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Seeing Value in Real Estate
Private and Confidential 1
Development of Real Estate Funds Management in Asia
Agenda
• Introduction of MGPA
• From MGPA to BlackRock
• Real Estate Funds– What role does real estate perform in a balanced portfolio
• Real Estate Funds in Asia– Real Estate in Asia – How it has developed over time– Capital inflows for Asia Funds 1995 -2013– Asian real estate returns– 2013 – 2018 Crystal ball
• Thailand-– In an Asian RE Investment context
• The landscape ahead: Where will capital go
• Q & A
Private and Confidential 2
Seeing Value in Real Estate
Private and Confidential 3
Introduction of MGPA
MGPA Overview
• Vertically integrated independently managed, private equity real estate advisory company operating throughout Asia Pacific and Europe
• Focused on real estate funds management, co-investments and separate account mandates for institutional investors
• Offering products across the risk/return spectrum including development
• 14 year investment and development track record across Asia and Europe1
• 91 investors from Australia, Europe, Middle East and North America
• As of 31 March 2013 MGPA had (i) raised US$8.5 billion of equity commitments and (ii) gross assets under management of US$12billion
Private and Confidential 4
1 Including Lend Lease Global Properties Fund SICAF.
Capital Commitment by RegionHistorical AUM / EUM (US$ Millions)
20%
30%
10%
41%
Australia
Europe
Middle East
North America
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
0
2,000
4,000
6,000
8,000
10,000
$12,000
AUM EUM
Global presence
Private and Confidential 5
EuropeCopenhagenFrankfurt LondonLuxembourgParisWarsaw
Asia PacificBeijingHong KongKuala LumpurShanghaiSingaporeSydneyTokyo
Extensive local network with 220 staff in 13 offices throughout Asia Pacific and Europe.
Private and Confidential 6
Long term growth, stable platform
1 Does not include the establishment and realisation of co-investment vehicles or separate accounts.
1995
1995APIC CloseUS$250 million
MGPA at a glance
• Activities– Eight funds currently under management in Asia and Europe – total cumulative equity commitments of approximately US$7.5 billion– Seven co-investments and joint ventures totalling US$385 million in equity commitments– Three advisory mandates– Invested in 421 properties with exposure to 21 countries
• Since inception – investors – 91 investors from 16 countries across four regions; Australia, Europe, Middle East and North America– Over 85% of investors have reinvested with MGPA
• Since inception - realised investments– 172 properties with total gross asset value at disposition of over US$6.3 billion– Realized net investment level returns across value add and opportunistic strategies IRR 19%,
Private and Confidential 7
1 As at 31 March 2013 includes all realised investments across LLGP, MGPA AFII, MGPA EFII, MGPA AFIII & MGPA EFIII.
Global industry recognition
2013 Best Asian PERE fund manager (REIW)
2013 Asian deal of the year (Ginza 4-Chome Tower) (REIW)
2012 Best Asian PERE fund manager (REIW)
2010 Europe deal of the year (acquisition of Aldi Portfolio, Germany)
2009 Asian firm of the yearAsia deal of the year (181 Queen’s Road)CEE retail awards investor of the year award (MGPA Europe Fund III, L.P.)
