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Real Estate Symposium – Luxembourg – 17 March 2015 1
Navigating the change on Real Estate
Real Estate Symposium Luxembourg – 17 March 2015
Real Estate Symposium
Real Estate Symposium – Luxembourg – 17 March 2015 2
Opening remarksBenjamin Lam, Head of Real Estate, Deloitte Luxembourg
Real Estate Symposium – Luxembourg – 17 March 2015 3Real Estate Symposium – Luxembourg – 17 March 2015
Real Estate SymposiumMarket Buzz
“Qatar and Brookfield win battle to take over Canary Wharf” –FINANCIAL TIMES
“Abu Dhabi Investment Authority eyes up prime London hotels” THE NATIONAL “Blackstone eyes $1.5bn
Willis Tower deal” –FINANCIAL TIMES
12354
786910
“The joint venture between US Private Equity giant KKR and Real Estate company Deutsche Immobilien Chancen(…) plans to invest billions in Germany’s property market” - HANDELSBLATT
“AG Real Estate finalises first major real estate investment deal in Germany “-
AGEAS
“London’s commercial property market has gone from gloom to boom in just 18 months –and its skyline is the biggest beneficiary” – FINANCIAL TIMES
“Brazilian billionaire Joseph Safra paid £726m for Square Mile landmark the Gherkin” –FINANCIAL TIMES
“Spain Banks With $55 Billion of Property Seek Deals: Mortgages“ - BLOOMBERG
“Commerzbank AG recently began shopping around the [Spanish] portfolio (…) that
includes loans with a face value of €4.4 billion that are backed by shopping centers, hotels
and offices.” – THE WALL STREET JOURNAL
“Investors believe prices have now bottomed out in Paris and are keen to take advantage of the favorable market conditions” - FORBES
Real Estate Symposium – Luxembourg – 17 March 2015 4Real Estate Symposium – Luxembourg – 17 March 2015
Real Estate SymposiumSome figures
N America Europe Asia
36,8% 44,6% 59,4%
% of investors willing to Increase Real Estate Allocations in 2015
Source: Inrev – Investment Intentions Survey 2015
Volume of Real Estate deals01/ EVOLUTION OF
VOLUME OF REAL ESTATE DEALS IN WESTERN EUROPE
Source: Inrev – Investment Intentions Survey 2015
Real Estate Symposium – Luxembourg – 17 March 2015 5Real Estate Symposium – Luxembourg – 17 March 2015
Real Estate SymposiumSome figures
Source: Inrev – Investment Intentions Survey 2015
41,4% Percentage of Investors whose preferred route to investment will, in 2015, be through Joint Ventures and Club Deals
GERMANY
1
32
4UK
FRANCE
Top 3 investment destinations in Europe:
0,0%10,0%20,0%30,0%40,0%50,0%60,0%70,0%80,0%90,0%
EU Investors Asia Pacific North America
% of Allocation to EU non-listed RE funds
EU non-listed RE Funds Others
Real Estate Symposium – Luxembourg – 17 March 2015 6Real Estate Symposium – Luxembourg – 17 March 2015
Real Estate SymposiumNavigating the change on Real Estate
A new cycle is upon us!
MACROECONOMICSGLOBALIZATION
SOURCES OF CAPITAL
SUSTAINABILITY
TECHNOLOGY
REGULATION
RISK PROFILE
ASSETS
Real Estate Symposium – Luxembourg – 17 March 2015 7Real Estate Symposium – Luxembourg – 17 March 2015
Benjamin LamPartnerDeloitte LuxembourgBenjamin is a partner within the audit department and has over 20 years of experience in the financialservices and commercial industries. He leads Deloitte Luxembourg's private equity and real estatepractice in Luxembourg and is specialized in both regulated and unregulated private equity and realestate funds and in cross-border transactions.
Partner, Head of Real Estate, Deloitte Luxembourg
Key contact
Real Estate Symposium – Luxembourg – 17 March 2015
9:10 a.m. – 9:30 a.m. New ways of working – How the current era influences the way in which we use
Real Estate
Frédéric Sohet, Partner, Deloitte
9:30 a.m. – 10:00 a.m. Real Estate Capital Flows - Wealth Management as a source of Capital
Roberto Varandas, Global Head of Business Development - Property, Aberdeen Asset Management
10:00 a.m. – 10:30 a.m. How to address Risk Management and Valuation in Real Estate- Frank Schickram, Head of Valuation, Strategy and Research, GLL Real Estate Partners
- Martin Müller, Head of Fund Accounting, GLL Real Estate Partners
- Andreas Meier, Deloitte
11:00 a.m. – 11:30 a.m. BEPS – Update and main challenges for Real Estate PlayersDavid Capocci, Head of Real Estate Tax, Deloitte
11:30 a.m. – 12:00 a.m. A first glance at Deloitte’s European Real Estate Investment Management surveyGerard Lorent, Deloitte
Agenda
Real Estate Symposium – Luxembourg – 17 March 2015 9
New Ways Of Working:How the current era influences the way in which we use Real EstateFrédéric Sohet, Deloitte Belgium
Real Estate Symposium – Luxembourg – 17 March 2015 10Real Estate Symposium – Luxembourg – 17 March 2015
Efficiency of the workspace – Survey resultsNew Ways Of Working
- Survey conducted by Deloitte France & Leesman
- 31 countries- 52 customers- 355 sites (90% located in Europe)- 43.058 respondents
Only 53% feel that their workspace allow them to work in a productive way.
2/3 believe that their workspace answer their critical professional needs.
Decrease of noise pollution and better temperature control are the most
bespoken ideas to improve the comfort of the workspace.
6/10 believe that their workspace reinforce the feeling of
belonging to the business community.
39% wish to have more individual concentration zones and social interaction zones.
Real Estate Symposium – Luxembourg – 17 March 2015 11Real Estate Symposium – Luxembourg – 17 March 2015
Major advances in technology and changing demographics are transforming the workplace forever
New Ways Of Working
Key trends reshaping
the workforce today
Increasing globalization and outsourcing
Growing dominance of networks instead of hierarchies
Productivity measured in outputs, not in hours
Intergenerational interaction and conflict
Values versus rulesA trust-based culture
Organizations increasingly rely on communication technologies, to collaborate and communicate
Real Estate Symposium – Luxembourg – 17 March 2015 12Real Estate Symposium – Luxembourg – 17 March 2015
Key trends reshaping the workforce and workspacetoday
New Ways Of Working
Tenants embraceTECHNOLOGY
Corporates adopt new audio and
video conference technologies to efficiently conduct
business meetings.
