REAL ESTATE & INFRASTRUCTURE DEBT FUND

Transcription

1 INVESTMENT STRATEGIES, STRUCTURING, SERVICING & DISTRIBUTION OPPORTUNITIES With the participation of Dr. Christoph Schumacher Managing UNION INVESTMENT INSTITUTIONAL PROPERTY GmbH, Hamburg Catherine Martougin ARENDT & MEDERNACH, Luxembourg Thierry Braem Michael Hornsby Real Estate ERNST & YOUNG, Luxembourg Jean-Christian Six Allen & Overy, Luxembourg Graham Dew JP MORGAN, Luxembourg Philip Mauel Organized by:

2 Dear Executive, The real estate debt market is set to represent 1.4 trillion in Europe and over the last two years debt fund set-up have multiplied. Conversely, asset back financing and the European securitization activity is back on the levels before financial crisis. This do create opportunities. Real Estate Debt Funds have primarily focus on distressed senior debt then on mortgage debt financing and are now created with a broader focus that includes now origination in infrastructure and hospitality. Snapshot of the real estate market and industry European market trends Real Estate and PE Debt Funds Update Practical aspects on AIFMD implementation: Cashflow monitoring by depositaries Application of look-through principles Grandfathering provisions Conceptual models of AIFM's - working with advisors and delegates Remuneration rules The definition of assets held in custody Options for non-eu funds and managers Risk Management Framework for Real Estate Funds in Compliance with AIFMD Walk through a model of RMP under AIFMD Real Estate Debt Fund Structuring -Debt fund market - A general overview - Key structuring drivers/issues - Banking licence requirements - Shadow banking issues Real Estate Debt Fund Tax Structuring Considerations Types of returns Repatriation considerations Tax considerations at borrowers level Tax considerations at lenders level Structuring examples via Luxembourg vehicules Case study: Practical Issues to The Servicing of Real Estate Debt Funds Debt Profiles and Valuation Considerations for Real Estate and Infrastructure Debt Funds Debt profiles Typical loan features and valuation assumptions Simple valuation model vs. Complex valuation model Pricing transparency Valuation of distressed loans We are convinced this 9 th edition will give a fresh independent and non-complacent overview of the key issues at stake and challenges ahead for the Real Estate managers and Luxembourg service providers. Yours Sincerely, François Golbery, Chairman ESAFON, a non-profit private initiative to promote the cooperation between Switzerland and Europe and facilitate the exchanges between professionals in the area of Asset Management & Family Wealth Management Organised by:

3 What Delegates Say from Real Estate Servicing Conference 2012 Very professional and informative. Very clear with up to date subjects. Very knowledgeable speakers + good support in terms of slides. The variety and depth of the subjects addressed was very useful in developing insights into the challenges of the sector. Good selection of topics/agenda. Very much interested in the Insurance presentation. Informative, complete. Very interesting presentations with industry experts from auditors-lawyers-asset managers- central administration and depositary. Interesting Topics. Excellent speakers, good opportunity for networking due to the length of breaks very much appreciated. Professional. Good Venue / Good Lunch. Very good subjects & speakers. Who should attend: Real Estate Manager Real Estate Promoters Real Estate Custodian RE Fund Administrators Head of Fund Legal Conducting Officers Head of Compliance RE Fund Accounting Head of Operations Internal Audit RE Risk Management Auditors RE Valuation RE Controlling

4 CONFERENCE AGENDA am Welcome Coffee and Registration am Opening Remarks by François Golbery and the Chairman am Snapshot of the Real Estate Market and Industry European Market Trends - Real Estate and PE Debt Funds Update Dr. Christoph Schumacher Managing UNION INVESTMENT INSTITUTIONAL PROPERTY GmbH, Hamburg am Practical Aspects on AIFMD Implementation for Real Estate Funds am Coffee break Cashflow monitoring by depositaries Application of look-through principles Grandfathering provisions Conceptual models of AIFM's - working with advisors and delegates Remuneration rules The definition of assets held in custody Options for non-eu funds and managers Michael Hornsby Real Estate ERNST & YOUNG, Luxembourg pm Risk Management Framework for Real Estate Fund and Real Estate Debt Fund in Accordance with AIFMD pm Buffet Lunch Catherine Martougin ARENDT & MEDERNACH, Luxembourg ESAFON A non-profit Association N Féd CH Avenue de Belmont 7, CH-1820 Montreux Tél.: Fax: customer.service@esafon.com Website:

