29 October 2018Four Seasons Hotel London at Park Lane

Cornell Regional Real Estate Competition, UK/Europe

2nd Annual

Center for Real Estate and Finance

2nd Annual Cornell Regional Real Estate Competition, UK/Europe

Cornell SC Johnson College of Business

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Focusing on research and teaching in fi nance, asset management, and commercial real estate, including the hospitality industry, the center provides information relevant to the daily operation of the real estate industry, as well as experiential-learning opportunities for students, including direct access to industry leaders. For more information visit CREF.CORNELL.EDU.

Center for Real Estate and Finance

Cornell SC Johnson College of Business

Center for Real Estate and Finance

Focusing on research and teaching in fi nance, asset management, and commercial real estate, including the hospitality industry, the center provides information relevant to the daily operation of the real estate industry, as well as experiential-learning opportunities for students, including direct access to industry leaders. For more information visit CREF.CORNELL.EDU.

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AGENDA

8:00 - 9:00 a.m. Breakfast Halcyon Room Welcome and Opening Remarks Presentation room draw

9:00 - 11:35 a.m. Presentations Avalon Room 9:00, 9:40, 10:20, 11:00

11:40 a.m. - 12:00 p.m. Judge’s Deliberation Avalon Room

12:00 - 12:40 p.m. Judge’s Feedback Avalon Room

12:15 - 2:30 p.m. Lunch Halcyon Room Case Presentation Announce Winning Teams

Cornell Regional Real Estate CompetitionUK/Europe

29 October 2018Four Seasons London Hotel at Park Lane

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I would like to offer a warm welcome to team members, judges, and guests to the second annual Cornell Regional Real Estate Competition, UK/Europe. I am proud to be able to continue this regional competition and extend this opportunity to students in the United Kingdom and Europe. Through participation in the competition, the teams learn about and analyze an authentic real estate transaction. We are thankful for the engagement and interaction of our industry partners that take time out of their busy schedules to act as judges for the competition. There is no substitute for the direct impact this event has on the students’ educational experience—and the application of the skills learned in their future careers.

The student teams participating in the competition represent the future of the real estate industry. While the judges are tasked to select the winners, their main purpose is to mentor and engage with the students. I am extremely grateful to our judges who are so willing to share their knowledge and coach the students. I hope everyone attending the competition enjoys this unique educational experience.

Congratulations and best wishes for succe s s to al l p ar t ic ip at ing te ams.

DANIEL C.QUAN, P ’06 & ’10

DIRECTOR’S MESSAGE

Robert C. Baker Professor in Real EstateArthur Adler ’78 and Karen Newman Adler ’78 Director of the Center for Real Estate and Finance

School of Hotel Administration, Cornell SC Johnson College of Business

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We would like to thank our sponsors for their generous support of the Cornell Regional Real Estate Competition, UK/Europe.

SPONSORS

Title Sponsor

Sponsors

O R I O NO R I O NC A P I T A LM A N A G E R S

Title Sponsor

Activum SG

Sponsors

Cale Street Partners LLP

Morgan Stanley

Orion Capital Managers

Four Seasons Hotel London at Park Lane

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The Cornell Regional Real Estate Competition, UK/Europe is hosted by the Center for Real Estate and Finance at Cornell University. Teams from top UK and European universities will compete in analyzing an actual real estate transaction and present their analysis and proposal to a panel of international real estate executives. Judgement criterion include presentation skills, overall investment recommendations, and methodology. The top two teams receive an automatic invitation to the prestigious Cornell International Real Estate Case Competition held in New York City in November. In addition, they will receive funds to support the cost of travel to the competition.

ABOUT THE COMPETITION

PARTICIPATING TEAMS

KTH Royal Institute of Technology

University College London

University of Aberdeen

University of Cambridge

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Saul Goldstein is the founder and CEO of Activum SG Capital Management, a real estate focused turn-around private equity fund manager. The firm is focused on value-add investments in Germany and Spain and invests across the capital structure to optimize returns within an opportunistic framework. With more than €1.3 billion under management and offices in Berlin, Frankfurt, Madrid and London the firm combines local operating expertise with a global private equity mindset.Prior to establishing ActivumSG Capital Management in 2007, Saul headed the European real estate investment team which advised the Cerberus Capital Management companies on German and European investment opportunities in real estate and non-performing loans (NPLs).

In a nine-and-a-half year career at Cerberus, he helped to open and run investment advisory offices for the Cerberus management companies in 4 countries. Saul advised on investments in real estate, real estate debt, NPLs, and operating businesses in the Americas, Europe, and Asia. In his capacity heading up the European real estate advisory team, he was responsible for residential and commercial real estate transactions encompassing both direct and indirect investments.

Saul graduated Magna Cum Laude with a BA from Cornell University in 1992 and received an MBA from the Wharton School and an MA in International Studies from the Lauder Institute at the University of Pennsylvania in 1996. He was named an Academic All-American, All-Ivy Athlete for rowing. He is also proficient in Japanese.

