventh largest international law firm in the world.<br />
<strong>Real</strong> <strong>Estate</strong><br />
We have an integrated global team of 35 <strong>partners</strong> and over 150<br />
lawyers who have the resources, experience and expertise to deal with<br />
all aspects of property related transactions. We are fully supported by<br />
specialist environmental, planning and construction teams. Our<br />
international practice is fully integrated, with the exception of Lovells<br />
Lee & Lee in Singapore and Lovells in Association with Squarra &<br />
Partos in Hungary, where full integration is constrained by local laws.<br />
We operate from our offices across Eastern and Western Europe<br />
and Asia.<br />
Jean-Jacques Dayries<br />
Chief Executive<br />
Ric Lewis<br />
Senior Managing Director<br />
Chief Investment Officer<br />
The company – what is it?<br />
European <strong>Real</strong> <strong>Estate</strong> Investment Management<br />
Profile of the company’s real estate activities<br />
IXIS AEW Europe is a leading European real estate investment<br />
manager one hundred per cent owned by CDC IXIS. The Group is<br />
focused on the creation, execution and management of discretionary<br />
investment vehicles, separate account strategies and strategic portfolio<br />
advisory services to both institutional investors and high net worth<br />
individuals. The group currently has over 170 professionals who<br />
are responsible for approximately €9.3 billion of assets under<br />
management. In addition, the integration of lXIS AEW Europe with<br />
the resources and capabilities of North American-based AEW Capital<br />
Management creates a truly global real estate investment management<br />
platform with aggregate gross assets under management of €21.4<br />
billion.<br />
AMSTERDAM<br />
Annerie Ploumen<br />
Tel: +31 20 55 33 733<br />
annerie.ploumen@lovells.com<br />
BERLIN<br />
Volkmar Jesch<br />
Tel: +49 30 88 919 0<br />
Volkmar.jesch@lovells.com<br />
BUDAPEST<br />
Christopher Noblet<br />
Tel: +36 1 474 2080<br />
noblet@sqps-lovells.hu<br />
DÜSSELDORF<br />
Roland Bomhard<br />
Tel: +49 211 13 68 0<br />
roland.bomhard@lovells.com<br />
FRANKFURT<br />
Hinrich Thieme<br />
Tel: +49 69 96 236 0<br />
hinrick.thieme@lovells.com<br />
HAMBURG<br />
Andreas H Meyer<br />
Tel: +49 40 41 993 0<br />
andreas.meyer@lovells.com<br />
LONDON<br />
Robert Kidby<br />
Tel: +44 20 7296 2000<br />
robert.kidby@lovells.com<br />
Michael Stancombe<br />
Tel: +44 20 7296 2000<br />
Michael.stancombe@lovells.com<br />
MILAN<br />
Marco Rota Candiani<br />
Tel: +39 02 720 2521<br />
marco.rotacandiani@lovells.com<br />
MOSCOW<br />
Ilia Fediaev<br />
Tel: +7 095 933 3000<br />
ilia.fediaev@lovells.com<br />
MUNICH<br />
Bernhard Kühn<br />
Tel: +49 89 290 12 0<br />
bernhard.kuhn@lovells.com<br />
PARIS<br />
Corinne Knopp<br />
Tel: +33 1 53 67 47 47<br />
corinne.knopp@lovells.com<br />
PRAGUE<br />
Tomas Bettelheim<br />
Tel: +420 2 2141 1713<br />
tomas.bettelheim@lovells.com<br />
ROME<br />
Jeffrey Greenbaum<br />
Tel: +39 06 675 8231<br />
Jeffrey.greenbaum@lovells.com<br />
WARSAW<br />
Jolanta Nowakowska-Zimoch<br />
Tel: +48 22 628 64 70<br />
jolanta.nowakowskazimoch@lovells.com<br />
Ranked by the Insider's Guide to Legal Services, Commercial Property<br />
in The International Superleague as one of “commercial property's big<br />
guns …[a] major, international law firm …which take[s] property<br />
seriously …all the backup is there in tax, competition and crucially,<br />
heavyweight finance …with some serious project experience”.<br />
Mexican-Wave<br />
We have recently won The Lawyer magazine's Client Care Programme<br />
of the Year Award for our ground-breaking work on the Mexican-Wave<br />
concept for the delivery of legal services. The Mexican-Wave concept<br />
is a structure developed for Prudential Property Investment<br />
Management (the investment arm of Prudential plc in the UK) and now<br />
being adopted by others, whereby Lovells outsources certain types of<br />
lower value or more routine work whilst the higher value, more<br />
specialist work is handled by Lovells as principal. The quality of all<br />
work is underwritten by us.<br />
François Pochard<br />
Senior Managing<br />
Director<br />
Headquarters<br />
Paris<br />
IXIS AEW Europe<br />