Building design is evolving to better accommodate flexibility that corporate tenants need. New configurations would allow tenants
to rent about 15% to 20% less space.
Social media is challenging the status quo of
developing talent capabilities, use of mobile has led to
higher virtual collaboration.
According to our People Survey work life balance and flexibility have become one of the top items
on the agenda.Corporates are adopting
alternative workplace strategies.
Generation Y drives changes inworkplace culture and behavior.
Real Estate Symposium – Luxembourg – 17 March 2015 13Real Estate Symposium – Luxembourg – 17 March 2015
New Ways of Working what is it about?New Ways Of Working
New Ways of Working is about developing a working culture and environment which:
• stimulates innovation, creativity and is output driven;
• creates a better work-life balance and allows flexibility;
• is geared around communities;
• uses advanced technology;
• has a positive impact on sustainability.
New Ways of Working is a multidisciplinary path. It is about taking an integrated set of initiatives to adapt your working culture & working environment to the future challenges for your organization, in a way that it drives stakeholder value creation.
Real Estate Symposium – Luxembourg – 17 March 2015 14Real Estate Symposium – Luxembourg – 17 March 2015
New Ways of Working why is it taking off?New Ways Of Working
Forces
Property• Tendency of cost reduction (smaller
offices/ flexible, churn free spaces)• Properties of proximity• Activity based working & collaboration• Increasing importance of privacy
Sustainability• Increased corporate attention on
environmental sustainability• Increased consumer and shareholder
awareness of the social and environmental responsibility of companies Mobility
• Traffic is highly congested• Transport systems
Technology• Era of rapid technology advancement• Broadband connections are cheap and
internet usage is very high• Technology converging devices - iPad,
iPhone
People• Changing demographics• Changing demand for flexible
employment contracts• Demand for work-life integration
/appreciation of good work-life balance
Culture• Upcoming 24/7 culture• The power distance between managers and
employees is low• The importance and power of mass collaboration
Change Management & Communication• Coaching culture
Real Estate Symposium – Luxembourg – 17 March 2015 15Real Estate Symposium – Luxembourg – 17 March 2015
Impact of these trends on the office marketNew Ways Of Working
• “Smaller but smarter”.
• Over the past 30 years, some companies have reduced the allocation of space per person by up to 50%.
• The allocation of a workplace per person evolved from a ratio higher than 1 to a ratio of 0,8 even 0,6 in certain companies.
• The average workplace occupation amounts between 60% - 70%.
• Average surface (GLA) per workplace has fallen from approximately 23 m² per workplace to an average of 19,6 m² per workplace but some organization achieve today 14 m² per workplace or less.
• Occupancy cost decreased by 15% in absolute terms over the last 8 years (12.017 €/ FTE).
• Implementation of New Ways of Working can result in a saving of 15 to 20% of the total surfaces.
Real Estate Symposium – Luxembourg – 17 March 2015 16
New Ways of WorkingOur Project
Real Estate Symposium – Luxembourg – 17 March 2015 17Real Estate Symposium – Luxembourg – 17 March 2015
The starting point for DeloitteNew Ways Of Working
Opportunity to review our current working culture & environment
Move to GatewayOur strategy
Deloitte Ways of Working (DWOW)
• Defining our vision of how NWOW can make us the distinctive firm to work with and for• Enhancing collaboration, innovation, operational excellence, and productivity• Delivering a roadmap (for talent, sustainability, mobility, technology, property and culture)
Real Estate Symposium – Luxembourg – 17 March 2015 18Real Estate Symposium – Luxembourg – 17 March 2015
Our ambition levelsNew Ways Of Working
Welcome to ‘yourDeloitte’ –An open environment inspiring connections, sharing & collaboration
Deloitte offers you the building blocks todesign and shape yourcareer
Our offices are nerve centres formoments that matter
Access to our uniquecombined expertise is easy through anorganisation whichfosters collaboration
Real Estate Symposium – Luxembourg – 17 March 2015 19Real Estate Symposium – Luxembourg – 17 March 2015
Our approachNew Ways Of Working
Customer Experience TalentCollaborative
communitiesMobility &
sustainability
As Is To Be Validate Implement
Work streams
Steps
Program & change managementMarketing & Communication
Technology
Regionaloffices
Headquarter
Other production sites, SSC, etc.
Real Estate Symposium – Luxembourg – 17 March 2015 20Real Estate Symposium – Luxembourg – 17 March 2015
We identified four WorkstreamsNew Ways Of Working
Collaborative communitiesour offices are nerve centresfor moments that matter, with
individual work zones, collaboration zones & informal
social zones.
Customer experiencean open environment inspiring connections,
sharing and collaboration.
Mobilityoptimise urban
mobility experience of our employees.
Talentbuilding blocks to design and shape your
career.
Real Estate Symposium – Luxembourg – 17 March 2015 21Real Estate Symposium – Luxembourg – 17 March 2015
Our lessons learnedNew Ways Of Working
• Foresee sufficient time for the visioning phase whilst keeping momentum.
• Base your ambition level on your strategy and identify upfront your NWOW value drivers:
• Increased asset efficiency;
• Increased productivity;
• Improved operating margins;
• Responsiveness to external expectations.
• Create firm-wide engagement and involvement – select NWOW ambassadors across departments to stimulate collaboration.
• Set up a solid project management office with clear roles and responsibilities to keep track of pilot project results and to capture value.
• Include a change management and leadership track in your project approach and work on your coaching culture.
Real Estate Symposium – Luxembourg – 17 March 2015 22
Appendix
Real Estate Symposium – Luxembourg – 17 March 2015 23Real Estate Symposium – Luxembourg – 17 March 2015
Activity based workingDeloitte
Individual concentration zone Collaboration zone Social interaction zone
Social interaction zone Individual work zone
Real Estate Symposium – Luxembourg – 17 March 2015 24Real Estate Symposium – Luxembourg – 17 March 2015
Deloitte DigitalDeloitte
Real Estate Symposium – Luxembourg – 17 March 2015 25Real Estate Symposium – Luxembourg – 17 March 2015
Green house - Design, Create and InnovateDeloitte
Real Estate Symposium – Luxembourg – 17 March 2015 26Real Estate Symposium – Luxembourg – 17 March 2015
Frédéric SohetPartnerBelgium Real Estate & Construction Leader
Frédéric Sohet is the Real Estate & Construction Industry Leader for Deloitte Belgium and Partner Financial Advisory Services since 2010.