5 CONFERENCE AGENDA 2.00 pm Real Estate Debt Fund Structuring Debt fund market - A general overview Key structuring drivers/issues Banking licence requirements Shadow banking issues Jean-Christian Six Allen & Overy, Luxembourg 2.45 pm Real Estate Debt Fund Tax Structuring Considerations Types of returns Repatriation considerations Tax considerations at borrowers level Tax considerations at lenders level Structuring examples via Luxembourg vehicules Thierry Braem 3.30 pm Coffee-Break 4.00 pm Case-study: Practical Issues to the Servicing of Real Estate Debt Funds Graham Dew JP MORGAN, Luxembourg 4.45 pm Debt Profiles and Valuation Considerations for Real Estate and Infrastructure Debt Funds Debt profiles Typical loan features and valuation assumptions Simple valuation model vs. Complex valuation model Pricing transparency Valuation of distressed loans Philip Mauel 5.30 pm Closing Remarks by the Chairman 5.45 pm Close of the Conference

6 state Fund Ser The 9 th Annual Real Estate Fund Servicing Conference To review ship Opportunities, please contact Dr Anne Golbery, Managing, ESAFON at a.golbery@esafon.com ESAFON PARTNERSHIP PACKAGES 2013 EXHIBITOR PARTNER : Euro partner logo inserted in the conference brochure an exhibition space in the conference foyer for the duration of the conference a personalised invitation to send to your contacts with a 30% discount for any registration for your employees or your contacts your Corporate Profile inserted on our web site with a link to your web site 3 free conference passes for your colleagues present on your stand the complete mailing list of the conference participants FIRST CLASS PARTNER : Euro a 30 minute non-commercial presentation as a speaker a personalised invitation to send to your contacts with a 30% discount for any registration for your employees or your contacts your Corporate Profile distributed to the participants 1 free conference invitation for your colleagues or clients the complete mailing list of the conference participants SILVER PARTNER : Euro partner logo on front page of the conference brochure a 30 minute non-commercial presentation as a guest speaker with a formal introduction from the chairman your Corporate Profile inserted on our web site with a link to your web site and distributed to all the participants a personalised invitation to send to your contacts with a 50% discount for any registration for your employees or your contacts 3 free conference invitations for your colleagues or clients the complete mailing list of the conference participants PLATINUM PARTNER : Euro all the conditions applying to SILVER partnership, plus: lunch or cocktail offered by the company (luncheon costs included in the total package of Euro 7 900) a partner's logo appears on the schedule in participant folders GOLD PARTNER : Euro all the conditions applying to EXHIBITOR partnership, plus: partner logo on front page of the conference brochure lunch or cocktail offered by the company (lunch included in the total package of Euro a partner's logo appears on the schedule in participant folders a 30 minute non-commercial presentation as a guest speaker with a formal introduction from the conference chairman 3 free conference invitations for your colleagues or clients LEAD PARTNER : Euro all the conditions applying to GOLD partnership, plus: exclusivity of partnership to company's market sector The ESAFON s take in charge their travel and accommodation expenses A 10% discount is granted on the second Contract signed in 2013.

7 The 9 th Annual Real Estate Fund Servicing Conference 2013 Parc Plaza - Luxembourg VIP INVITATION on behalf of Ms Catherine Martougin 50% Discount on Early Registration Fee Available for Booking & Payment before April 19, 2013 To register, Please fax or back this Application Form fulfilled and signed to our Customer Service by at customer.service@esafon.com or by fax at CONFERENCE: Title: Conference Code: C1300 Location : Hotel Parc Plaza, Central Luxembourg Date: May 14, 2013 REGISTRATION: Name... First Name... Position... Company... Address Tel... Fax... May 14, 2013 (Code C1300) Registration Fee includes Refreshments, Buffet Lunch, a Full Documentation Package and the Final Presentations published on the ESAFON CLUB PLATFORM Yes, I wish to register*: Standard Registration Fee EUR Early Registration and Payment before April 19, 2013 SPECIAL OFFERS AVAILABLE FOR A BOOKING & PAYMENT: LPEA, INREV, ALFI members ABB,L AREF, EPRA, PERE members EUR Before April 19, 2013 After April 19, 2013 EUR 850 EUR Real Estate Portfolio Managers EUR 750 EUR 950 Group Participation (2 delegates from the same company at the same address) EUR 450 per delegate EUR 650 per delegate Group Participation (3 Delegates or more) EUR 350 per delegate EUR 550 per delegate ESAFON CLUB Members EUR 450 EUR 650 ESAFON Members EUR 350 EUR 550 Date: Signature: *Please tick the applicable box Please send the invoice to the following address: Name, Job Title:... Address:...