Comparison of the UK and Italian Hotel Investment Market. March March
|
|
- Dwight Rich
- 6 years ago
- Views:
Transcription
1 Comparison of the UK and Italian Hotel Investment Market March 2005 March
2 Historic liquidity of the European Hotel Investment Market The UK is the most liquid market of the European hotel investment markets when comparing investment volumes in different European countries between 1995 and During this period, the UK investment volume accounted on average of 39% of the total European single asset transaction volume. The proportion of UK investment volume peaked in 1995 with 75% ( 611m), boosted by the sale of the Ritz in London. The second highest proportion was in 1999 with 50% ( 1,003m), when a number of high profile assets changed hands, including the Hilton International Regent s Park and the Westbury Hotel in London. During the same period, hotel investment volume for single asset transactions in Italy represented 6% (on average) of the European total. The proportion of investment volume peaked in those years when trophy assets changed hands: Between 1995 and 1998, the proportion of Italian transaction volume averaged 7%, boosted by the sale of the Sheraton Hotel & Conference Centre Eur in Rome in In the following year, the sale of the Four Seasons in Milan to an Asian high net worth individual. Two years later, in 1998, the hotel was sold again to Walton Street capital. Italy s share of European hotel transactions was highest in 2002 with 15% ( 259m) following the sale of the Four Seasons to its current Irish owners as well as several other medium size transactions. In 2003, a European record year in itself, Italy s share of the European transaction volume remained high. Italy s proportion of the European investment volume was boosted by the sale of the Principe di Savoia in Milan for a record price of 275m, resulting in a 13% share of the European Investment volume, totalling 403m. With no trophy asset sale in 2004, Italy s hotel investment totalled 133m, representing only 4% of the total European single asset volume transacted in 2004, being much closer to the average market share since European Hotel Investment (over 10m) 3,500 3,000 2,500 2,000 1,500 1, UK Other Europe Italy March
3 Buyer Universe: Investor Origin The buyer universe in the UK is very diverse due to the liquidity of the UK hotel investment market. Although domestic buyers represent nearly 70% of transactions, boosted by UK regional transactions that tend to be of smaller lot sizes and dominated by domestic investors, the proportion of non-european investors is much higher than in Italy. Middle Eastern buyers represent 12% on average between 1998 and 2004, boosted by high profile acquisitions in the late 1990 s, including the sale of the Portman Radisson SAS Hotel in Portman Square (London) in 1999 and the InterContinental Churchill (London) in UK: Buyer Origin of Single Asset The Italian hotel investment market has been led by domestic buyers, representing 100% in 1999, 2000 and Domestic buyers dominated those years, in which the lot size of transactions varied between 27m to 33m and was not inflated by high profile transactions. Trophy sales, such as the sale of the Four Seasons in Milan as well the sale of the Principe di Savoia, inflated average deal size in 2002 and 2003 and boosted the proportion of European and US investors. Without these transactions, the proportion of domestic buyers would be over 90%. Italy: Buyer Origin of Single Asset Asia 4% Middle East 12% USA 6% Other 1% USA 8% Europe 9% Domestic 68% Europe 46% Domestic 46% March
4 Buyer Universe: Investor Type In terms of investor types, the UK has been historically dominated by private and public hotel operators. Since 1998, this investor group have represented together 39% of total single asset investment volume. While investment by public hotel operators peaked in 2000 with 63% of investment volume, private hotel operators dominated in 2003, representing 53% of total investment. High net-worth individuals (HNWI) have also played an important role over the past seven years, representing 20% of single asset investment volume. UK: Buyer Type of Single Asset As in the UK, hotel operators have been most active in the Italian market. However, domestic hotel operators in Italy are mostly private. In 1999 and 2000 private hotel investors represented 100% of the Italian singe asset investment volume. HNWIs are the second most active buyer group, representing 23% of single asset investment volume since 1998 and represent 53 in 2004, boosted by the sale of the Hotel Cicerone in Rome. Institutional investors have represented 16% of total investment volume since Although interest by institutional investors has been dominated by domestic funds, Deka, a German openended fund, was the first international institutional investor that entered the market in 2003 with the purchase of the Golden Tulip Grand Hotel Verdi in Milan as part of a portfolio acquisition, which included mainly offices. UK: Buyer Type of Single Asset Institutional Investor Property 10% Company 11% Private Company 8% Public Hotel 15% Prop erty Co mpany 3% Institutional Investor 16% Public Hotel 3% HNWI 20 % Sp ecialist Ho tel Investor 2% Private Equity 10% Private Hotel 24% HNWI 2 3% Private Equity 8% Private Hotel 47% March
