Spring Conference 2018Liquidity – too much of a good thing?

YPREF – 18 April MAIN DAY – 19 April London

Programme

Conference Co-chairs:Richard Croft, M7 Real EstateAli Crosthwaite, Simmons & Simmons LLPAnthony Shayle, UBS Asset Management

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Spring Conference 2018

14:30 – 14:50 Registration

14:50 – 15:00 Welcoming Remarks, Peter Cosmetatos, Chief Executive Officer, CREFC Europe

15:00 – 15:40 Keynote SpeakerSabina Kalyan, Global Chief Economist & Head of European Research, CBRE Global InvestorsBased in London, Sabina is responsible for developing CBRE Global Investors’ house views on the outlook for the global economy and financial markets, and analysing their impact on real estate markets. She is also the head of the eleven-strong European research team which provides strategic and asset level research support to our direct and indirect investment teams.

Sabina is a member of the Clarion Global Investment Policy Committee, the European Management Board and the European Investment Committee. Sabina has been with the company for six years. She joined CBRE Global Investors from IPD where she was Chief Economist. Prior to this she worked for Capital Economics, where she developed their UK residential and commercial property market analysis and forecasting service.

Sabina studied economics at Lincoln College, Oxford University and is a member of the Society of Business Economists, the Society of Property Researchers and the Investment Property Forum. She is an External Examiner at the University of Reading for the Real Estate Investment Finance programme and a Fellow of the Royal Institute of Chartered Surveyors.

15:45 – 16:05 Networking Break

16:05 – 17:05 Educational session: Non Performing Loans (NPLs)The hitchhiker’s guide to NPLs. A voyage through the what, why, where and how from some of the industry’s leading experts Moderator: Jeremy Trinder, Partner, Latham & Watkins LLPPanellists:Ben Cairns, Managing Director, Alvarez & MarsalChristian Bessenroth, Director – Real Estate & Special Solutions, Bawag P.S.KFederico Montero, Managing Director, Evercore

17:10 – 18:10 Educational session: Lending against operational Real Estate• Why are investors drawn to operating assets? Is this just another way to get higher returns?• How strong are the (demographic, economic and regulatory) fundamentals for different kinds of

operating assets?• What are the risks and pitfalls lenders need to understand? Moderator: Andrew Petersen, Partner, K&L Gates LLPPanellists:John Bigley, Principal, DRC CapitalSelina Dicker, Director, Lloyds Bank Commercial BankingEleanor Jukes, Property Strategist, Legal & General Investment Management

18:10 – 19:30 YPREF Networking Reception

YPREF afternoonThe educational sessions are aimed at less experienced market participants and students; they are complimentary for CREFC Europe members and students with a real estate finance focus.Non-members are also welcome subject to a charge of £150 + VAT (bulk discounts available).Walk-in registration will not be available for these sessions. Please note that access to these sessions is separate from the CREFC Europe main conference day, Thursday 19 April.If you are joining the main day on Thursday 19 April please note that the above sessions are available at no additional cost but please notify Rachel of your intention to join us so we can manage numbers. We will prioritise younger professionals if we are unable to accommodate everyone.

Wednesday 18 April – YPREF Afternoon

Speakers’ Dinner Tuesday 17 April Sponsored by

Borrower and Lender Invite only Networking Reception Wednesday 18 April Sponsored by Contact: Carol

YPREF Programme subject to change

Spring Conference 2018

Thursday 19 April – Main Day08:45 Registration & Networking Breakfast

09:20 Welcome, Dale Lattanzio, Chairman, CREFC Europe

09:30 – 10:15 Keynote SpeakerAnatole Kaletsky, Economist Anatole Kaletsky is co-chairman and chief economist of Gavekal Dragonomics, an economic consulting and asset management company based in Hong Kong and Beijing. He was the first chairman of the Institute for New Economic Thinking (from 2010 to 2015) and is now on INET’s governing board. He also serves on the Global Board of the Open Society Foundations and the board of JPMorgan Emerging Markets Investment Trust. Before founding Gavekal, Anatole worked for 30 years as an economic journalist and columnist on The Economist, Financial Times, London Times, Reuters and New York Times, writing from London, Washington, New York and Moscow. From 1998 to 2001 he was also a member of the Royal Economic Society’s governing council.