2008 Asian firm of the yearGlobal fundraiser of the year (Global Fund III) Asian fundraiser of the year (MGPA Asia Fund III, L.P.) Asian industry figure of the year (Simon Treacy)
2007 Asian & European firm of the year Asian industry figure of the year (Jim Quille)Asia deal of the year (8 Shenton Way)
2006 Asian firm of the year
Private and Confidential 8
Capital raised over past five years
• MGPA has raised US$5.4 billion of capital commitments over the last five years, ranking them (globally) number 11 of real estate asset managers
Source: PERE Magazine
2012 Rank Name of Firm
Capital Raised (US$ B)
2011 Rank
1 The Blackstone Group 29.100 1
2 Morgan Stanley Real Estate Investing 12.667 2
3 Goldman Sachs Real Estate Principal Investment Area 12.124 5
4 Tishman Speyer 12.104 3
5 Colony Capital 11.654 4
6 The Carlyle Group 9.639 8
7 Lone Star Funds 7.900 10
8 Beacon Capital Partners 6.580 6
9 Westbrook Partners 6.025 11
10 LaSalle Investment Management 5.864 7
11 MGPA 5.426 13
12 Starwood Capital Group 4.595 21
13 CBRE Global Investors 4.035 15
Private and Confidential 9
Private and Confidential 10
Investor profile
Capital commitment by investor type
• Total capital raised (including all Funds and co-investments) US$8.5 billion• 91 investors across all industry sectors from Australia, Europe, Middle East and North America
22
34
3
30
Chart Title
Australia
Europe
Middle East
North America
Capital commitment by region (number of investors)
Average equity commitment by investor US$ MM
75
73.6
268.4
115.2
Chart Title
Australia
Europe
Middle East
North America
Capital commitment by region
38%
17%
15%
11%
5%
5%5%
4%
Public Pension Fund
Investment Manager
Sovereign Wealth Fund
Corporate Pension Fund
Other*
Insurance Company
Industry Pension Fund
Foundation/Endowment
* Other includes HNW, Family office, FoF’s and Financial services
20%
30%
10%
41%Australia
Europe
Middle East
North America
Private and Confidential 11
MGPA in Europe – Proven Performance
• Well established European presence with over 80 staff in six offices– 13 nationalities, 24 languages
• 298 properties acquired since 1999 across 13 countries – Gross asset value of US$6.2 billion
• 20 development and re-development projects undertaken in ten countries
• Investments in 104 properties realised1
– Total gross asset value at disposition of US$3.4 billion– Realised net investment level IRR 19%,
1 As at 31 March 2013.
2 Includes all realised investments across LLG, EFII and EFIII.
Assets in 13 European countries
Private and Confidential 12
Belgiuml Banimmo Portfolio
(corporate, office & retail)l Sony Portfolio (office)
Denmark Illum (retail)
Francel Banimmo Portfolio
(corporate, office& retail)l Akeler Portfolio
(corporate, office/logistics)l Capital Sud (office) Logiffine (light industrial/logistics)l Balthazar (office) Le Madeleine (office & retail) Viva (office)
Germanyl Akeler Portfolio
(corporate, office/logistics)l MCT (office) GLI Portfolio (logistics) Sony Portfolio (office) ‘Dial’ and ‘August’ Portfolios (retail &
industrial) CNL GIT Portfolio (retail) Separate Account Portfolio (retail)
Greece Academy Gardens (retail)
Italyl Sony Portfolio (office/logistics) Light Building (office)
Luxembourg
l Banimmo Portfolio (corporate, office & retail)
Polandl Roundabout (office) Angel Wings (residential) Rondo 1 (office & retail) Wilanow One (residential) Karolinka (retail) Pogoria (retail)
Portugall Arrabida Shopping Centre (retail)l Akeler Portfolio
(corporate, office/logistics)
Spainl Amura (office)l Metrovacesa (equity)
Switzerland Sony Portfolio (office)
The Netherlandsl Haslemere (equity) Sony Portfolio (office)
UKl Meadow Portfolio (mixed use)l Hayes Office Park (office)l Storage King (self storage)l Akeler Portfolio (corporate, office/logistics)l Chancery Exchange (office) Sony Portfolio (office) LIH (corporate) Exchange Tower (office) Moorgate Exchange (office) 6 Bevis Marks (office)
l Realised assets Currently owned assets
Private and Confidential 13
MGPA in Asia – Proven Performance
• Over 130 staff in China, Hong Kong, Japan, Singapore, Malaysia and Australia
• 130 properties acquired since 1999 across seven countries– Gross value of US$11 billion
• 14 development and re-development projects undertaken in six countries
• 74 properties realised1
– Total gross value at disposition of US$2.9 billion– Realised net investment level returns across value add and opportunistic strategies, IRR 18%,