5 Profile of Transactions Vacant possession transactions have been the most common type of deals both in the UK and Italy. Sales subject to management contract and as an investment (sale subject to lease contract) are other preferred types of transactions. In Italy, the proportion of hotels sold subject to management contract was dominated by two trophy asset deals, while the transactions in the UK are more evenly spread between the two. In the UK, sale & leaseback deals have represented 5% of transactions since 1998, peaking in 2003 with 13%. This type of transaction has been less favourable in Italy, representing only 1%. In the current environment, expansion through debt finance is less costly than future funding through sale and leaseback structures, as interest rates remain at historically low levels. UK: Profile of Singe Asset Italy: Profile of Single Asset MC 14% S & L 5% MC 24% S & L 4% Franchise 3% Investment 13% VP 66% Investment 13% VP 56% Outlook We anticipate that the investor universe in the Italian market will grow in the medium term. Although the market has been perceived as opaque, the recent sale of trophy assets, including the sale of four upscale hotels in Sardinia (Costa Smeralda) in 2003, is likely to increase interest by foreign investors. Nevertheless, the expansion of the investor universe will depend on the product that will be put on the market. Hotels in Italy tend to be smaller in terms of size (30 rooms on average), compared to other European countries. March
6 However, international operators have notably increased their presence in Italy over the past decade and those who have not yet entered the market are keen to find suitable assets. Consequently, the internationalisation of hotel operators in the market is also likely to bring increased investors interest and international operating standards. This will be in line with an active European hotel investment market during This expectation is driven by the large number of portfolios currently in the market, which will have a particularly strong impact on the liquidity in the UK, as well as restructuring plans by a number of hotel companies divesting non core or non strategic assets. Overall, we expect improved liquidity in the Italian hotel investment market, boosted by the sale of high-profile assets. Biographies Roberto Galano Senior Vice President, Milan Roberto has recently moved to Milan to head the Jones Lang LaSalle Hotels office, after having been a member of the corporate advisory team in London since 1996, which offers a wide range of services to international hotel investors and owners. Special areas of expertise include complex financial and project analysis, market feasibility studies, negotiating management agreements, establishment of hotel funds (working jointly with Corporate Finance) and investment sales. Sabine Balzer Associate, London Sabine is responsible for providing market intelligence and research support for the European team, as well as external clients. She produces one of the leading research publications in the European market, the Digest Europe: a report on 23 of Europe s hotel markets. More recently she has been involved in advisory work. March
7 Dedicated Hotel Offices London 22 Hanover Square London W1A 2BN UK tel: fax: Munich Maximilianstrasse Munich Germany tel: fax: Frankfurt Wilhelm-Leuschner Strasse Frankfurt am Main Germany tel: fax: Paris 58/60 avenue de la Grande Armée Paris France tel: fax: Barcelona Passeig de Gràcia 11 4ª Pl, Esc. A Barcelona Spain tel: fax: Madrid Paseo de la Castellana, 51 5ªpl Madrid Spain tel: fax: Milan Via Agnello Milan tel: fax: Moscow Kosmodamianskaya nabarezhanaya 52/3 Moscow Russian Federation tel: fax: Singapore 9 Raffles Place #38-01 Republic Plaza Singapore tel: fax: Sydney Level George Street Sydney NSW 2000 Australia tel: fax: New York 153 E. 53 rd Street, 33 rd Floor New York, NY USA tel: fax: Beijing China World Trade Centre 4/F West Wing Office 1 Jianguomenwai Avenue Beijing China tel: fax: Shanghai 48/F Plaza Nanjing Road (West) Jing An District Shanghai tel: fax: Also in Chicago, Los Angeles, Miami, Auckland, Brisbane, Melbourne, Adelaide, Perth, Jakarta, Tokyo All material in this publication is the property of Jones Lang LaSalle Hotels. No part may be reproduced or copied without written permission. The information in this publication should be regarded solely as a general guide and should not be relied upon. While care has been taken in its preparation, no representation is made, nor responsibility accepted for the accuracy of the whole or any part. This publication does not form part of any contract and parties seeking further details should contact Jones Lang LaSalle Hotels Jones Lang LaSalle Hotels. All rights reserved March
Supplemental Information Fourth Quarter 2011 Earnings Call
Supplemental Information Fourth Quarter 2011 Earnings Call Market & Financial Overview Capital Values Q4 2010 Shanghai, Washington DC, London Singapore Q4 2011 Hong Kong Shanghai Beijing Milan, New York