26-28 rue Neuve Tolbiac<br />
75658 Paris Cedex 13<br />
France<br />
Telephone: +33 (0) 1 58 55 32 00<br />
Fax: +33 (0)1 58 55 34 15<br />
Chief Executive: Jean-Jacques Dayries<br />
Jean-Jacques.Dayries@ixisaew.com<br />
Tel: +33 (0)1 58 55 34 60<br />
London<br />
Curzon <strong>Global</strong> Partners<br />
One Curzon Street<br />
London W1A 5PZ<br />
United Kingdom<br />
Ric Lewis, Chief Executive<br />
Tel: + 44 (0) 20 7643 6299<br />
rlewis@curzonglobal.com<br />
Milan<br />
AEW Italia<br />
Piazza Diaz,6<br />
20123 Milano<br />
Italia<br />
Andrea Amadesi, Managing Director<br />
Tel: + 34 02 801 074<br />
andrea.amadesi@aew.it<br />
Stockholm<br />
Curzon <strong>Global</strong> Partners<br />
Norrlandsgatan 7, SE-111 43<br />
Sweden<br />
Hakan Petersson, Managing Director<br />
Tel:+46 (0) 8 555 444 03<br />
hpetersson@curzonglobal.com<br />
Business Philosophy<br />
IXIS AEW Europe takes a research-based approach to real estate<br />
investment and fund management. Drawing upon a series of research<br />
methodologies and tools developed and adapted to the European<br />
marketplace, the IXIS AEW Europe research team is integral to strategy<br />
design and the targeting of specific investment markets and product<br />
types. In identifying and underwriting potential investment<br />
opportunities, IXIS AEW Europe relies on local market intelligence<br />
generated from the deep, long-term relationships forged in the broader<br />
European capital markets and the network of relationships maintained<br />
by its strategic <strong>partners</strong> with local property owners and operators.<br />
Activities<br />
The group’s business activities are concentrated on four specific areas:<br />
Collective Investment Vehicles<br />
The creation and management of discretionary collective investment<br />
vehicles designed to provide experienced investors’ with access to real<br />
estate investment opportunities world-wide. Such vehicles include a<br />
series of real estate equity <strong>partners</strong>hips, IXIS AEW Europe’s Logistis<br />
Funds, focused on pan-European logistics and Curzon Capital Partners,<br />
LP, a pan-European investment fund.<br />
Direct Separate Accounts<br />
The design and execution of discretionary real estate funds<br />
management strategies on a separate account basis for institutional<br />
and private investors. The Group has a large, well-established direct<br />
separate account business throughout Europe and the US.<br />
<strong>Real</strong> <strong>Estate</strong> Securities<br />
The design and execution of Fund and Separate account strategies<br />
focused on the real estate securities market. AEW’s real estate<br />
securities business alone, focused on the US REIT market, currently<br />
has net assets of $2.4 billion.<br />
Capital Market Advisory<br />
The creation and implementation of real estate capital market<br />
advisory strategies to assist investors in the financing, repositioning,<br />
disposition, or syndication of real estate in the private and public<br />
capital markets.<br />
14 15
senior <strong>partners</strong><br />
Antoine Vignial<br />
Partner<br />
Mark Wheelhouse<br />
Head of UK <strong>Real</strong><br />
<strong>Estate</strong><br />
Chris Morris<br />
Partner<br />
David Ereira<br />
Partner<br />
Freshfields Bruckhaus Deringer<br />
65 Fleet Street<br />
London EC4Y 1HS<br />
Tel:+44 20 7936 4000<br />
Fax:+44 20 7832 7001<br />
Offices<br />
Amsterdam, Bangkok, Barcelona, Beijing, Berlin, Bratislava,<br />
Brussels, Budapest, Cologne, Düsseldorf, Frankfurt, Hamburg,<br />
Hanoi, Ho Chi Minh City, Hong Kong, London, Madrid, Milan,<br />
Moscow, Munich, New York, Paris, Rome, Shanghai, Singapore,<br />
Toyko, Vienna, Washington<br />
Johannes Conradi Joint global head of real estate<br />
Tel: +49 40 36 90 61 68<br />
E-mail:johannes.conradi@freshfields.com<br />
Mark Wheelhouse Head of UK real estate<br />
Tel: +44 20 7832 7272<br />
Email: mark.wheelhouse@freshfields.com<br />
Chris Morris Partner<br />
Tel: +44 20 7832 7494<br />
Email: chris.morris@freshfields.com<br />
David Ereira Partner<br />
Tel: +44 20 7832 7003<br />
Email: david.ereira@freshfields.com<br />
Antoine Vignial Head of French real estate<br />
Tel: +33 1 44 56 55 52<br />
Email: antoine.vignial@freshfields.com<br />