1 As at 31 March 2013.
2 Includes all realised investments in Asia and Japan across LLGP, AFII and AFIII.
Assets in eight countries across Asia Pacific
Private and Confidential 14
Chinal Platinum (office) Galleria Chengdu (retail)l Panyu (residential & retail) j-Tower (office)
Hong Kongl Lippo Towers (office)l Repulse Bay (residential)l 181 Queens Road (office & retail)l Vicwood (office & retail)l Great Eagle (equity)l HK Land (equity)
Malaysia The Intermark (office, retail & hospitality)
Singaporel Springleaf Tower (office) 8 Shenton Way (office & retail) Asia Square
(office, retail & hospitality) Asia Square (office & retail)l Cascadia (residential)l 8 Napier (residential)
Japanl Arasho (office)l MyAtria Ikebukuro (residential)l Sogo Portfolio (office)l Toranomon (office)l Ueno building (office)l Rosa Akasaka (residential)l KIR Otemachi (residential)l Osaka 2 Portfolio (office)l Noda (logistics)l Sanbacho (office) Whale Portfolio (residential) Ginza 4-Chome (office &
retail) Strings Portfolio (office)l MyAtria Portfolio (mixed use) Malera Shopping Centre
(retail) Fukuoka (office & retail) Meiwa 2 Portfolio
(office & residential) Higashi Ogijima (industrial)l Shirokanedai (office & retail) Fuji Grand Imabari (retail) l Ark II (office & residential) Whale Meguro
(office & residential)l Hybrid Portfolio
(office & residential) Kameido (office)l Meguro Yamate Place (office)l Atria Meguro Tower (residential)
l Realised assets Currently owned assets
Australia 6-10 O’Connell Street (retail & office) Optima Centre (office)
Thailand Evolution Capital (hotel & leisure) Andaman (hospitality & residential)
South Koreal M Tower (office)l KEB (NPL portfolio)l Financial News (office)
South Shin Otsuka Building (office) Shinjuku TX Building (office)
Private and Confidential 15
Asia Square – Singapore
Current asset developmentKey figures
Equity invested to date US$1,724 million
Ownership MGPA Asia Fund III
Acquisition date Q4 2007 (Tower 1) and Q1 2008 (Tower 2)
Size2.1 million sq ft of office and retail (NLA) and a 5-star hotel
Opportunity Buy, develop, sell
• Key information– Amalgamate two adjacent sites to develop an integrated premier office
complex with a 5-star hotel in new CBD of Singapore – Asia Square Tower 1 completed in June 2011; Tower 2 scheduled to be
completed in Q3 2013
– Deliver efficient space for the financial services sector– Tenants: Citi (anchor), Julius Baer, Sarasin Bank, Google, Lloyds of London,
Marsh & McLennan and Westin hotel– Tower 1 is certified LEED Platinum (first in Singapore) and Tower 2 is pre-
certified LEED Platinum.
The Intermark – Kuala Lumpur, Malaysia
Private and Confidential 16
Current asset redevelopment
Key figures
Equity invested to date US$244 million
Ownership MGPA Asia Fund II
Acquisition date Q2 2007
Size (NLA)
1,315,659 sq ft (office) 208,697 sq ft (retail)540 rooms (hotel)
Opportunity Buy, fix, sell
• Key information– A mixed use development of 2,755,948 sq ft comprising a 63 storey existing office
tower, a 40 storey new office tower, six storey shopping centre and a hotel
– Renovate existing office tower (Vista Tower) and hotel (Doubletree by Hilton)
– Demolish one of the poorly designed retail centres and re-develop into a new office tower (Integra Tower)
– Capture planning gain through increasing allowable plot ratio to ten times
– Integra Tower received Certificate of Completion and Compliance in November 2012
– Tenants: Vista Tower – UOB, SMBC, BNP Paribas and Petronas; Integra Tower – JP Morgan and Aker Solutions.
181 Queen’s Road Central – Hong Kong
Private and Confidential 17
Realised asset managementKey figures
Equity invested US$85.5 million
Ownership MGPA Asia Fund II (65%), co-investors (35%)
Acquisition date Q2 2006
Size (GFA) 35,590 sqm
Realised date Q4 2009 to Q1 2010
Gross sales price US$434 million
Opportunity Buy, reposition, sell
• Key information– A 29 storey Grade B+ office building with retail podium
– Located in the fringe of Central Hong Kong
– Invested in an under-rented building in a market with limited supply, strong demand and a positive rental growth outlook
– Realised reversionary value – passing rents over 50% below prevailing market rents
– Sold through strata title, to take advantage of opportunity in market cycle
– Net investment level return: IRR 20%, EM 1.8x.
Vicwood Plaza – Hong Kong
Private and Confidential 18
Realised asset repositioning
• Key information– A 35 storey building over four levels of retail and 29 office floors– Excellent transport connections including a footbridge system linking it to Central – Realised reversionary value – passing rents 50% below market rents– Improved tenant covenants (e.g. HSBC and Mayer Brown JSM) – Revitalised retail tenant mix and created direct access from retail podium to MTR – Upgraded office floors and increased leasable area from 377,214 sq ft to 390,161 sq ft– Net investment level return: IRR 23%, EM 2.2x.