SAULGOLDSTEIN’92

JUDGES

Founder & CEO

ActivumSG Capital Management

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Catherine Hong is a Real Estate portfolio manager in the Portfolio Solutions Group (PSG) of Morgan Stanley Investment Management. She is based in London and is a member of the real estate investment committee as well as the team’s region head for Europe. She joined Morgan Stanley in 2007 and has 17 years of industry experience. Before joining PSG in 2008, Catherine worked in Morgan Stanley’s Real Estate Private Capital Markets Group, focusing on private real estate fund formation throughout Europe.

Prior to joining the firm, Catherine was an associate with Citigroup Property Investors in New York, where she evaluated global real estate fund investments for the firm’s real estate multi-manager platform and the Citigroup Pension Plan. She began her career as an analyst in the Real Estate Finance and Global Principal Investment groups at Merrill Lynch in New York. Catherine received a B.A. from Wellesley College and an M.B.A. from the Wharton School of the University of Pennsylvania.

CATHERINE HONG

JUDGES

Executive Director

Morgan Stanley

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Bonnie is Head of Capital Markets for ActivumSG. She has over 15 years of experience in real estate including sourcing, structuring, and distributing a range of real estate debt products. Prior to joining ActivumSG in September 2016, Bonnie worked at Deutsche Bank for 5 years where she held positions in syndication and origination within their European Commercial Real Estate Group and CRE Structuring Group.

Previously, she worked at Morgan Stanley as a Vice President where she was responsible for the syndication of European real estate debt products, including senior loans and mezzanine tranches. She moved to London in 2003 with Credit Suisse to help build their European CMBS team and began her career with Donaldson, Lufkin & Jenrette in New York in 2000 in their Real Estate Finance and Securitisation team. Bonnie holds a BS in Economics with a concentration in Real Estate and Finance from the Wharton School at the University of Pennsylvania.

BONNIE KO

JUDGES

Head of Capital Markets

ActivumSG Capital Management

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Aref Lahham is Founder and Managing Director of Orion. He is located primarily in Orion’s London office and acts as Orion’s Chief Executive Officer, setting the strategy and leading the Orion Fund’s acquisition team. Mr. Lahham has been responsible for over €5.0 billion of property acquisitions throughout Europe.

Mr. Lahham has over 30 years of real estate investment and development experience in the United States and in Europe. He has served on the board of French public quoted company Société Foncière Lyonnaise as well as on the investment committee of a Bulgari sponsored private equity fund called Opera.

Mr. Lahham has a BSc in Civil Engineering from Purdue University, a Masters of Engineering in Civil Engineering from Cornell University and an MBA from INSEAD.

AREF LAHHAM, MEng ’86

JUDGES

Managing Director

Orion Capital Managers LLP

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Wilson Lee is a Founding Partner of Cale Street Partners, a European focused real estate capital provider that advises Cale Street Investments LP in providing creative, “one-stop” solutions to best-in-class developers, operators, and institutions.

The partnerships were founded in 2014 and seeded with $1.5 billion of discretionary capital from a sovereign wealth investor with a long-term patient approach to investing. Cale Street has a flexible mandate which includes both senior and mezzanine debt finance as well as joint venture equity investment.

Wilson has over 30 years of experience in the real estate market. Over his 18 years at Lehman Brothers in New York and London, he held several senior management roles in real estate, including starting and heading Lehman’s European principal investment platform as well has being a member of both the Fixed Income and Investment Banking Divisions’ European Executive Committees. He then founded UBS’ principal finance business for Europe and Asia Pacific in 2005 where he was also a member of the Global Real Estate Task Force and Global Fixed Income Risk Committees. He then went on to become European Head of the Global Opportunity Fund at ING Real Estate Investment Management in 2008.

Wilson graduated from Cornell University School of Hotel Administration in 1983 with a B.S. and Columbia Business School in 1987 with an MBA. He is also a Cornell parent of two: SHA ‘14 and HumEc ‘20.

WILSON LEE ’83, P ’14 & ’20

JUDGES

Founding Partner

Cale Street Partners LLP

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Based in London, Brian Niles is a Managing Director of Morgan Stanley, and Head of Morgan Stanley Real Estate Investing in Europe. He joined Morgan Stanley in 2006, and was previously Chief Financial Officer for Morgan Stanley Special Situations Fund III and Head of Acquisitions in Europe prior to assuming his current role. Prior to joining Morgan Stanley, he worked nine years for Goldman Sachs, primarily in the Real Estate Principal Investment Area, investing in European transactions on behalf of the Whitehall Funds.

Brian earned a BSc from Cornell University. He is married, and the father of three sons; he has lived in London since 1999.

BRIAN NILES ’92

JUDGES

Managing Director, Head of Real Estate Investing, Europe

Morgan Stanley & Co. International plc

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1 3 N O V E M B E R 2 0 1 8

10th Annual Cornell International Real

Estate Case CompetitionN e w Yo r k , N e w Yo r k

SAVETHEDATE

Center for Real Estate and Finance

SAVE THE DATE

13 NOVEMBER 2018

10th Annual Cornell International Real Estate Case Competition New York, New York

Cornell SC Johnson College of Business

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Center for Real Estate and FinanceSC Johnson College of BusinessCornell University174 Statler HallIthaca, NY 14853

Phone: 607.255.1206cref@cornell.edu

cref.cornell.edu