Johannes Conradi<br />
Joint <strong>Global</strong> Head of<br />
<strong>Real</strong> <strong>Estate</strong><br />
Corporate Summary<br />
Freshfields Bruckhaus Deringer is an international law firm with over<br />
2,400 lawyers in 28 offices in 18 countries. Our European real estate<br />
network provides an integrated service to clients working in all aspects<br />
of commercial real estate across Europe.<br />
As well as mainstream real estate work, we advise on planning and<br />
public law issues; opportunities for tax efficiency; innovative financing<br />
methods; the impact of environmental law; construction law; and<br />
corporate structures.<br />
Mission<br />
Many corporates are under increasing pressure to critically examine their<br />
property assets and liabilities. Our real estate team work pro-actively<br />
with clients to develop innovative solutions to address the increasing<br />
challenges they face in realising value from real estate assets, reducing<br />
costs and creating efficiencies. We evaluate the options available and<br />
consider the commercial implications of products such as<br />
ownership/leasing, sale and leasebacks, total property outsourcing and<br />
business process outsourcing.<br />
Highlights<br />
We were instrumental in the first ever UK outsourcing transaction, the<br />
PRIME Project, and have continued to develop innovative solutions for<br />
clients from across our international network. Our involvement in the<br />
majority of the significant outsourcing and multi-jurisdictional deals in<br />
Europe to date demonstrates a leading presence in the sector.<br />
Key highlights include advising Telereal on the €3.86bn outsourcing of<br />
BT’s property portfolio; Nomura Principal Finance Group on the €2.5bn<br />
acquisition from the German Government of 10 of the 18 railway<br />
housing companies; Caisse des Dépôts et Consignations on the €3.1bn<br />
acquisition of France Telecom's real estate portfolio; CDC Ixis Capital<br />
Markets on the €120.5m sale and leaseback of a portfolio of industrial<br />
and office sites in France and Spain from Alstom; Deutsche Bank on its<br />
€220m acquisition of GA; and Morgan Stanley <strong>Real</strong> <strong>Estate</strong> Funds<br />
(MSREF) and Corpus Immobilien-Gruppe on the acquisition of a<br />
portfolio from Deutsche Telekom.<br />
History<br />
Freshfields Bruckhaus Deringer was created through the merger of<br />
Freshfields and Bruckhaus Westrick Heller Löber on August 1, 2000.<br />
The merger formed a new leader among international law firms capable<br />
of offering leading business law advice throughout Europe, the US<br />
and Asia.<br />
Dr. Karsten von Köller<br />
Chairman of the Board<br />
of Managing Directors<br />
Joachim Plesser<br />
Member of the Board<br />
of Managing<br />
Directors<br />
Eurohypo AG<br />
Taunusanlage 9<br />
60329 Frankfurt A.m. MAIN<br />
Phone: +49 (0)180-3 49 76-00<br />
Fax: +49 (0)180-3 49 76-8 88 88<br />
email:gisela.brandhoff@eurohypo.com<br />
www.eurohypo.com<br />
SENIOR MANAGEMENT<br />
Bernd Knobloch<br />
Deputy Chairman of<br />
the Board of<br />
Managing Directors<br />
Dirk Wilhelm Schuh<br />
Deputy Chairman of<br />
the Board of<br />
Managing Directors<br />
Dr. Karsten von Köller<br />
Responsible for Commercial <strong>Real</strong> <strong>Estate</strong> Clients Continental<br />
Europe, Audit, Strategy and Communication, Operations <strong>Global</strong><br />
Markets<br />
Bernd Knobloch<br />
Responsible for Commercial <strong>Real</strong> <strong>Estate</strong> Clients UK and USA,<br />
Syndicated Loans, Legal , Syndicated Loans<br />
Dirk Wilhelm Schuh<br />
Responsible for Risk Management, Human Ressources<br />
Dr. Matthias Danne<br />
Responsible for Retail Residential Business, Eurohypo Systems<br />
GmbH, Organisation<br />
Joachim Plesser<br />
Responsible for Commercial <strong>Real</strong> <strong>Estate</strong> Clients Germany,<br />
Finance/Controlling/Tax<br />
Henning Rasche<br />
Responsible for Money and Capital Markets, Public Sector<br />
Financing, Treasury.<br />
Eurohypo AG is one of Europe’s leading banks for real estate and public<br />
sector financing. With total assets of nearly € 240 billion, we are one of<br />
the biggest commercial real estate lenders in Europe and the country’s<br />