More informationPatterns of Global Capital Flow
Patterns of Global Capital Flow Real Estate Capital Flows (from one continent to another) have been more than $100 billion in each of the last three years North America was the largest source of cross-regional
More informationGlobal Real Estate Outlook
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research 7 August 2014 Global Real Estate Market Outlook Jeremy Kelly Director, Global Research Jeremy.Kelly@eu.jll.com
More informationSupplemental Information Second-Quarter 2013 Earnings Call
Supplemental Information Second-Quarter 2013 Earnings Call Market & Financial Overview Q2 Capital Markets & Leasing Markets Volumes Strong Q2 for Capital Markets Q2 2013 v. Q2 2012 Market Volumes Capital
More informationSupplemental Information Earnings Call
Supplemental Information Earnings Call Fourth-Quarter 2015 Market volume & outlook JLL Research Investment volumes remain solid; outlook steady Market Volumes Actual Forecast Capital Markets (1) LC USD
More informationING OFFICE FUND. Annual General Meeting 31 October 2005 CREATING VALUE
ING OFFICE FUND Annual General Meeting 31 October 2005 ING REAL ESTATE Global network A$97billion assets under management Asia / Australia North America USA Boston Philadelphia New York Seattle Washington
More informationMay Global Growth Strategy
May 2012 Global Growth Strategy Jones Lang LaSalle Global Growth Strategy G1 G3 Build our local and regional leasing and capital markets businesses G5 Connections Capture the leading share of global capital
More informationInvestor Presentation
Investor Presentation May 2013 48,000 employees 200 offices 70 countries 1 global platform Table of Contents I. Company Description II. Global Growth Strategy III. Financial Overview IV. Appendix 2 Company
More informationMadrid, October Comparative Analysis of Salaries in Investment Banking in Spain
Madrid, October 2007 Comparative Analysis of Salaries in Investment Banking in Spain 1 CONTENTS: Comparative Analysis of Salaries in Investment Banking in Spain 1 2 3 4 Executive Summary Study Results
More informationSupplemental Information Earnings Call Third-Quarter 2015
Supplemental Information Earnings Call Third-Quarter 2015 Q3 2015 Market Volume & Outlook JLL Research Investment Volumes Remain Strong; Outlook Steady Market Volumes Capital Markets (1) (in USD) Americas
More informationU.S. HOTEL T RANSACTIONS A UGUST U.S. Transaction Activity Doubles to $7.3 Billion
U.S. HOTEL T RANSACTIONS A UGUST 24 Hyatt Regency Capitol Hill, Washington D.C. U.S. Transaction Activity Doubles to $7.3 Billion The REIT boom of 1997/98 whipped the market into a buying frenzy. Due to
More informationAll over now? Federal Parliament approves RETT blocker avoidance rules
Ashurst Frankfurt June 2013 All over now? Federal Parliament approves RETT blocker avoidance rules Introduction The Federal Parliament (Bundestag) has approved the introduction of a new Section 1 para.
More informationGlobal. Real Estate Outlook. Jeremy Kelly Global Research. David Green-Morgan Global Capital Markets Research
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research Ben Breslau Director of Research, Americas 7 th February 2013 Global Real Estate Outlook Road
More informationIndex & Benchmark Data Management The RIMES 2013 Buy-side Survey RIMES Technologies
survey results Index & Benchmark Data Management The RIMES 2013 Buy-side Survey 2013 RIMES Technologies Background Methodology As part of its 2012 outreach program, RIMES chaired 25 industry forums in
More informationReal Estate Investment Strategy
Real Estate Investment Strategy 8th of July, 2015 Alessandro Bronda Head of Global Real Estate Investment Strategy Group Real Estate Zurich s real estate strategy Zurich has a systematic and structured
More informationReal Estate Investment Beyond(?) the Global Credit Crisis
Real Estate Investment Beyond(?) the Global Credit Crisis James Valente (james.valente@ipd.com) Director, North America November 29 th 2011 2011 ipd.com Overview Variation in regional trends Global investment
More informationCredit Suisse AG Appendix to USA PATRIOT Act Certification Credit Suisse AG, Dubai Branch The Gate, 9th Floor East, Dubai International Financial Centre Dubai/UAE Central Bank of the United Arab Emirates
More informationWilliam Blair Growth Stock Conference
June 2012 William Blair Growth Stock Conference..45,500 employees.200 offices.70 countries.1 global platform... Leading Brand Well Positioned for Growth Market Trends Emerging markets to lead global expansion
More informationChanges to Hedge Fund Disclosure and Reporting Obligations
22 January 2014 Practice Groups: Investment Management Changes to Hedge Fund Disclosure and Reporting Obligations By Jim Bulling, Daniel Knight and Julia Baldi In October 2013, the Australian Investment
More informationASCOTT REIT REGISTERS A STRONG 30% INCREASE IN UNITHOLDERS DISTRIBUTION FOR 4Q 2017
ASCOTT REIT REGISTERS A STRONG 30% INCREASE IN UNITHOLDERS DISTRIBUTION FOR 4Q 2017 Unitholders distribution for FY 2017 at an all-time high of S$152.2 million Singapore, 26 January 2018 Ascott Residence
More informationWill Rising Interest Rates Pummel Your Portfolio?