Partner – Real Estate & Construction, Deloitte Belgium
Key contact
Real Estate Symposium – Luxembourg – 17 March 2015 27
Real Estate Capital Flows: Wealth Management as a source of
CapitalRoberto Varandas, Global Head of Business Development -
Property, Aberdeen Asset Management
Real Estate Symposium – Luxembourg – 17 March 2015 28
Current state of capital markets
Real Estate Symposium – Luxembourg – 17 March 2015 29Real Estate Symposium – Luxembourg – 17 March 2015
Property and other real assets experiencing sustained growth over the last decade both in terms of relative allocations to other asset classes but also due to the emergence of more sources of wealth concentration.
Allocations set to increase in the near future.
Current state of capital marketsSize, Demand, Flows
Source: INREV Investor Intentions Survey 2015
Real Estate Symposium – Luxembourg – 17 March 2015 30Real Estate Symposium – Luxembourg – 17 March 2015
• According to Preqin, size of private real estate funds industry currently at $742bn (record high) and dry powder estimated to be at $221b.
• Funds launched in 2006 and 2007 starting to return capital to investors either due to catch-up of prices and ability to exit, or simply, liquidation. INREV predicts €17bn of fund liquidations coming due in 2015.
Current state of capital marketsSize, Demand, Flows
Source: INREV Capital raising survey 2014
Real Estate Symposium – Luxembourg – 17 March 2015 31
Investor intentions
Real Estate Symposium – Luxembourg – 17 March 2015 32Real Estate Symposium – Luxembourg – 17 March 2015
Despite low prospective GDP growth, Europe still very much flavour of the month with US investors targeting value added and opportunistic strategies and SWFs targeting large assets and portfolios.
Current state of capital marketsSize, Demand, Flows
Source: INREV Investor Intentions Survey 2015
Real Estate Symposium – Luxembourg – 17 March 2015 33Real Estate Symposium – Luxembourg – 17 March 2015
As economic growth returns, preference for value added strategies increases as fund managers feel confident in taking on leasing risk or repositioning of assets.
Current state of capital marketsSize, Demand, Flows
Real Estate Symposium – Luxembourg – 17 March 2015 34
Alternative sources of capital
Real Estate Symposium – Luxembourg – 17 March 2015 35Real Estate Symposium – Luxembourg – 17 March 2015
• After a hiatus from 2008 to 2012, wealth managers directing clients’ capital to real estate investments.
• Investments channelled through feeders into co-mingled funds and/or dedicated separate accounts / direct assets.
• Interest in real estate increases as property values increase almost everywhere, particularly in the global gateway cities.
• Property investments sometimes create an emotional attachment.
• Wealth managers also looking at alternative channels into real estate – real estate debt, secondaries, fund of funds.
Alternative sources of capitalPrivate banks / Wealth managers
Real Estate Symposium – Luxembourg – 17 March 2015 36Real Estate Symposium – Luxembourg – 17 March 2015
Benefits ChallengesCan provide healthy levels of income IlliquidTends to have low correlation with other asset classes
Diversifications requires large amount of assets
Real asset - tangible Quality of assets varies greatlyLeverage LeverageLow volatility High costs to own, including taxes
Requires specialized management
Alternative sources of capitalBenefits and challenges of real estate in a private client portfolio
Real Estate Symposium – Luxembourg – 17 March 2015 37Real Estate Symposium – Luxembourg – 17 March 2015
Alternative sources of capitalConsiderations on real estate in private client portfolios
• Private client capital, even channeled via professionally managed feeders, does not always sit well with institutional capital. Some investors are even precluded from investing alongside private clients.
• Expectations around liquidity need to be very well managed:
• Open ended funds have limited liquidity both on during subscription and redemption periods.
• Closed ended funds offer no liquidity and require earmarking of cash during the commitment period.
• Structures can be complex and need to carefully consider tax, governance and operational issues.
• Wealth managers tend to charge high fees, which can dilute returns significantly.
• Private clients tend to have already high degrees of exposure to real estate.
Real Estate Symposium – Luxembourg – 17 March 2015 38Real Estate Symposium – Luxembourg – 17 March 2015
Roberto VarandasGlobal Head of Business Development - Property London, United Kingdom
Mr Roberto Varandas is Global Head of Business Development - Property and is responsible for property funds distribution and the property business development team. Roberto sits on the Aberdeen Property Management Committee.Roberto joined Aberdeen in September 2011 from UBS Global Asset Management where he was Head of Business Development - Europe for UBS Global Asset Management - Global Real Estate. Previously, Roberto worked for the Capital and Marketing Group, a capital markets adviser specialised in capital placement for alternative investments, in particular, property funds. Roberto has been involved in over 20 individual funds, totaling over €15 billion in equity capital.
Global Head of Business Development - Property
Key contact
[email protected]: +44 7825842842T: +44 2074636437
Real Estate Symposium – Luxembourg – 17 March 2015 39
How to address Risk Management and Valuation in Real Estate
Market- and Asset- Rating as Risk Tool
Frank Schickram, Head of Valuation, Strategy and Research, GLL Real Estate Partners
Martin Müller, Head of Fund Accounting, GLL Real Estate Partners
Andreas Meier, Deloitte Luxembourg
Real Estate Symposium – Luxembourg – 17 March 2015 40Real Estate Symposium – Luxembourg – 17 March 2015
GLL Real Estate Partners
Munich | Luxembourg | Budapest | NY | Orlando | San Francisco | Santiago
GLL Offices
100+
Employees
15+Countries
3Continents
73%
21%
6%
Büro Einzelhandel Logistik
47%
35%
15%
3%
Westeuropa USA
CEE Lateinamerika
€5Mrd.