fifth-largest private bank in Germany.<br />
Our major shareholders are Commerzbank AG, Deutsche Bank AG and<br />
Dresdner Bank AG.<br />
Apart from the headquarters in Frankfurt, we are located in other<br />
important cities in Germany as well as in the most important capitals in<br />
Europe (e.g. London, Paris). We have also offices in New York, Chicago<br />
and Los Angeles.<br />
MISSION<br />
In real estate and public sector financing, Eurohypo AG is Europe’s<br />
leading specialized bank. We offer customers and business <strong>partners</strong> a<br />
complete range of services in all of our core business areas. Relationship<br />
banking and long-term customer ties are our top priority.<br />
HISTORY<br />
Eurohypo AG was established by a merger between Deutsche Hyp,<br />
Eurohypo and Rheinhyp –the mortgage bank subsidaries of the major<br />
shareholders. In June 2002, the general meetings of the three<br />
predecessors authorized the merger. Eurohypo AG was entered into the<br />
Commercial Register on August 13th 2002.<br />
GOALS<br />
Eurohypo is Europe’s first choice both for commercial and private real<br />
estate financing. With the strong position in the real estate investment<br />
banking we will extend this leading position all across Europe and to<br />
North America.<br />
In the public sector financing we will see a stronger focus on business<br />
with public sector clients abroad. Established as the prime issuer on the<br />
capital markets (benchmark issuer in the Pfandbrief market), Eurohypo<br />
AG will also assume a leading position in mortgage backed security<br />
business.<br />
ACTIVITY AREAS<br />
Our core business the real estate financing is split into real estate<br />
investment banking, syndication, corporate clients (geographically<br />
divided) and private customers. Eurohypo covers the entire added value<br />
chain in complex real estate transactions, starting with advisory,<br />
structuring, arrangement and underwriting services for financings. Other<br />
business areas are public sector finance, money and capital markets<br />
and treasury.<br />
ILLUSTRATION<br />
In continental Europe we focus on local and internationally oriented<br />
players in the property sector, institutional investors, high net worth<br />
individuals, developers and joint ventures between professional players<br />
and institutionals. To this end we have established teams with<br />
decentralized presence, expertise in structuring and underwriting.<br />
We also have proven placement capability.<br />
16 17
<strong>partners</strong><br />
Kevin Reid<br />
Managing Director<br />
O’Connor Capital Partners<br />
1 Hans Street<br />
London SW1X 0JD<br />
UK<br />
Tel: +44 20 7591 1888<br />
Fax: + 44 20 7591 1889<br />
kreid@oconnorcp.com<br />
O’Connor Capital Partners is a privately held real estate private equity<br />
investment and management firm focused primarily on principal<br />
investing through private equity funds. O’Connor concentrates on direct<br />
investments in high quality assets in major markets in North America<br />
and Europe and invests in all major property types.<br />
HISTORY<br />
O’Connor has been in business for over 20 years and has most recently<br />
been known for its co-sponsorship of the Peabody Funds with<br />
JP Morgan.<br />
O’Connor and JP Morgan have sustained a relationship that goes back to<br />
1994 resulting in four very successful funds under the “Argo” and<br />
“Peabody” names that raised $1.5 billion of equity commitments<br />
resulting in $5 billion of gross investments.<br />
Subsequent to the Chase Manhattan Bank acquisition of JP Morgan in<br />
2001, O’Connor and JP Morgan mutually agreed to pursue their new<br />
business initiatives separately. O’Connor Capital Partners will now be the<br />
sole general partner and asset manager of the O’Connor Funds.<br />
ACTIVITY<br />
To date, O’Connor, on behalf of the Peabody funds, has committed to 20<br />
transactions in Europe with total equity commitments over €500 million<br />
and a gross asset value of €3 billion. These Peabody investments are<br />
primarily in the western European markets of the UK, Italy, France,<br />
Germany and Spain.<br />
MISSON<br />
O’Connor believes that successful investing in real estate requires the<br />