Will Rising Interest Rates Pummel Your Portfolio? ULI Fall Meeting Chicago - November 2013 Dr. Richard Barkham, MRICS Global Research Director, Grosvenor Group Eileen Marrinan, CRE Director of Research,
More informationASCOTT REIT S 2Q 2018 REVENUE RISES 6% TO S$130.5 MILLION ON THE BACK OF ACQUISITIONS
ASCOTT REIT S 2Q 2018 REVENUE RISES 6% TO S$130.5 MILLION ON THE BACK OF ACQUISITIONS Gross profit up by 7% while RevPAU increases 6% with stronger performances in Belgium, China and the United Kingdom
More informationStrong performance for real estate assets
Strong performance for real estate assets Annualized returns, United States, 212 Percent 2 18 16 14 1 year 1 year 12 1 8 6 4 2 REITs Equities Real property Govt bonds CPI T-bills Sources: CBRE, NCREIF.
More informationEMIR: the path to mandatory clearing June Sea of Change Regulatory reforms charting a new course
June 2012 EMIR envisages a sequence of steps before market participants become subject to an obligation to clear a class of OTC derivatives Adoption of Level 2 measures The Commission must adopt all the
More informationNEUBERGER BERMAN Environmental, Social and Governance Policy
NEUBERGER BERMAN Environmental, Social and Governance Policy SEPTEMBER 2017 OUR FIRM Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in
More informationASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT
ASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT ASSET VALUATION Pursuant to Rule 703 of the SGXST Listing Manual,
More informationHotels & Hospitality Group December Hotel Investor Sentiment Survey
Hotels & Hospitality Group December 2015 Hotel Investor Sentiment Survey 2 Hotels & Hospitality Group December 2015 Global Major Gateways Highlights Global transaction volume is up 28% through YTD November
More informationASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT
ASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT ASSET VALUATION Pursuant to Rule 703 of the SGXST Listing Manual,
More informationFOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS
A Global View June 2018 Andy Schofield, Director of Research FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS. PLEASE REFER TO DISCLOSURE PAGE FOR IMPORTANT
More informationBank of Ireland Hotel Sector Briefing
Bank of Ireland Hotel Sector Briefing 29 th November 2018 Sarah Duignan Director, Client Relationships sduignan@str.com 2018 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a
More informationKumarina Resources have bidders' dreams come true?
Ashurst 11 June 2013 Takeovers Legal Update In this update Kumarina Resources have bidders' dreams come true? 1 Touch but don't associate 3 Kumarina Resources have bidders' dreams come true? WHAT YOU NEED
More informationKnight Frank launches The Wealth Report 2017 (11 th edition)
Knight Frank launches The Wealth Report 2017 (11 th edition) Global ultra-wealthy population grows in 2016, despite political and economic uncertainty Sydney and Melbourne see highest net inflows of HNWIs
More information2017 Financial Highlights
2017 Financial Highlights The Strength To Support You TransRe is one of the world s leading property and casualty reinsurers. For forty years we have delivered the expertise, creativity and capacity needed
More information2015 Global Results. Deep Industry Expertise Globally Integrated Platform Culture of Excellence
2015 Global Results Mergers & Acquisitions Debt Advisory Valuations & Opinions Special Situations Deep Industry Expertise Globally Integrated Platform Culture of Excellence Record Results 165+ transactions
More informationWells Fargo Bank, N.A. as Trustee v. Chukchansi Economic Development Authority, et al., Index No /2013
Robert J. Malionek Direct Dial: 212-906-1816 robert.malionek@lw.com October 15, 2013 Honorable Melvin L. Schweitzer Supreme Court of the State of New York County of New York 26 Broadway New York, NY 10004
More informationComparative Analysis of Salaries in Investment Banking in Spain
Comparative Analysis of Salaries in Investment Banking in Spain November 2009 CONTENTS: Comparative Analysis of Salaries in the Investment Banking Sector 1 2 Executive Summary Data 3 Conclusions 4 The
More informationInvestor Presentation. 53,000 employees, 200 offices, 75 countries, 1 global platform
Investor Presentation 53,000 employees, 200 offices, 75 countries, 1 global platform August 2014 Who we are JLL is a leading provider of real estate services and investment management, creating value for