AuM
Founded in 2000
Sector
Allocation
Geographic
Allocation
Real Estate Symposium – Luxembourg – 17 March 2015 41Real Estate Symposium – Luxembourg – 17 March 2015
Permanent, functionally and hierarchically separated
Consistency with risk limits set, monitor risk limits
Risk Categories
Risk Management
Risk Management function
Liquidity Risks
Credit (and counterparty) Risks
Market Risks
Main topic today
Strategic Risks
Risk identification, measurement, management and monitoring
Report to governing body and senior management
Main topic today
Real Estate Symposium – Luxembourg – 17 March 2015 42Real Estate Symposium – Luxembourg – 17 March 2015
Identification of RiskRating System
Real Estate Symposium – Luxembourg – 17 March 2015 43Real Estate Symposium – Luxembourg – 17 March 2015
Real Estate KITE™ Analysis
RISKMONITORING
/ IDENTIFICATION
Real Estate Symposium – Luxembourg – 17 March 2015 44Real Estate Symposium – Luxembourg – 17 March 2015
Rating Systems - Overview
GLLMARA
GLL KITE
InvestmentMarket
Real Estate Fundamentals
Economy(Macro / Regional)
LocationRisks
„Cash-Flow“ Risks
Asset Risks
Market Risks
Real Estate Symposium – Luxembourg – 17 March 2015 45Real Estate Symposium – Luxembourg – 17 March 2015
Rating Systems – Components
Building Quality
Fit Out
Life Cycle
Sustainability
Suitability of Micro
Location
Quality ofTransportation
Local supply facilities for
target occupier
Actsof
God
WALTValue
Tenant Credit
Letting Situation
Fungibility
Transaction Volumes last
Year
10 YearTransaction
Average
Transactions compared to Market Cap.
VacancyAbsorption
Ratio
Net Additions in next 3 Y.
Net Absorption in
next 3 Y
Cap rate compared to 10 Y History
Rental Growth next 3
Years
Spread to Government
Bond
5 Year GDP Growth
IMD Competitiven
ess
Moody´s Country Rating
Selected ratio Selected ratio
W
GLLMARA
GLL KITE
Real Estate Symposium – Luxembourg – 17 March 2015 46Real Estate Symposium – Luxembourg – 17 March 2015
Rating Systems
Real Estate Symposium – Luxembourg – 17 March 2015 47Real Estate Symposium – Luxembourg – 17 March 2015
Rating Systems – Assessment and Monitoring
OVERSUPPLY FLOOD RISK SHORT WALT
CAPEX RISK
FALLING MARKET RENTS
WEAK DEMAND
IN LEASING
LESS TRANS-
ACTIONS
POSSIBLE RISKS AFFECTING REAL ESTATE / VALUATIONS
Selected ratio Selected ratio
Building Quality
Fit Out
Sustainability
Suitability of Micro
Location
Local supply Facilities for
target occupier
Tenant Credit
Letting Situation
Fungibility
Life Cycle
Quality ofTransportation
Actsof
God
WALTValue
W
Transaction Volumes last
Year
10 YearTransaction
Average
Transactions compared to Market Cap.
VacancyAbsorption
Ratio
Net Additions in next 3 Y.
Net Absorption in
next 3 Y
Cap rate compared to 10 Y History
Rental Growth next 3
Years
Spread to Government
Bond
5 Year GDP Growth
IMD Competitiven
ess
Moody´s Country Rating
Real Estate Symposium – Luxembourg – 17 March 2015 48Real Estate Symposium – Luxembourg – 17 March 2015
Rating Systems – Coverage & Update
Global Cities
94North-
AmericanMetros
54European
Metros
35Latin-
AmericanMetros
5
Datapointsto generateone Kite™
98BiannualUpdates
2
VISUALISATION GLL Real Estate KITE™
Coverage
Data Inputs & Update
GLL KITE
Real Estate Symposium – Luxembourg – 17 March 2015 49
GLL KITE ™ Let´s take a closer look!
GLL KITE
Real Estate Symposium – Luxembourg – 17 March 2015 50Real Estate Symposium – Luxembourg – 17 March 2015
HIGH transaction volume, instantmarket exit possible
LOW transaction volume, PROLONGED exit period needed
LOW vacancy, HIGH demand, LOW future supply
HIGH vacancy, LOW demand, HIGH future supply
STRONG GDP outlook, politicalySTABLE
WEAK GDP outlook, LOWER transparency
PREDICTABLEreturns
VOLATILE returns
„CHEAP“ buyer market
„Expensive“ seller market
Market LiquidityLeasing Potential
1 2 3 4 5
low high
Economic StabilityStability of ReturnsPrice Attractiveness
How to read the Risk with the KITE™
Real Estate Symposium – Luxembourg – 17 March 2015 51Real Estate Symposium – Luxembourg – 17 March 2015
How to read the KITE™ - Price Attractiveness
5,0%
6,0%
7,0%
8,0%
9,0%
10,0%
Was
hin
gto
n
San
Fra
nci
sco
New
Yo
rk
Bo
sto
n
Ch
icag
o
Pit
tsb
urg
h
Au
stin
Den
ver
Nas
hvi
lle
Seat
tle
Po
rtla
nd
Net Initial Yield (10Y)Max Min Last
2,3%
15,3%16,6% 16,8%
9,3%7,2% 7,0%
11,5% 12,1%9,2%
14,0%
Was
hing
ton
San
Fran
cisc
o
New
Yor
k
Bost
on
Chi
cago
Pitts
burg
h
Aust
in
Den
ver
Nas
hville
Seat
tle
Portl
and
Rental Growth (3Y, Sum)
Cap rate compared to10 Y History
Rental Growth next 3
Years
Real Estate Symposium – Luxembourg – 17 March 2015 52Real Estate Symposium – Luxembourg – 17 March 2015
How to read the KITE™ - Visual Comparison
WASHINGTON NASHVILLE
Real Estate Symposium – Luxembourg – 17 March 2015 53Real Estate Symposium – Luxembourg – 17 March 2015
How to read the KITE™ - Leasing Potential
Prague