ability to create a strong, consistent flow of quality investments; to<br />
recognize the value of an opportunity; to intensively analyse the<br />
opportunity through the application of disciplined investment criteria;<br />
and to react quickly to seize the opportunity.<br />
The collective experience of O’Connor’s management team as investors,<br />
owners, developers and operators of real estate provides the<br />
organization a seasoned, mature perspective and a capacity to recognise<br />
and realise investment opportunities through market cycles.<br />
GOALS<br />
Despite current economic conditions, O’Connor believes that strong risk<br />
adjusted returns can be achieved from investment in property in<br />
Europe’s primary markets by focusing on “bottoms-up” underwriting<br />
and value added management. O’Connor’s European team of 14 speaks<br />
six languages, represents eight nationalities and is organized with<br />
country specific responsibilities in order to exploit local knowledge and<br />
expertise. A strong network of local European operating <strong>partners</strong> works<br />
with O’Connor’s team to heighten deal quality and flow.<br />
Mark Griffith<br />
Managing Director<br />
Mark Griffith<br />
Managing Director<br />
Lennar Partners Europe Ltd<br />
33 St James’s Square<br />
Suite 411<br />
London SW1Y 4JS<br />
Tel: +44 20 7661 9106<br />
Fax: +44 20 7661 9788<br />
Lennar Partners Europe, Ltd. is a wholly owned subsidiary of LNR<br />
Property Corporation, NYSE (LNR) and the originator and manager of the<br />
company’s European investment activities.<br />
LNR Property Corporation is a market leader in real estate finance,<br />
management and development with proven expertise in adding value to<br />
commercial real estate assets, including real estate properties, loans<br />
collateralized by real estate properties and securities backed by loans on<br />
real estate.<br />
Our track record of success in the commercial real estate business dates<br />
back to the late 1960’s. On October 31, 1997, we spun off from our former<br />
parent Lennar Corporation and began trading on the New York Stock<br />
Exchange. Since that time, we have achieved a 27% compound annual<br />
growth rate in our bottom line earnings, while doubling our stockholders’<br />
equity.<br />
We operate in three interrelated business segments: (a) real estate<br />
properties – acquiring, developing, repositioning, managing and selling<br />
commercial and multi-family residential real estate properties; (b) real<br />
estate loans – investing in high-yielding real estate loans and acquiring at a<br />
discount portfolios of loans backed by commercial or multi-family<br />
residential real estate and (c) real estate securities – investing in unrated<br />
and non-investment grade rated commercial mortgage backed securities<br />
(CMBS) where we have the right to be special servicer.<br />
We invest our own capital in transactions that leverage our market<br />
knowledge, management and development skills, financial expertise,<br />
workout experience and long-standing relationships to enhance the<br />
returns on those investments. We selectively allocate capital to business<br />
segments and asset classes with the best risk-adjusted returns given<br />
existing and prospective market conditions, focusing on areas where there<br />
are market inefficiencies and where we are able to manage the risk.<br />
We use our comprehensive due diligence and hands-on management<br />
processes to directly control the value creation and risk management<br />
associated with each and every investment we make.<br />
Our current investment focus targets sale lease-back equity investments,<br />
CMBS, B-notes and mezzanine debt in the United Kingdom and Western<br />
Europe.<br />
18 19
<strong>partners</strong><br />
The Whitehall Funds<br />
The Whitehall Funds are a family of opportunistic real estate funds<br />
sponsored and managed by Goldman Sachs. The Funds invest in real<br />
estate companies, projects, loan portfolios, debt recapitalizations and<br />
direct property.<br />
DTZ is one of the world’s leading property advisory companies<br />
providing a full range of services on a local, regional and global level<br />
to investors, occupiers and owners across all sectors of the real estate<br />