More informationAssessing the economic implications of Brexit. Assessing the economic implications of Brexit. Executive Summary
Assessing the economic implications of Brexit Executive Summary 1 EXECUTIVE SUMMARY In late February 2016 the prime minister, David Cameron, ended months of uncertainty by announcing that the referendum
More informationIPD Global Annual Property Index launch 15 April 2013
IPD Global Annual Property Index launch 1 April 213 213 Investment Property Databank Ltd. All rights reserved. ipd.com 1 IPD Global Annual Property Index launch Presenters and panel members Presenters
More informationASCOTT REIT S 2Q 2017 UNITHOLDERS DISTRIBUTION RISES 34% TO S$46.9 MILLION
ASCOTT REIT S 2Q 2017 UNITHOLDERS DISTRIBUTION RISES 34% TO S$46.9 MILLION Strong operating performance with double-digit increase in RevPAU in Belgium, Philippines and Vietnam Singapore, 20 July 2017
More informationInvestor Presentation. 53,000 employees, 200 offices, 75 countries, 1 global platform
Investor Presentation 53,000 employees, 200 offices, 75 countries, 1 global platform December 2014 Who we are JLL is a leading provider of real estate services and investment management, creating value
More informationOur Asset Management practice
Our Asset Management practice 2017 2 Our Asset Management practice 2017 Allen & Overy LLP 2017 3 How we can assist you Allen & Overy is characterised by its all-encompassing approach to alternative investment
More informationAscott Residence Trust
Ascott Residence Trust 1H 2012 Financial Results Media & Analysts Briefing 27 July 2012 Agenda Results Highlights Portfolio Performance Portfolio Information Capital and Risk Management Prospects 2 Disclaimer
More informationTransRe Financial Highlights. TransRe 2018 Financial Highlights
TransRe 2018 Financial Highlights TransRe 2018 Financial Highlights 1 Table of Contents The Strength To Support You Ratings & Values Balance Sheet Highlights Underwriting Highlights Strength & Diversity
More informationQuarterly Report. Q Financial Highlights QUARTERLY REPORT
Quarterly Report Q1 2018 Financial Highlights QUARTERLY REPORT 1 Table of Contents 2018 Highlights Strength To Support You Financial Highlights Strong, Diverse, Underwriting Contacts 3 4 5 8 9 QUARTERLY
More informationSchroders. KBW European Financials Conference. Massimo Tosato Vice Chairman. 17 September trusted heritage advanced thinking
Schroders KBW European Financials Conference Massimo Tosato Vice Chairman trusted heritage advanced thinking 17 September 2008 Schroders plc Overview Independent Exclusive focus on asset management Global
More information(Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ASSET VALUATION
(Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ASSET VALUATION Pursuant to Rule 703 of the SGX-ST Listing Manual, Ascott Residence Trust Management
More informationRESEARCH INVESTMENT MARKET
RESEARCH INVESTMENT 215 INVESTMENT 215 INVESTMENT AVERAGE TRANSACTION VOLUME The average transaction has bottomed to the minimum for the last 6 years reaching $81 million. Such low level is due to a decrease
More informationAscott Residence Trust. 3Q 2012 Financial Results
Ascott Residence Trust 3Q 2012 Financial Results 23 October 2012 Agenda Results Highlights Portfolio Performance Portfolio Information Capital and Risk Management Prospects Appendix 2 Disclaimer IMPORTANT
More informationTransRe 3Q18. Financial Highlights. TransRe 3Q18 Financial Summary
TransRe 3Q18 Financial Highlights TransRe 3Q18 Financial Summary 1 Table of Contents Strength To Support You 2018 Highlights Balance Sheet Highlights Underwriting Highlights Contacts 3 4 5 6 8 TransRe
More informationASCOTT REIT S 4Q 2018 DISTRIBUTION PER UNIT INCREASES 5% TO 2.15 CENTS
ASCOTT REIT S 4Q 2018 DISTRIBUTION PER UNIT INCREASES 5% TO 2.15 CENTS FY 2018 Unitholders distribution of S$154.8 million is record high for third consecutive year Singapore, 29 January 2019 Ascott Residence
More informationAscott Residence Trust. 1Q 2013 Financial Results
Ascott Residence Trust 1Q 2013 Financial Results 26 April 2013 Agenda Results Highlights Portfolio Performance Capital and Risk Management Portfolio Information Prospects Appendix 2 Disclaimer IMPORTANT
More informationSEC Issues Risk Alert on Custody Rule, Reinforcing Its Message to Registered Investment Advisers in Its Examination Priorities for 2013