Key figures
Equity invested US$67.4 million
Ownership MGPA Asia Fund II (51%), co-investors (49%)
Acquisition date Q1 2006
Size (GFA) 377,214 sq ft
Realised date Q3 2010
Gross sales price US$488 million
Opportunity Buy, fix, sell
Private and Confidential 19
56 Repulse Bay Road – Hong Kong
Realised asset repositioning
• Key information– Located in Repulse Bay, traditional luxury residential area of Hong Kong, all 53 houses enjoy full
sea view
– Fixed the physical deficiencies, including water leakage, underperforming air conditioning and dated aesthetic design
– Value added opportunity to upgrade the asset via refurbishment, including replacement of the façade, upgrade of the car park and driveway and creation of new landscaped garden
– Rebranded the project including renaming it to ‘56 Repulse Bay Road’ and conducted high profile marketing campaign
– Disposed of the asset on a strata title basis, major buyers were local HNW and family offices
– Net investment level return: IRR 29%, EM 1.7x.
Key figures
Equity invested HK$622 million
Ownership Global Fund I (70%), co-investors (30%)
Acquisition date Q3 2001
Size 188,294 sq ft
Realised date Q4 2006
Gross sales price HK$3,049 million
Opportunity Buy, refurbish, sell
Toranomon – Tokyo, Japan
Private and Confidential 20
Realised asset repositioning
Key figures
Equity invested US$13.4 million
Ownership Global Fund I
Acquisition date Q4 2004
Size 4,692 sqm
Realised date Q3 2006
Gross sales price US$71.3 million
Opportunity Buy, reposition, sell
• Key information– Located on a major arterial route in central Tokyo – Undertook extensive refurbishment and repositioning, including new façade to
provide modern office accommodation
– Let and sold into improving market cycle
– Net investment level return: IRR 61%, EM 3.2x.
Private and Confidential 21
Malera Shopping Centre – Gifu, Japan
• Key information– Acquire a retail investment in suburban Japan in order to rebalance and
reposition the centre in the trade area to capture increased sales
– Off market acquisition
– Property management efficiently restructured and redesigned– Centre has secured new tenants including new anchor tenants (Round One,
H&M, Zara and Bershka)
– Common areas have been improved and the centre re-zoned– NLA has been increased by 277 tsubo following conversion of common area to
let area.
Current asset repositioning
Key figures
Equity invested to date US$153 million
Ownership MGPA Japan Core Plus Fund
Acquisition date Q1 2008
Size 76,143 sqm
Opportunity Repositioning
Private and Confidential 22
Ginza 4-Chome – Tokyo, Japan
• Key information– A well-located office/retail property in the Ginza district of Chuo ward
– Lender took control of the asset following original developer’s bankruptcy. Decision to dispose asset at significant discount to the original loan amount provided attractive pricing
– 58% initial occupancy, to be leased-up and stabilized during the hold period
– The strategy is to lease-up and stabilize during the hold period and to achieve cost reduction by streamlining the building management and property management costs
– Sell at stabilized cash flows in central Tokyo to institutions such as J-REITs
– Increased occupancy to 100% within 6 months of acquisition
Current asset management
Key figures
Equity invested to date US$25 million
Ownership MGPA Asia Fund III (100%)
Acquisition date March 2012
Size 60,536 sq ft
Opportunity Buy value with active management
M Tower – Seoul, Korea
Private and Confidential 23
Realised asset management
Key figures
Equity invested US$16 million
Ownership MGPA Asia Fund II (50%), co-investor (50%)
Acquisition date Q1 2007
Size 34,173 sqm
Realised date October 2007
Gross sales price US$166 million
Opportunity Forward purchase
• Key information– A 19 storey Grade A office tower development located in a prime area of the
CBD with a redevelopment plan– Strong demand with limited supply. Building fully let prior to completion.
– Sold to a Korean REIT after the building was fully let
– Net investment level return: IRR 91%, EM 1.6x.
Galleria – Chengdu, China
Private and Confidential 24
Key figures
Equity invested to date US$67 million
Ownership MGPA Asia Fund III (50%), JV partner (50%)
Acquisition date Q3 2011
Size (GFA) 385,125 sq ft (retail)
Opportunity Acquire institutional Grade retail property with a strong rental growth outlook
• Key information– Occupancy remains unchanged at 100% – Leasing performance is above underwriting – Ongoing discussions with Auchan about the connecting foot bridge– Approximately 7,800 sqm of let (23% of NLA/65 leases) space will expire in
second half of 2013, providing good reversionary potential. Majority of these leases are on Levels 2 and 3.