market. DTZ has over 6,500 staff operating from 125 offices in<br />
33 countries.<br />
Ed Siskind<br />
MD Head Europe<br />
Whitehall Funds<br />
Since its inception in 1991, Goldman Sachs, through the <strong>Real</strong> <strong>Estate</strong><br />
Principal Investment Area (REPIA), has raised approximately $11.6 billion<br />
of equity in nine funds, including its latest fund, Whitehall 2001, with<br />
committed capital of $2.3 billion. Goldman Sachs has committed<br />
approximately $2.2 billion to the Whitehall Funds since inception with<br />
nearly $400 million committed to Whitehall 2001.<br />
Peter Collins<br />
Director, Head of<br />
Euroinvest<br />
Seamless cross-border services based on common standards are coordinated<br />
and delivered through Business groups for the key service<br />
lines; investment, corporate real estate services, valuation, business<br />
space, retail, property management and building consultancy.<br />
Infrastructure groups for areas such as Research and IT ensure clients<br />
receive consistent quality standards of service.<br />
Goldman Sachs International<br />
Peterborough Court<br />
133 Fleet Street<br />
London EC4A 2BB<br />
Tel: +44-207-774-1000<br />
Goldman Sachs Paris<br />
53 rue de Chateaudun<br />
75009 Paris<br />
France<br />
Tel: +33-1-4212-1000<br />
Goldman, Sachs & Co.<br />
Messeturm<br />
Friedrich-Ebert-Anlage 49<br />
60308 Frankfurt am Main<br />
Germany<br />
Tel: +49-69-7532-1000<br />
Since inception, The Whitehall Funds have made investments of<br />
approximately $66 billion in total cost across 20 countries including the<br />
U.S., Canada, U.K., France, Italy, Germany, Brazil, Sweden, Spain, Portugal,<br />
Hong Kong and Thailand.<br />
REPIA is a team of dedicated Goldman Sachs professionals, with the<br />
business experience and the local market knowledge required to identify<br />
and understand opportunities and to structure complex transactions.<br />
REPIA has over 100 employees worldwide, located in New York, London,<br />
Paris, Frankfurt, Milan, Dallas and Tokyo.<br />
Archon Group, L.P., a wholly owned subsidiary of Goldman Sachs,<br />
provides the infrastructure and resources necessary for global asset<br />
management for the Whitehall Funds. Archon and its affiliates currently<br />
manage approximately 27,500 assets worldwide, employing over 1,200<br />
employees in offices located in the US, France, Italy, Germany, Japan,<br />
Thailand and Korea.<br />
DTZ Group<br />
One Curzon Street<br />
London WC1A 5PZ<br />
Tel: +44 (0)20 7408 1161<br />
Fax: +44 (0)20 7643 6430<br />
www.dtz.com<br />
Peter Collins<br />
peter.collins@dtz.com<br />
Tel: +44 (0)20 7643 6495<br />
DTZ has the strongest market presence of any property consultant in<br />
Europe, comprising 21 countries and over 2,500 staff. Within Asia<br />
Pacific, DTZ has over 1,000 staff with a further 1,500 management<br />
staff covering the main markets of Hong Kong, Singapore, Taiwan,<br />
Malaysia, Indonesia, Japan, Thailand and mainland China.<br />
The company provides a full range of services in commercial,<br />
retail, industrial, residential and investment property sectors. Our<br />
experienced professionals specialise in varied and complementary<br />
disciplines including the sale and leasing of all types of real estate,<br />
corporate real estate services, valuation, property management, town<br />
planning, research, project services and general consultancy.<br />
DTZ holds alliances and has created joint ventures with specialist real<br />
estate advisory firms in the US. In alliance with US-based AEW Capital<br />
Management, DTZ provides clients with access to international real<br />
estate investment opportunities. Curzon <strong>Global</strong> Partners, a joint<br />
venture between AEW and DTZ creates pan-European property funds.<br />
DTZ holds an alliance and has created a joint venture – DTZ Staubach<br />
Tie Leung – with The Staubach Company in the US to deliver global<br />
real estate services and solutions to multinational corporate occupiers.<br />
20 21
<strong>partners</strong><br />
Julian Newiss<br />
Chairman<br />
Peter Kasch<br />
Managing Partner<br />
Corporate Summary<br />
Catalyst Capital LLP is a substantial pan-European commercial real<br />
estate investment and asset management group.<br />