March 15, 2013 Practice Group: Private Equity Investment Management, Hedge Funds and Alternative Investments SEC Issues Risk Alert on Custody Rule, Reinforcing Its Message to Registered Investment Advisers
More informationDoes M&A insurance close the gap? German M&A and Private Equity Forum March Clemens Küppers Private Equity and M&A Practice
Does M&A insurance close the gap? German M&A and Private Equity Forum 2015 19 March 2015 Clemens Küppers Private Equity and M&A Practice Marsh & McLennan Companies delivers advice and solutions that help
More informationCROSS BORDER INVESTMENTS AND FINANCINGS. Vivian Lam, Partner, Paul Hastings
CROSS BORDER INVESTMENTS AND FINANCINGS Vivian Lam, Partner, Paul Hastings OVERVIEW OF CHINA S DIRECT INVESTMENT AND CONSTRUCTION CONTRACTS ALONG THE BELT AND ROAD 2 The total value of China s direct investment
More informationAsia Pacific Business Overview. Rob Blain President, Asia Pacific
Asia Pacific Business Overview Rob Blain President, Asia Pacific 2010 Asia Pacific Corporate Stats Total Transaction Value $20.9 billion Property Sales (# of Transactions) 6,425 Property Sales (Transaction
More informationOutlook 2015: Europe & Germany
Part of the M&G Group Outlook 215: Europe & Germany Research presentation 27 th November 214 European Economic Fundamentals Update & Outlook 2 Economic recovery broadening GDP growth by country Q3 214
More informationASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT
ASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT ASSET VALUATION Pursuant to Rule 703 of the SGXST Listing Manual,
More informationAscott Residence Trust. FY 2012 Financial Results
Ascott Residence Trust FY 2012 Financial Results 23 January 2013 Agenda Results Highlights Portfolio Performance Portfolio Information Capital and Risk Management Prospects Appendix 2 Disclaimer IMPORTANT
More informationIntroducing Alter Domus A GLOBAL OUTLOOK FOCUSED ON LOCAL NEEDS YOU INVEST, WE SET UP. YOU DEVELOP, WE ADMINISTER.
A GLOBAL OUTLOOK FOCUSED ON LOCAL NEEDS YOU INVEST, WE SET UP. YOU DEVELOP, WE ADMINISTER. FULL-SERVICE FUND AND CORPORATE SERVICES Alter Domus is a fully integrated Fund and Corporate Services provider
More informationMacquarie Bank Limited. Presentation to Banking Analysts and Shareholders 16 November 1999
Macquarie Bank Limited Presentation to Banking Analysts and Shareholders 16 November 1999 1 Macquarie Bank Group Interim results After tax - 14% increase on 30/9/98 to 30/9/99 $91.5m (1) to 31/3/99 $84.4m
More informationMiFID Romanian experience. Radu Ropota 6 July 2007
MiFID Romanian experience Radu Ropota 6 July 2007 MiFID what is it? Markets in Financial Instruments Directive (2004/39/EC) replaces Investment Services Directive (ISD) (93/22/EEC) level 1/level 2 Level
More informationING Office Fund. December 2004 Half Year Presentation
ING Office Fund December 2004 Half Year Presentation ING Real Estate Global network North America USA Atlanta Boston Chicago Dallas Denver Los Angeles New York Philadelphia Seattle Washington DC Europe
More informationDisclaimer IMPORTANT NOTICE
1 Disclaimer IMPORTANT NOTICE The value of units in Ascott Residence Trust ( Ascott Reit ) (the Units ) and the income derived from them may fall as well as rise. The Units are not obligations of, deposits
More informationSeizing investment opportunities in the Asia-Pacific region. We know how.
Seizing investment opportunities in the Asia-Pacific region. We know how. Asia-Pacific leveraging diverse opportunities Our global funds require us to invest internationally. In order to meet this need,
More informationSingapore. Core Strengths. Financial Markets. Major Projects. Information, Communications & Technology. Corporate and Commercial
Singapore Sep 2016 Singapore Investment Funds Law Firm of the Year and Employment Law Firm of the Year Asian Legal Business Law Awards 2014 Our Singapore office provides a hub to support clients throughout
More informationJ.P. Morgan Investor Conference // Milan
J.P. Morgan Investor Conference // Milan HUGO BOSS Company Handout September 30, 2014 Dennis Weber, Head of Investor Relations J.P. Morgan Investor Conference // Milan HUGO BOSS September 30, 2014 2 /
More informationRetail. Structured Property Financing RETAIL PROPERTIES
Retail Structured Property Financing RETAIL PROPERTIES Retail Dear clients and business partners Our approach to property finance? In-depth expertise and flexibility in all our markets across three continents.