10:20 – 11:15 Liquidity crunch – Hard to imagine or unthinkable? Is the cycle extended or accelerating?• CRE debt market liquidity – origins, push and pull factors, preferred products and strategies• How is the wall of money interacting with the real estate cycle?• Are the stars aligning for a bit more CMBS? • The feast turns to famine – “when” not “if”?

Moderator: Richard Croft, Chief Executive Officer, M7 Real EstatePanellists: Trish Barrigan, Senior Partner, Benson ElliottEkaterina Advonina, Chief Executive Officer, Delin CapitalDavid Snelgrove, Managing Director, Oaktree CapitalDuncan MacPherson, Managing Director, Starwood Capital

11:15 – 11:45 Networking Break

11:45 – 12:30 Risky Business?• What are the options beyond senior? How do mezz, whole loans and equity compare? • Is capital raised being deployed? Are returns appropriately risk-adjusted?• Development Finance – State of Play and Opportunities

Moderator: Robert Weinberg, Managing Director, Eastdil SecuredPanellists:Jason Constable, Head of Specialist Real Estate, BarclaysAlex Mackenzie, Principal, BlackstoneRohit Srivastava, Senior Vice President, Brookfield Asset Management Chris Semones, Executive Director, Goldman Sachs

Spring Conference 2018

12:35 – 13:15 Risk & Opportunity in a changing climateJoin Vincent Nobel, Head of Asset Based Lending, Hermes Investment Management as he leads a conversation with Dan Winters, CRE, Head of Americas, GRESB BV and Jessica Fries, Executive Chairman, The Prince’s Accounting for Sustainability Project (A4S)

13:15 – 14:10 Networking Lunch Sponsored by

14:15 – 14:45 Logistics – the new retail with David Ebbrell, Chief Investment Officer, M7 Real Estate, Anthony Butler, Chief Investment Officer, Delin Capital Asset Management and InfaRed’s James Cooper.

14:50 – 15:30 UK residential build to rent – a hot sector for liquidity, now to deployment…Build-to-Rent – The new liquidity magnet? But can it be deployed and will liquidity flow continue?

Moderator: Jessica Tomlinson, Head of Real Estate, South East and Eastern Region, Barclays Panellists:Rob McDonnell, Fund Manager, Aberdeen Asset ManagmentSophie White, Head of Infrastructure, PRS & Complex Projects, Homes EnglandCath Webster, Executive Director – Strategy & Investment, QuintainDuncan Sutherland, Regeneration Director, Sigma Capital Group PLC

15:35 – 16:10 Liquidity moderators for the next few years • Financial regulation – Basel III, Solvency II, the EU’s new securitisation framework –

for regulated firms• Tax – levelling the playing field, or a major threat to the use of leverage?• Tighter monetary policy and the end of QE – for the whole market• What other factors might stem inflows of global capital?

Moderator: Sue Forster, Chief Executive Officer, IPFPanellists: Jeff Rupp, Director of Public Affairs, INREVRichard Gwilliam, Head of Property Research, M&G InvestmentsMarieke van Kamp, Head of Private Markets, NN GroupYolande Barnes, Head of World Research, Savills

Thursday 19 April

Spring Conference 2018

16:15 – 16:35 Networking Break

16:35 – 17:20 Swallows & Vultures – Debt innovation Investor choice versus borrower demand?• New allocations from fixed income and real estate – what are they looking for?• Where are the liquidity gaps for borrowers?• What products and vehicles are being created to match the gaps?

Moderator: Anthony Shayle, Managing Director, UBS Asset Management Panellists: Michael Kovacs, Founding Partner, Castleforge PartnersLorna Brown, Head of Real Estate Debt, Legal & General Investment ManagementAnne Gales, Partner, Threadmark

17:25– 17:45 Join the wrap up session with the conference co-chairs

17:45 – 20:00 Sponsored by

Networking Reception

Thursday 19 April

crefceurope.orgProgramme subject to change

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