Based in London and Paris, it purchases and manages a significant<br />
portfolio of office, industrial and retail real estate in <strong>partners</strong>hip with<br />
North American and European investors, based principally upon either<br />
opportunistic or value-added strategies.<br />
It currently has under management, in <strong>partners</strong>hip with institutional and<br />
private investors, a commercial real estate portfolio of offices, business<br />
parks and shopping centres with a total value of approximately $1.7<br />
billion.<br />
The Partnership has five main areas of investment activity:<br />
I. The identification and development of selective property or corporate<br />
investment opportunities<br />
II. The organisation of capital structures<br />
Gary Watson<br />
Partner<br />
Ashursts is a leading international law firm advising corporates and<br />
financial institutions, with core businesses in real estate, M&A, corporate<br />
and structured finance. Our strong and growing presence in Europe and<br />
elsewhere is built on extensive experience in working with our clients on<br />
the complex international legal and regulatory issues relating to crossborder<br />
transactions.<br />
Our real estate team has wide expertise of all forms of real estate activity,<br />
operating across borders in Europe, from our offices in London,<br />
Brussels, Frankfurt, Madrid, Milan, Munich and Paris. We have played a<br />
leading role in corporate real estate including acting in the UK for British<br />
Telecom on the groundbreaking £2.36bn transaction to outsource 6,700<br />
properties and across 6 countries for the UK property company<br />
Ashtenne on the acquisition from the Rexel Group (the leading electrical<br />
equipment distribution company) and subsequent leasing back of 46<br />
distribution units.<br />
We have pioneered Islamic funding structures in this sector, and with<br />
clients have launched the first ever Shari'ah compliant European real<br />
estate fund.<br />
For further information please contact:<br />
Julian Newiss or Peter Kasch<br />
Catalyst Capital LLP<br />
5 Wigmore Street<br />
London W1U 1PB<br />
United Kingdom<br />
Tel: +44 20 7290 5100<br />
Fax: +44 20 7290 5115<br />
info@capitalistcapital.co.uk<br />
III. Co-investment in transactions<br />
IV. The defining of strategic business plans<br />
V. The implementation and supervision of asset management strategies<br />
Catalyst Capital's investment strategy is based on the key principals of:<br />
A disciplined approach to risk management by preservation of the equity<br />
base whilst retaining the opportunity for high investment returns<br />
Gary Watson<br />
Ashurst Morris Crisp<br />
Broadwalk House<br />
5 Appold Street<br />
London<br />
EC2A 2HA<br />
Tel: +44 20 7638 1111<br />
Fax: +44 20 7638 1112<br />
email: realestate@ashursts.com<br />
We are proud to be at the forefront of real estate technology.<br />
Maximising the value of the investment by both enhancing the capital<br />
value of the properties and improving the operating cash flow.<br />
The Catalyst Capital philosophy rests on being investor focused, results<br />
orientated with clear communication and an approach built on being proactive<br />
rather than reactive.<br />
Senior team members and <strong>partners</strong> of Catalyst Capital LLP are: Julian<br />
Newiss, Chairman and Chief Executive; Peter Kasch, Managing Partner;<br />
Nick Tribe, Director of Asset Management; Tony Yiannakis, Investment<br />
Director; Guy Wilson, Partner; Keith Scott, Financial Partner; Fabrice de<br />
Clermont Tonnerre, Director of Fund Management and Stephen Pettit,<br />
Senior Financial Analyst.<br />
22 23
<strong>partners</strong><br />
AMERICAN<br />
E U R O P E A N<br />
AEINVESTMENT<br />
Henri Alster<br />
President, American<br />
European Investment<br />
Bankers, Inc.<br />
BANKERS<br />
Corporate Summary<br />
American European is a real estate investment banking firm<br />
representing property owners, developers and investors in their<br />
global search for financial <strong>partners</strong> or in the sale of their properties.<br />
Henri Alster, President, has a 25-year track record in the business in<br />
Europe and the USA. He has served as advisor to the likes of the KLM<br />
Pension Funds, Whitehall, Exxon Corporation and others in the sale or<br />