Current asset management
Seeing Value in Real Estate
Private and Confidential 25
From MGPA to BlackRock
Bigger platform with wider coverage
Source: BlackRock as at 5 June 2013BlackRock and MGPA investment offices
The combined platform will have substantial on the ground investment expertise in 18 offices across 13 countries
BlackRock Real Estate investment offices
MGPA investment offices
Tokyo
SydneyHong Kong
Shanghai
Beijing
Singapore
Kuala Lumpur
Copenhagen
London Frankfurt
Paris
Luxembourg
WarsawNew York
Boston
San Francisco
Newport Beach
Pittsburgh
• Platform expansion– A team of over 400 real estate professionals
collectively– Combined pro forma of approximately US$25
billion AUM as of 31 March 2013
MGPA US$12 billionBlackRock real estate US$13 billion
US$25 billion
Future initiatives
• Launch follow on Funds
• Grow in all 4 quadrants
• Large core funds in each region & major country
• Value add & opportunistic on a regional basis
• Grow AUM selectively
Private and Confidential 27
Seeing Value in Real Estate
Private and Confidential 28
Real Estate Funds
What role does real estate perform in a balanced portfolio
• Inflation Protection – hedge against inflation– Rental income highly correlated with inflation
• Return enhancer – higher long-term return than and bonds and cash
• Income generator– Stable rental income from stabilised properties often secured against long term leases CPI indexed
• Diversification – weak correlation to equities and bonds
• Real assets– You can feel and touch
• Low beta– Lower long term volatility than equities
Private and Confidential 29
Real Estate offers many investment styles
Private and Confidential 30
Private funds - Core, core plus, value-add, opportunistic
REITsListed property funds
Eq
uit
y
PublicPrivate
Deb
t
MezzanineWhole loans
CMBSMortgage REITs
Retu
rn
Risk
Core:6%-8%
Core plus:10%-12%
Value-add:13%-15%
Opportunistic:18%-20%
Seeing Value in Real Estate
Private and Confidential 31
Real Estate Funds in Asia
Real Estate in Asia – How it has developed over time
Private and Confidential 32
Private funds - Core, core plus, value-add, opportunistic
REITs,Listed property funds
Eq
uit
y
PublicPrivate
Deb
t
Mezzanine,Whole loans
CMBS,Mortgage REITs
1993199820042013
0
10
20
30
40
50
60
$0
$5
$10
$15
$20
$25
$30
$35
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Capital Raised (US$ bn) Number of Funds
Capital RaisedU
S$ bn
Num
ber of Funds
Capital inflows for Asia Funds 1995 -2013
Private and Confidential 33
Source: Preqin
• Fund raising environment remains challenging– Declining capital raised/fund ratio
Real Estate Funds Raised in Asia
What investors want
• Stability– Stable political and economical environment
• Certainty– Continuity of policies, regulations
• Transparency– Availability of information for investors making informed investment decisions
• Rule of Law– Law enforcement– Title
• Liquidity– An active transaction market – Robust Capital markets
Private and Confidential 34
What's changed in a post GFC world
• Initially less capital – This is changing
• LP’s want more say
• Definition
• New formats
• Less fees
• Greater Transparency
• Greater regulatory environment
• Operators V Allocators
• Fiduciary culture
• Increased communication
Private and Confidential 35
Where the capital is heading
• Capital is heading to markets that – welcome capital – have liquidity
Private and Confidential 36
Most active markets in H1 2013 Most active cities in H1 2013
Source: JLL
Institutional grade real estate market size
Private and Confidential 37
Source: Prudential Real Estate Investors
Estimated Size of Real Estate (US$ bn)
• The U.S. still dominant by a very large margin
Estimated Size of Real Estate (US$ bn)
21488489189198211241350467
656689784884990
1,2481,370
1,6151,864
2,6786,753
VietnamPhilipinesMalaysiaThailand
IndonesiaTaiwan
Hong KongSingapore
IndiaSouth Korea
AustraliaSpain
CanadaBrazil
ItalyFrance
U.K.Germany
ChinaJapan
U.S.