More informationMerrill Lynch Banking & Insurance Conference
Merrill Lynch Banking & Insurance Conference October 8, 2008 London Brady W. Dougan, Chief Executive Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information
More informationYOUR PARTNER FOR GROWTH
WE NEVER UNDERESTIMATE THE POWER OF PARTNERSHIP With more than 50% of our global clients coming from the US, the acquisition of Cortland and CARTA Fund Services by Alter Domus represented an important
More informationAndrew Goodwin Lead UK Economist, Oxford Economics
Andrew Goodwin Lead UK Economist, Oxford Economics Brexit and the UK outlook Andrew Goodwin Lead UK Economist 3 rd November 2017 The post-referendum sterling slump has been central to the UK story in 2017
More informationUnited States. Hotel Investment. IN THIS ISSUE:
g g February 2006 United States Arranged by Jones Lang LaSalle Hotels, the 1,639 room landmark Palmer House Hilton Hotel represents the largest hotel sale in Chicago history at $230 million. IN THIS ISSUE:
More informationResults Q IMPORTANT NOTE: The Results Q do not yet include the asset transfer to FMS-WM as of Oct 1, 2010
Results Q3 21 IMPORTANT NOTE: The Results Q3 21 do not yet include the asset transfer to FMS-WM as of Oct 1, 21 Investor Relations Presentation November 16, 21 HRE Group Overview Q3 21 pre-tax loss reduced
More informationIE Singapore s Assistance to Singapore Companies
IE Singapore s Assistance to Singapore Companies Esther Xu Financing Management Division 16 April 2014 IE Singapore, Your International Business Partner Singapore s economic development Inward investment
More informationASCOTT REIT S UNITHOLDERS DISTRIBUTION INCREASES 7% TO S$108.3 MILLION FOR YEAR-TO-DATE SEPTEMBER 2017
ASCOTT REIT S UNITHOLDERS DISTRIBUTION INCREASES 7% TO S$108.3 MILLION FOR YEAR-TO-DATE SEPTEMBER 2017 Strong operating performance with double-digit growth in RevPAU in Belgium and the Philippines Singapore,
More informationAscott Residence Trust. 1Q 2012 Financial Results
Ascott Residence Trust 1Q 2012 Financial Results 25 April 2012 Agenda 1Q 2012 Results Highlights Portfolio Performance Portfolio Information Capital and Risk Management Prospects 2 Disclaimer IMPORTANT
More informationBank of America Merrill Lynch Global Securities Operations
CPA Contact Lists Audit Confirmation Contact List Effective as of June 1, 2018 Domestic Account Type Address Phone Number Bank of America Domestic Deposit Accounts Bank of America Commercial Non-Syndicated
More informationASCOTT REIT ACHIEVES 12% INCREASE IN 2Q 2015 REVENUE TO S$98.7 MILLION
ASCOTT REIT ACHIEVES 12% INCREASE IN 2Q 2015 REVENUE TO S$98.7 MILLION Japan continues to be the strongest performing market with RevPAU growth of 12% 1 Singapore, 22 July 2015 Ascott Residence Trust (Ascott
More informationGLOBAL HOTEL TRANSACTIONS OUTLOOK Year End 2011
GLOBAL HOTEL TRANSACTIONS OUTLOOK Year End 2011 Arthur de Haast Chairman, Hotels Jones Lang LaSalle Hotels Larissa Esser Global Hotel Analyst Jones Lang LaSalle Hotels Hotel transaction volumes are expected
More informationLatham & Watkins Corporate Department
Number 1260 November 22, 2011 Client Alert Latham & Watkins Corporate Department The Limits of Control: Private Funds and the Large Trader Rule... investment advisers to private funds should consider updating
More informationNotice of Valuation of Real Assets::Asset Valuation http://infopub.sgx.com/apps?a=cow_corpannouncement_content&b=announcementt... Page 1 of 1 7/20/2017 Notice of Valuation of Real Assets::Asset Valuation
More informationServcorp Limited Results Presentation
Servcorp Limited Results Presentation Wednesday 20 February 2013 A.G. Moufarrige, Chief Executive Officer Marcus Moufarrige, Chief Operating Officer Operational Highlights Revenue of $102,668,000 Statutory
More informationASCOTT REIT S 2Q 2016 UNITHOLDERS DISTRIBUTION GROWS 9% TO S$35.0 MILLION BOLSTERED BY ACQUISITIONS
ASCOTT REIT S 2Q 2016 UNITHOLDERS DISTRIBUTION GROWS 9% TO S$35.0 MILLION BOLSTERED BY ACQUISITIONS Distribution per unit rises 2% to 2.13 cents Singapore, 20 July 2016 Ascott Residence Trust s (Ascott
More information(Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ASSET VALUATION
(Constituted in the Republic of pursuant to a trust deed dated 19 January 2006 (as amended)) ASSET VALUATION Pursuant to Rule 703 of the SGXST Listing Manual, Ascott Residence Trust Management Limited