acquisition of real estate assets and companies on both sides of the<br />
Atlantic.<br />
industry partner<br />
Donald Rundblom<br />
Co-chair International<br />
Committee<br />
Dottie Cunningham<br />
CEO<br />
Commercial Mortgage Securities Association is an international trade<br />
association dedicated to improving the liquidity of global commercial<br />
real estate debt securities through access to the capital markets.<br />
History<br />
Since CMSA®'s founding in 1994, the commercial mortgage backed<br />
securities (CMBS) industry has grown to approximately $400 billion in<br />
size. With this tremendous growth comes unforeseen challenges and<br />
opportunities that must be capitalized upon to fuel further expansion.<br />
CMSA® has successfully addressed many of the market's most<br />
pressing issues through its exchange of ideas and resources.<br />
Goals<br />
■ Enhance liquidity by broadening our investor base, by focusing on the<br />
cross-over buyer, on the international investors and increasing the<br />
CMBS investor base (both Investment & Non-Investment Grade).<br />
George Ruchti<br />
Head of Structured<br />
Finance and Portfolio<br />
Management, Easetec<br />
Richard D. Jones<br />
Co-chair International<br />
Committee<br />
■ Support growth of the CMBS market through the fostering of twoway<br />
dialogue, through strategic international alliances and through<br />
promotion of greater borrower satisfaction with capital markets<br />
solutions.<br />
United Kingdom<br />
1379 High Road<br />
London N20 9LP<br />
Tel: +44 20 8445 6653<br />
Fax: +44 20 8445 6633<br />
henri.alster@americaneuropean.com<br />
USA<br />
Suite 4100<br />
666 Fifth Avenue<br />
New York, NY10103<br />
Tel: +1 866 399 1001<br />
Fax: +1 866 399 1033<br />
Commercial Mortgage Securities Association<br />
30 Broad Street<br />
28th Floor<br />
New York, NY 10004<br />
(212) 509-1844 phone<br />
(212) 509-1895 fax<br />
www.cmbs.org website<br />
Contact<br />
CMSA is headquartered in New York City’s Financial District at 30 Broad<br />
Street. Call 212-509-1844 or visit our website at www.cmbs.org for<br />
more information. Dottie Cunningham is CMSA’s Chief Executive Officer<br />
and can be reached at dottie@cmbs.org. Georges Ruchti of EASETEC AG<br />
is the Chair of our European Chapter and can be reached at<br />
gruchti@easetec.com. Richard Jones of Dechert,<br />
richard.jones@dechert.com and Donald Rundblom of Crown Mortgage<br />
Management, donald.rundblom@cmm-group.com, are the Co-Chairs of<br />
CMSA’s International Committee.<br />
■ Promote industry-wide operational efficiencies through continued<br />
development of industry-wide standards and strengthen the<br />
infrastructure in support of real estate cycles.<br />
■ Foster an environment rich in networking opportunities and<br />
educational programming, as well as promote research and two-way<br />
dialogue between all industry stakeholders.<br />
■ Monitor and influence as appropriate the regulatory environment in a<br />
way that supports our mission.<br />
Activity Areas/Highlights<br />
One of the most exciting areas now is the international front, where the<br />
CMBS market is expanding rapidly. CMSA®'s International Committee<br />
has established chapters in Europe, Canada and Asia, and has begun to<br />
hold international networking meetings for CMBS market participants.<br />
By sharing the best global practices and ideas, CMSA® is offering its<br />
invaluable experience to professionals abroad. CMSA has also made<br />
considerable achievements in the standardization of CMBS investor<br />
reporting, a major catalyst in the expansion of the U.S. market. Through<br />
the establishment and promotion of these standards, CMBS information<br />
has become more consistent, enabling investors to better evaluate and<br />
compare investment options. To encourage further acceptance by<br />
institutional investors, CMSA® has developed a CMBS collateral<br />
database , which will make performance information on CMBS<br />
transactions available to all CMSA® members in one convenient<br />
location. In addition, CMSA® has helped standardize the front-end<br />
of the securitization process by endorsing uniform loan documents.<br />
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