Copenhagen
Helsinki
Lille
Lyon
Marseille
Paris: CentralBerlin
Frankfurt
Hamburg
Munich
BudapestDublin
Milan
Rome
Amsterdam
Vienna
Brussels
Rotterdam
Oslo
Warsaw
LisbonBarcelona
Madrid
Stockholm
BirminghamEdinburgh
Glasgow
London: Central
London: City
London: WE
0
100.000
200.000
300.000
400.000
500.000
600.000
0 100.000 200.000 300.000 400.000 500.000 600.000 700.000
3-Y
ear
Ne
t A
dd
itio
n F
ore
cast
3-Year Net Absorption Forecast
Net Addition next 3Y
Net Absorption
next 3Y
Real Estate Symposium – Luxembourg – 17 March 2015 54Real Estate Symposium – Luxembourg – 17 March 2015
How to read the KITE™ - Visual Comparison
PARIS ROME
Real Estate Symposium – Luxembourg – 17 March 2015 55Real Estate Symposium – Luxembourg – 17 March 2015
KITE™ - Monitoring
H1 2014H2 2014
Real Estate Symposium – Luxembourg – 17 March 2015 56Real Estate Symposium – Luxembourg – 17 March 2015
KITE™ - Portfolio Analysis
MadridParis: CBDWashingtonManchesterLondon: Central
Paris: CBDBrusselsAustinSeattleDenverBrussels
Real Estate Symposium – Luxembourg – 17 March 2015 57Real Estate Symposium – Luxembourg – 17 March 2015
KITE™ - Strategic Risk in Overview
H1 H2
Net Addition next 3Y
Net Absorption
next 3Y
Cap rate compared to10 Y History
Rental Growth next 3
Years
Real Estate Symposium – Luxembourg – 17 March 2015 58Real Estate Symposium – Luxembourg – 17 March 2015
Asset 1 Asset 2 Asset 3 Asset 4 Asset 5 Asset 6 Asset 7 Asset 8 Asset 9 Asset 10 Asset 11
Market 3,9 4,2 4,0 4,2 4,0 3,9 3,1 3,7 3,7 3,7 3,7
National 20% 4,8 4,8 4,2 4,6 4,3 4,3 3,0 3,6 3,6 4,2 4,2
Economic Stability (incl. Transparency, Credit Risk) 4,8 4,8 4,2 4,6 4,3 4,3 3,0 3,6 3,6 4,2 4,2
Exchange rate volatility (for information only) 2,0 2,0 2,0 2,0 2,0 2,0 2,0 5,0 5,0 2,0 2,0
Regional 80% 3,6 4,1 4,0 4,0 3,9 3,8 3,1 3,7 3,7 3,5 3,5
Socio-economic development & attractivness 3,8 3,9 4,1 3,3 3,9 4,3 3,5 2,4 2,4 2,5 2,5
Real Estate Market 3,6 4,1 4,0 4,2 3,9 3,7 3,0 4,0 4,0 3,8 3,8
Price Attractivness (to sell - Cap rate to Min) 4,3 4,2 4,5 3,5 4,3 4,7 2,9 4,4 4,4 3,7 3,7
Rental growth potential 2,1 4,3 4,0 4,6 4,4 5,0 5,0 4,1 4,1 3,5 3,5
Cycle 3,1 2,8 3,1 2,4 3,0 3,1 1,8 2,7 2,7 2,7 2,7
Liquidity 4,5 4,6 3,8 4,3 3,2 5,0 3,6 4,5 4,5 3,5 3,5
Vacancy - supply and demand 2,9 3,5 4,1 4,1 4,3 3,3 2,8 3,9 3,9 2,9 2,9
Volatility 3,5 4,3 4,0 4,3 4,2 2,8 2,7 3,6 3,6 5,0 5,0
Asset Total 4,4 4,2 3,4 4,4 3,8 4,0 3,3 3,6 3,9 3,9 4,2
Location 4,3 4,1 3,3 4,4 4,0 4,1 4,5 4,1 4,1 3,9 4,3
Quality / Suitability of Microlocation for property type 4,5 4,5 4,0 5,0 4,5 4,5 5,0 4,5 5,0 4,0 4,5
Quality of transportation 4,5 4,5 3,0 5,0 4,0 5,0 5,0 4,5 4,0 4,5 4,5
Quality of local supply facilities for target occupiers 5,0 4,5 3,0 4,5 4,5 4,0 5,0 4,5 4,5 4,0 5,0
Acts of God 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0
Asset 4,8 4,6 3,6 4,8 3,7 3,7 3,3 3,0 4,0 4,5 4,3
Building Quality: Architecture and Concept 5,0 4,5 4,0 5,0 4,5 4,0 5,0 4,0 4,5 5,0 4,5
Fit out 5,0 4,5 3,5 5,0 4,0 4,0 3,0 3,0 4,5 5,0 4,5
Structural condition / Life Cycle 4,5 5,0 3,5 5,0 4,0 4,0 3,0 3,0 4,5 4,5 4,5
Maintenance (Capex)/ cost effectiveness building 4,5 4,5 4,0 4,5 3,0 3,5 3,0 2,5 3,5 4,0 4,0
Sustainability 5,0 4,5 3,0 4,5 3,0 3,0 2,5 2,5 3,0 4,0 4,0
Cash-Flow 4,1 3,9 3,3 4,1 3,7 4,1 1,0 3,3 3,3 3,5 4,0
Remaining Lease Term 5,0 5,0 2,5 5,0 3,0 4,0 1,0 3,0 3,0 3,0 4,0
Tenant Credit 4,0 4,5 4,0 3,5 4,0 4,0 0,0 5,0 4,0 4,0 4,0
Letting Situation 3,0 3,2 3,8 4,0 3,7 3,8 3,3 2,2 2,7 3,3 3,3
Vacancy, number of tenants, occupier mix 3,0 3,0 4,0 4,0 4,0 4,0 1,0 2,5 2,0 4,5 3,5
Recoverable and Non Recoverables 3,5 3,5 3,0 4,0 4,0 3,0 4,0 3,0 3,0 3,0 4,0
RP Rental Growth Potential 2,5 3,0 4,5 4,0 3,0 4,5 5,0 1,0 3,0 2,5 2,5
Letting prospects / fungibility 4,5 3,0 3,0 4,0 4,0 4,5 4,5 3,0 3,5 3,5 4,5
MARA – All Risks in Overview
Real Estate Symposium – Luxembourg – 17 March 2015 59Real Estate Symposium – Luxembourg – 17 March 2015
Building Quality
Fit Out
Sustainability
Suitability of Micro
Location
Local supply Facilities for
target occupier
Tenant Credit
Letting Situation
Fungibility
Transaction Volumes last
Year
10 YearTransaction
Average
Transactions compared to Market Cap.
Absorption Ratio
Net Additions in next 3 Y.
Net Absorption in
next 3 Y
Cap rate compared to 10 Y History
Rental Growth next 3
Years
Spread to Government
Bond
5 Year GDP Growth
IMD Competitiven
ess
Moody´s State Rating
Life Cycle
Quality ofTransportation
Actsof
God
WALTValue
W
MARA – All Risks in Overview
Real Estate Symposium – Luxembourg – 17 March 2015 60Real Estate Symposium – Luxembourg – 17 March 2015
Building Quality
Fit Out
Sustainability
Suitability of Micro
Location
Local supply Facilities for
target occupier
Tenant Credit
Letting Situation
Fungibility
Transaction Volumes last
Year
10 YearTransaction
Average
Transactions compared to Market Cap.