Asia – the growth engine
Private and Confidential 38
Source: Prudential Real Estate Investors
Forecasted Size of Real Estate (US$ tn)
• Asia Pacific is expected to become the largest real estate market in the world by 2021
• China will contribute the most to the global growth of CRE
Contributions to global growth of CRE
2013 – 2018 Crystal ball
• Defined benefit to defined contribution– More money – Greater liquidity– More allocation to alternatives
Private and Confidential 39
DB/DC Asset Split
Pension asset allocation
Source: Towers Watson
2013 – 2018 Crystal ball
• Real assets – growth trend– Infrastructure– Real estate– Timber– Agricultural land
• Emerging market– Retirement plan (pension)– Life insurance– Matching assets with liabilities
Private and Confidential 40
Pension asset development in Asia and CEE (€ bn)
Source: Allianz Dresdner Economic Research
Seeing Value in Real Estate
Private and Confidential 41
Thailand- in an Asian RE investment context
Thailand- in an Asian RE investment context
• Current GDP 5.3%1
– 3-yr forecast average: 4.7%– 3-yr historical average: 4.4%
• Population 66.4 billion, growth at 0.3% p.a. (2010-15)2
– 2015 projection: 67.4 billion
• Diversified economy
Private and Confidential 42
1 Source: IHS2 Source: United Nations, Department of Economic and Social Affairs (as of 2010)
Source: CIA World Factbook, 2012 est.
Thailand- in an Asian RE investment context
• Asian real estate ex. Japan delivers consistent positive returns
Private and Confidential 43
Source: MGPA, JLL REISNote: the returns were calculated based on JLL office total return indices (local currency)China – Beijing & Shanghai
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Japan China Singapore Hong Kong Malaysia Thailand
5-Year Income Return 5-Year Capital Appreciation
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Japan China Singapore Hong Kong Malaysia Thailand
10-Year Income Return 10-Year Capital Appreciation
Asian markets 5-year total return Asian markets 10-year total return
Thailand- in an Asian RE investment context
• Much less inbound institutional investors– Thailand is not getting its “fair share”
Private and Confidential 44
Source: Real Capital Analytics
0
5
10
15
20
25
30
35
2007
2008
2009
2010
2011
2012
US$ bil Cross-boarder Investment Volume from Institutional Investors
China Singapore Thailand Malaysia India Indonesia
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2007
2008
2009
2010
2011
2012
US$ bil Cross-boarder Investment Volume from Institutional Investors (ex. China and Singapore)
Thailand Malaysia India Indonesia
Thailand- plenty of room to grow
• Thailand has lagged in developing a REIT market, compared to its peers in ASEAN
• It has also lagged in the size of institutional-grade real estate
Private and Confidential 45
Source: Asia Pacific Real Estate Association (APREA)
Japan72.2bn
Singapore47.1bn
Hong Kong24.3bn
Malaysia8.5bn
Thailand6.6bn
Taiwan2.9bn
Korea0.5bn
REITs Market Cap (US$ bn)
Note: For charting purpose, property funds are used as a proxy for REITs in Thailand
Japan2,678bn
Singapore241bn
Hong Kong211bn
Malaysia84bn
Thailand89bn
Taiwan198bn
Korea467bn
Insitutional-Grade RE Market Size (US$ bn)
Source: Prudential Real Estate Investors
The landscape ahead: Where will capital go?
• Its all about change
•The rate of change
•How we adapt to change
•Capital is agnostic
•Adapt and grow or atrophy and die
•Detroit
Private and Confidential 46
Seeing Value in Real Estate
Private and Confidential 47
Development of Real Estate Funds Management in Asia
22 July 2013
Disclaimer
The information in this document is being delivered and provided on a confidential basis and as an information only document. No offer is being made by MGPA by delivery of this document and no reliance should be placed upon the contents of this document by any person who may subsequently decide to enter into any investments, investment services or transaction which may be described herein.
This document is provided for assistance only and is not intended to be and must not alone be taken as, the basis for a decision to enter into any investments, investment services or transaction which may be described herein.
Recipients of this document should not treat its contents as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers concerning any investments, investment services or transaction that may be described herein.
Third party information contained in this document has been compiled from sources believed to be reliable but no liability is accepted if this is not the case.
In considering any performance data contained herein, you should bear in mind that projected returns are not indicative of future results, and there can be no assurance that an investment will achieve comparable results or that projected returns will be met. A full list of past specific recommendations is available upon request.
This document is proprietary to MGPA. By accepting delivery of this document, the recipient agrees not to reproduce or distribute this document in whole or in part and not to disclose any of its contents (other than to obtain advice on it from a legal, business, investment or tax advisor) without the prior written consent of MGPA.
© MGPA 2013
Private and Confidential 48