More informationNew Circular to Relax the Filing Process
New Circular to Relax the Filing Process for Foreign-Invested Real Estate Enterprises 31st July 2014 SPEED READ In June 2014, the Ministry of Commerce ( MOFCOM ) and the State Administration of Foreign
More informationInvestor Presentation
Investor Presentation February 2010 Forward looking statements Statements in this presentation regarding, among other things, future financial results and performance, achievements, plans and objectives
More informationEuropean Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate
European Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate This presentation is issued by Invesco Real Estate for Professional Clients
More informationInvestor Meeting Presentation
Investor Meeting Presentation November 2014 Investor Meeting Presentation HUGO BOSS November 2014 2 / 54 Agenda Update on Key Strategic Initiatives Nine Months Results 2014 Outlook Investor Meeting Presentation
More informationOctober MYTHS ABOUT FRANCE
October 2007 10 MYTHS ABOUT FRANCE Myth N 1:«Once a world power, France is now on the decline.» Reality: World s 6 th largest economic power at the heart of a 493 million strong consumer market in 2006
More informationOur Financial Services Regulatory practice
Our Financial Services Regulatory practice 2017 2 Our Financial Services Regulatory practice 2017 Allen & Overy LLP 2017 3 How we can assist you Ranked Tier 1 for Financial Services Regulatory: Non-contentious
More informationCommercial real estate in Europe: transparency lagging behind. Prof. Dr. Tobias Just
Commercial real estate in Europe: transparency lagging behind Prof. Dr. Tobias Just May 1, 212 Europe is comparatively transparent Transparent by first sight JLL transparency index 5 4 3 2 1 Source: JLL
More informationOpportunities for Action in Financial Services. Crafting New Approaches to Offshore Markets
OffshoreMarkets 12/8/03 2:55 PM Page 1 Opportunities for Action in Financial Services Crafting New Approaches to Offshore Markets Crafting New Approaches to Offshore Markets The European offshore-wealth
More informationMiFID II 18 January MiFID II
MiFID II 18 January 2017 1 MiFID II Suitability December 2016 MiFID II 18 January 2017 1 Key Points A specific requirement to take the client's ability to bear losses and risk tolerance into account when
More informationMaking Our Mark Outside of North America
Making Our Mark Outside of North America Roger Sargeant Managing Director, Interactive Data (Europe) Ltd. 1 December 14, 2007 Making Our Mark Outside North America A Trusted Leader Serving a Global Customer
More informationAlert Memo. Directors Remuneration Reforms in the United Kingdom: UK Enterprise and Regulatory Reform Act 2013 Published
Alert Memo MAY 21, 2013 Directors Remuneration Reforms in the United Kingdom: UK Enterprise and Regulatory Reform Act 2013 Published 1. Introduction The UK Enterprise and Regulatory Reform Bill received
More informationSal. Oppenheim European Financial Conference
Sal. Oppenheim European Financial Conference Zurich November 20, 2007 Renato Fassbind, Chief Financial Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information
More informationInvestment Market Germany. PROVADA 5 th June 2013
Investment Market Germany PROVADA 5 th June 2013 In Europe, which country/region do you believe to be the most attractive for making investment purchases in 2013? 40 35 2012 2013 2012 (n=341) 2013 (n=361)
More informationSegmental reviews. Transaction Advisory
The Savills Group advises on commercial, rural, residential and leisure property. We also provide corporate finance advice, investment management and a range of property related financial services. Operations
More informationFortune Real Estate Investment Trust (778.HK)
Fortune Real Estate Investment Trust (778.HK) Positive impact from acquisition of Kingswood Ginza Property Bloomberg Reuters POEMS 0778.HK 0778.HK 0778.HK Industry: Real Estate Investment Trust Rating:
More informationShaping the Future. Morgan Stanley Emerging Companies Conference ASX:NVT. 17 June 2014
Shaping the Future Morgan Stanley Emerging Companies Conference ASX:NVT 17 June 2014 Disclaimer Important Notice and Disclaimer This document has been prepared by Navitas Limited ABN 69 109 613 309 ("Navitas"
More information