Absorption Ratio
Net Additions in next 3 Y.
Net Absorption in
next 3 Y
Cap rate compared to 10 Y History
Rental Growth next 3
Years
Spread to Government
Bond
5 Year GDP Growth
IMD Competitiven
ess
Moody´s State Rating
Life Cycle
Quality ofTransportation
Actsof
God
WALTValue
W
MARA – All Risks in Overview
Real Estate Symposium – Luxembourg – 17 March 2015 61Real Estate Symposium – Luxembourg – 17 March 2015
Riskmanagement - Process
RISKMONITORING
/ IDENTIFICATION
INFORM INVOLVEDPARTIES
TAKE ACTION
ADJUST ACCORDING TO
RISK
FLY TO
LUXEMBOURG
HOLD THIS
SPEECH
PERFORMCALCULATIONS
STRESSTEST
CONTROLTHE RESULT
DONE?
Real Estate Symposium – Luxembourg – 17 March 2015 62Real Estate Symposium – Luxembourg – 17 March 2015
Frank Schickram Head of Research & StrategyMunich, GermanyFrank Schickram is responsible for Valuation, Strategy and Research at GLL Real Estate Partners GmbH. He joined the group in 2005 and worked prior to his current position as acquisition officer and fundmanager for a globally invested, separate account.Before joining GLL, Frank Schickram was responsible for International Portfolio Valuations at theHypoVereinsbank (Unicredit), where he started his career as real estate appraiser in 1994.Frank Schickram is active in the industry since 1990 with extensive experience in all aspects ofproperty valuation and management of commercial real estate. He is dedicated in the field of trainingand education of valuers and active consultant for a series of current valuation topics (e.g. member ofthe valuation committee at the ULI Greenprint Center of Building Performance).He graduated in Mass Communications, Law and Market Psychology at the Ludwig-Maximilians-Universität in Munich in 1992.
Head of Research & Strategy
Key contacts
Real Estate Symposium – Luxembourg – 17 March 2015 63Real Estate Symposium – Luxembourg – 17 March 2015
Martin MüllerHead of Fund Accounting Munich, GermanyMartin Müller is responsible for Fund Accounting at GLL Real Estate Partners GmbH. Martin Müller joined GLL in 2006 and heads GLL’s Fund accounting team. He is a certifiedinternational accountant and is responsible for the consolidation and the financial statements ofseveral funds with a total volume of over two billion Euros.
Besides dealing with the optimization of the actual tax structure he is also involved in corporatefinance of the GLL Funds and heads the GLL IFRS accounting competence center.
Prior to joining GLL, Martin Müller was working as a manager in a well-known German tax and auditcompany, where he was responsible for the audit and consulting of German and Internationalcompanies.
Head of Fund Accounting
Key contacts
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Andreas MeierPartnerDeloitte LuxembourgAndreas is a Partner within the Audit department, where he currently is servicing audit clients in thePrivate Equity and Real Estate department. Andreas has over 14 years of experience in the Financialand Non Financial Services industry, servicing investment management and commercial clients in anaudit and advisory capability in Luxembourg. In addition he has important knowledge in standaloneand consolidated financial statements audits under Luxembourg GAAP, German GAAP and IFRS.
Audit Partner, Deloitte Luxembourg
Key contacts
Real Estate Symposium – Luxembourg – 17 March 2015 65
BEPS – Update and main challenges for Real Estate PlayersDavid Capocci, Head of Real Estate Tax, Deloitte Luxembourg
Real Estate Symposium – Luxembourg – 17 March 2015 66Real Estate Symposium – Luxembourg – 17 March 2015
BEPS ?This is dummy text it is not here to be read
• Level one bullet
‒ Level two bullet
• Level three bullet
BEPS ?This is dummy text it is not here to be read
• Level one bullet
‒ Level two bullet
• Level three bullet
What the BEPS are we talking about?BEPS
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Setting the sceneBEPS
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Setting the sceneBEPS
December 2015…
“Many governments have decided to encourage PE investments in Infrastructure. Private sector participation can bring additional capital but also end-user benefits from a more competitive environment. (…) Infrastructure investments will only be made if investors are able to earn adequate risk-adjusted returns and if appropriate market structures are in place to access this capital”.
This is a pointer
style
OECD PROJECT ON INSTITUTIONAL
INVESTORS AND LONG TERM INVESTMENT
(MAY 2014)
Real Estate Symposium – Luxembourg – 17 March 2015 69
What if there is only a timing difference on taxation of actual payments routed through intermediary company (instead of a different tax characterization)?
What is Action 2?
Reverse Hybrids
Hybrid Instruments
Hybrid Entities
Hybrid Financial Instruments & Imported Mismatch
ReverseHybrid Entitypayments
Hybrid Entity payments
Hybrid instrument
A
B
Fund
GPPartners
A
Hybrid instrument
“Exploit a difference in the characterisation of an entity or arrangement under the laws of two or more tax jurisdictions to produce a mismatch in tax outcomes where that mismatch has the effect of lowering the aggregate tax burden of the parties to the arrangement”
Should timing differences on taxation and/or notional deductions be considered as a hybrid mismatch?
How will Action 3 impact Action2? Any conclusion should only rightfully be drawn after April 2015
Behind the scene on Action 2BEPS
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01OPTION
LIMITING INTEREST DEDUCTOIN TO THE ENTITY’S GROUP POSITION
02OPTION
LIMITING INTEREST DEDUCTION TO A FIXED RATIO
What is Action 4?
“Action 4 stresses the need to address BEPS using deductible payments such as interest that can give rise to double non taxation in both inbound and outbound investment scenarios. (…) similar concerns are raised by payments under financial instruments such as guarantees and derivatives.”
Behind the scene on Action 4BEPS
What is the likely implication of this Action towards Banks lending to Alternative Investment Funds?
How to synchronize Action 4 with OECD accepted standards for activity remuneration (ie, TP circulars in Luxembourg)?
How to address different criteria in different jurisdictions (and if within same company Group) and also current BEPS oriented measures which are already implemented?
Real Estate Symposium – Luxembourg – 17 March 2015 71
What is Action 6? Focus on CIV’s
Room for Interpretation
Limitation on Benefits (“LOB”)
General Treaty OverrideClause
Principal Purpose Test (“PPT”)
“To develop: (i) model treaty provisions and recommendations regarding the design of domestic rules to prevent the granting of treaty benefits in inappropriate circumstances; (ii) clarification that tax treaties are not intended to be used to generate double non-taxation, and (iii) tax policy considerations that countries should consider before deciding to enter into a tax treaty”.
• Genuine commercial reasons for setup (risk diversification, increase exposure due to capital pooling, economies of scale);
• The wider the investor base, the lower the possibility to influence tax structuring
• Directly or Indirectly most Investors already have Treaty Access;
• Intermediary HoldCos should be entitled strong “in principle” grounds for Treaty Access
• “it is reasonable to conclude”
• “one of the principal purposes”
• “object and purpose of the relevant provision”:
A
B
Fund
GPPartners
A
Focus on Substance
• Place of board of directors meetings
• Where the CEO and other senior executives usually carry on their activities
• Place of senior day-to-day management and Headquarters location
• Which country’s laws govern the legal status of the person
• Where its accounting records are kept
Behind the scene on Action 6BEPS
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1MASTER FILE
The guidance on TP documentation requires MNEs to provide to their tax authorities information on (i) global business operations and (ii) TP policies.
LOCAL FILE
Companies will need to supply more detailed information on a Local File in each country they operate identifying related party transactions, amount thereof, and TP policy followed to treat each such transaction.
2 3
Behind the scene on Action 13BEPS
COUNTRY BY COUNTRY REPORTING
Sets forth an obligation for multinational companies to report on an annual basis (and in each tax jurisdiction in which they have a presence):
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Is it all really tax driven?BEPS
12354
786910
PROTECTION OF BRAND AND INTANGIBLES
SYNDICATION OF INVESTORS / CLUB DEALS
NON TAX TREATY NETWORK (IE, EXPROPRIATION CONVENTION)
BANKRUPTCYREASONS
CREDIBILITY AND REPUTATION FOR POTENTIAL INVESTORS
SEGREGATION BETWEEN PRIVATE AND BUSINESS ASSETS (PERSONAL ASSET PROTECTION)
REGULATORY ENVIRONMENT AND
REGULATORY ENTITY REPUTATION
CULTURAL AFFINITIES(ABILITY TO SPEAK SAME LANGUAGE).
GEOGRAPHICLOCATION
(LOGISTICS, ROADS, PORTS,
AIRPORTS))
BANKING REQUIREMENTS (PLEDGE)
10 NON TAX REASONS TO INCORPORATE A COMPANY
OTHER OECD WORKSTREAMS
Real Estate Symposium – Luxembourg – 17 March 2015 74Real Estate Symposium – Luxembourg – 17 March 2015
Country A Advisory
Co
Lux SPV 2
LUX LP
Lux SPV #Lux SPV 1
LocalTarget 1
LocalTarget 2
Local Target #
Lux ManCoSarl
(AIFM)GP
BAdvisory
Co
Investment AdvisoryServices
Management Services / GP interests
AIF (Lux SCSp)(unregulated or regulated SIF)
C Advisory Co
DAdvisory
Co
LPs
LP
Lux Masterco
An upgraded Luxembourg investment platformBEPS
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Conclusion
Real Estate Symposium – Luxembourg – 17 March 2015 76Real Estate Symposium – Luxembourg – 17 March 2015
David CapocciPartnerDeloitte LuxembourgDavid joined the tax department in 2004, where he currently leads the Tax Real Estate practice.David has over 18 years experience in international tax with a focus on the Real Estate & PrivateEquity market. He is experienced in structuring deals for both listed and private clients. He alsoleads the development of the Latin America and the Middle East market. He obtained his IslamicFinance Qualification in 2009. Recently, he advised the set up of the first Islamic bank in theEurozone.
Partner, Head of Real Estate Tax, Deloitte
Key contact
Real Estate Symposium – Luxembourg – 17 March 2015 77
A first glance at Deloitte’s European Real Estate Investment Management surveyGérard Lorent, Deloitte Luxembourg
Real Estate Symposium – Luxembourg – 17 March 2015 78Real Estate Symposium – Luxembourg – 17 March 2015
Agenda
Context1
Results of the Survey2
Asset Managers2.1
Q & A3
Asset Servicers2.2
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Context• Following the feedback received from
our 2013 Luxembourg Private Equity Survey and our observations of how the market is evolving, Deloitte decided to conduct a survey covering as well the Real Estate asset class for both Asset Managers and Asset Servicers from a Pan-European context
• The Survey is particularly interesting as it gives insights on current market trends such as: Asset Servicers moving towards a
Pan-European coverage via acquisitions or opening of new offices in RE centers
Convergence of service offerings between specialized RE entities entering the depositary space thanks to AIFMD and mainstream banks entering the non-regulated RE business
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Results of the SurveyAsset Managers
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Objectives and Scope
• This Survey covers RE Asset Managers, particularly those active in the Pan-European market
• The aggregate net assets under management of the RE Asset Managers participating to the survey is approximately €200Bn Investment
PortfolioTaxation
Investors Regulatory Changes
General Overview and Key Figures
Other Operational
Aspects
Growth and
Outlook
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36%
29% 29%
14% 14% 14% 14%
AIFMreporting and
leverage
Delegationof functions
Remuneration Liquiditymanagement
Regulatorycapital
Valuation Riskmanagement
Custodian
75%
25%19%
13%0% 0% 0%AIFMD FATCA EMIR Dodd-Franck MiFID II Solvency II Other
Regulatory Changes
• Four regulations were considered highly significant but 75% of RE Asset Managers agree that AIFMD is a primary concern
Regulations considered to be ‘highly significant’
Impact of AIFMD provisions on the organization• AIFMD’s
reporting and leverage requirements is the greatest challenge for RE Asset Managers
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Fundraising Activities
50%
21%
7%
21%
Easy Difficult Very difficult No change
Assessment of fundraising over the last 24 months• 50% of Asset Managers have had a positive experience in the fundraising activity over the past two years
100%
No change
Assessment of the fundraising over the next 24 months
100%
Difficult
• Fundraising is expected to get less complex in the next two years
66%
34%
Easier No change
100%
No change
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Pension funds18%
Insurance companies
14%
Funds of funds11%
Corporations
11%
Sovereign wealth funds10%
Others36%
Main Business Feeders
• The top 5 investors in RE are pension funds (18%), insurance companies (14%), fund of funds (11%), corporations (11%) and sovereign wealth funds (10%)
• Others mainly represent charities, foundations and non-profit organizations (8%), high net worth/family offices (8%), government institutions (8%), investments banks (6%) and others (6%)
Top investors
Increase DecreaseNo change
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Strategy and Country of Investments
54%
17%
29%
53%
19%28%
Core Value-added Opportunistic
Breakdown of Real Estate assets by strategy
Main markets for investments in the future
91% 91%82%
45%
27% 27%
64%
UK Germany France Nordiccountries
Spain EasternEurope
Rest of EU
• There is an increase in the investment allocation for the value-added strategy and a slight decrease in core and opportunistic
• UK, Germany and France are the top ranked countries where RE Asset Managers are looking to invest in
FutureCurrent
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Taxation
73%
60%
20% 20% 20%13% 7%
0%
20%
France Germany Italy Luxembourg UnitedKingdom
Spain Netherlands Ireland Others
Countries where tax authorities have increasingly challenged cross border tax benefits
Expected changes in the implementation of OECD’s BEPS framework
85%69%
54%46%
31%23%
0%Increased insubstance /personnel in
"holdingcompany"
jurisdictions
Increase in taxcosts on dealunderwriting
Major changes Decreasing useof "holdingcompany"
jurisdictions
Minor changes Greater use ofREIT structures
Others
• Accordingly, RE Asset Managers have experienced the most activity around cross border tax benefits with the French and German tax authorities
• 85% of RE Asset Managers anticipate an increase in substance where the holding companies are set-up
Real Estate Symposium – Luxembourg – 17 March 2015 87Real Estate Symposium – Luxembourg – 17 March 2015
Service Providers
10
7 6
3 3 3 2 2Property
managersLawyers Accounting /
corporateservices
Tax advisors Fundadministrator
Auditors Custodian Financialadvisors
Average number of service providers used by RE Asset Managers
Expected changes in the coming years in terms of use of service providers
61%
28%
11%
Current service providers Use new service providers Decrease number of serviceproviders
• Complex network and relationship management
• Some changes but not towards simplification or relationship
Real Estate Symposium – Luxembourg – 17 March 2015 88Real Estate Symposium – Luxembourg – 17 March 2015
Focus of Future Investments and Developments
Analyst(4%)
Tax (10%)
Information System (11%)
Regulatory/Legal (13%)
Investor Relations (13%)
Risk Management (14%)
Portfolio Management (16%)
Ord
er o
f Prio
rity
Low
High
• The RE Asset Managers are notably prioritizing investments or improvements around portfolio management, risk management, investor relations and regulatory
• These development areas have been identified as key issues and challenges currently faced by most RE Asset Managers
Compliance (6%)BMO Corporate (6%)
BMO(1) Fund Admin (6%)
Future investments and developments
Real Estate Symposium – Luxembourg – 17 March 2015 89
Results of the SurveyAsset Servicers
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Objectives and Scope
Portfolio Valuation Reporting
Client Acceptance
General Overview and Key Figures
Regulatory Framework
Growth and
Outlook
• Our RE market survey covers the RE Asset Servicers, particularly those active in the Pan-European market, and is aimed primarily to gain an understanding of key areas in their business, their operations and their insights on business growth and development
• The aggregate assets size of the RE Asset Servicers participating to the survey is approximately €123Bn under administration and €102Bn under depositary
Other Operational
Aspects
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Organization
Dedicated RE unit within the organization• The majority of the Survey Respondents have a combined PE-RE team within their organization, we observe that some market players have reached a sufficient critical mass to segregate the RE from PE activity
• While the remaining Survey Respondents have no dedicated units within their operating model they have put in place a dedicated staff or teams covering RE activity but only in some departments rather than a desk centralizing all services
82%
18%
of which 27%
have a dedicated RE
team
Combined PE and RE unit No dedicated team
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Net Assets Under Administration and Custody
RE assets volumes
30%
19%
5% 5%
41%
19%
26%
13%
7%
35%
Less than €500M
€500M - €1bn €1bn - €5bn €5bn - €10bn €10bn - €50bn
DepositaryAdministration
• Majority (64%) of the Service Providers offer combined Central Administration and Depositary services
• Only some mainstream banks offer stand alone Depositary services (niche providers)
• The book of regulated business of the Central Administrators surveyed is concentrated on the opposite sides of the defined AuA spectrum i.e. less than €500M and €10bn – 50bn
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Other Operational Aspects - IT Systems
Are you satisfied with your current RE system?
36%
55%73%
27%
NoYes
• Almost all Survey Respondents are satisfied with their current RE systems, with a large majority (73%) however considering an upgrade in the next 12 to 24 months
• At the same time over one third of the respondents are considering a system change
Change in the RE system in the next 12 or 24 months
91%
9%
Upgrade in the RE system in the next 12 or 24 months
Real Estate Symposium – Luxembourg – 17 March 2015 94Real Estate Symposium – Luxembourg – 17 March 2015
Focus on Future Developments
Other(14%)
Operating Model or Organizational
Transformation (20%)
Marketing and Business Development (20%)
Technology (23%)
Staff Development and Recruitment (24%)
Ord
er o
f Prio
rity
Low
High
Priority order for the future developments• Staff development, recruitment and retention is a high priority for majority of the Survey Respondents (24%), with over 55% responses indicating staff increase of 11-20 %
• The participants also demonstrated a strong drive towards improvement of their staff capacity through operating model or organizational transformation
Real Estate Symposium – Luxembourg – 17 March 2015 95
Q & A
2015 European Real Estate Investment Management Survey
Real Estate Symposium – Luxembourg – 17 March 2015 96Real Estate Symposium – Luxembourg – 17 March 2015
Gérard LorentDirectorDeloitte LuxembourgGérard is a Director within the Strategy and Corporate Finance Department of Deloitte Tax &Consulting. He is specialized in Regulatory, Strategy and Operations set-up engagements. Hisareas of activities include Asset Management and Services client, Global Custody and Bankingclients for traditional and alternative assets. Gérard is leading Deloitte Luxembourg ConsultingPE/RE initiative. Gérard is an active member of different professional associations notably ALFIand ALCO.
Director, Strategy & Corporate Finance, Deloitte Luxembourg
Key contact
Real Estate Symposium – Luxembourg – 17 March 2015 97
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