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AREF ANNUAL DINNER 2012 | 1Programme sponsor
WEDNESDAY 19TH SEPTEMBER THE DORCHESTER PARK LANE LONDON
ANNUAL DINNER 2012
DINNER MENU
Starter
Heritage tomato tart fine with baby cress and shaved pecorino
Main course
Pot roast corn fed chicken with braised red cabbage,
sautéed spinach, carrot confit and potato fondant,
sage cream
Dessert
Caramelised chocolate mousse with caramel crisp and
granny smith sorbet
Fresh filter coffee or tea and petit fours
AREF ANNUAL DINNER 2012
PROGRAMME OF EVENTS
6.30pm Drinks
7.45pm Call to dinner
8.00pm Welcome
8.10pm Dinner
10.30pm Networking and post dinner drinks
1.00am Close
Cash bar open all evening
2 | AREF ANNUAL DINNER 2012
WELCOME FROM PAUL DENNIS-JONES CHAIRMAN, ASSOCIATION OF REAL ESTATE FUNDS
The Association of Real Estate Funds (AREF) is delighted to welcome you to The Dorchester for our 2012 Annual Dinner, my first since becoming Chairman.
We have retained our established format
with minimal formalities, allowing you
plenty of time to network with your
guests, peers and colleagues. Like last
year, we will be presenting a small
number of awards in order to recognise
specific achievements.
The following gives a brief outline of what
AREF has been doing over the last year:
Membership
Current membership stands at:
• 80 Fund members (with a
collective NAV of almost £40bn)
• 34 Affiliate members
• 1 Associate member
(new category added July 2012)
We welcome five new member funds:
• Grosvenor Liverpool Fund
• Aberdeen UK Balanced
Property Fund
• M&G Secured Property Income Fund
• Cordea Savills Student Hall Fund
• Friends Life Group Managed
Property Pension Fund (AXA)
We welcome three new organisations to
our Affiliate membership category:
• Savills
• Lambert Smith Hampton
• CBRE
We welcome one new organisation to our
new Associate membership category:
• Knight Frank Investors
AREF ANNUAL DINNER 2012 | 3
>> continued
Lobbying
With the increas ing flow of regulation
from Europe, we have been very busy in
our lobbying activities. This has included:
• Alternative Investment Fund
Managers (AIFMD) Directive – we
have remained active on this, with
one of our working groups looking
into Level 2 measures.
• European Market Infrastructure
Regulation (EMIR) & OTC Derivatives
– we have lobbied extensively on
both of these, which significantly
impact geared real estate funds.
• Solvency II & IORP (Pension Review)
– we continue to lobby on both
these issues, with regards to their
implications for real estate funds.
• PAIF Conversions – following our
extensive lobbying work, tax changes
to facilitate PAIF conversions were
completed with the publication of
new capital taxation regulations
which came into effect on 1st August.
This will allow transfers of investors
between the OEIC and Unit Trust
feeder, without tax consequences at
the time of the exchange.
Working with other industry bodies
• Property Industry Alliance (PIA) –
we continue to be involved in this
group, which provides a co-ordinated
and cross-industry approach to
analysing and discussing the impact
of the current debt crisis. The group
recently released a report (which
is available to our members as
a secure download from our
website), which focusses on many
issues including the level of debt
outstanding against UK commercial
real estate and how this has changed
since 2011.
• European property collaboration
– we are also joining forces with
seven other European & national
real estate organisations to form
an, as yet un-named, European
real estate group intended to
improve industry co-ordination and
education on a European level.
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Communicating with our members
Steps to improve our communication
included:
• New website launched – this has a
new facility enabling both public
and member-only documents to be
posted onto the site.
• New logo, brand and stationery
launched – all of which give us a
fresh new look.
• New Communications Executive hired
– to improve the quality, quantity
and breadth of our communication.
• Events – we have held a number of
‘member only’ events this year, all of
which help our members to enhance
their understanding of issues relating
to the real estate industry.
Research
Our ongoing research projects include:
• Real Estate Allocations in Retirement
Saving Schemes – we will be looking
at the impact of these, prompted by
the decline of DB Schemes.
• Secondary Trading – to improve
the transparency of the unlisted
funds industry, we want to present
a clearer picture of the secondary
trading market.
Performance Measurement
• AREF/IPD UK Pooled Property
Fund Index – we have been
consulting on a number of
potential changes to the indices;
to be finalised soon.
• IPD Pan European Property Fund
Funds Index – we have agreed to
sponsor this Index, another key
step in the growing transparency
of our market.
The economy, our clients and our
industry are all undergoing significant
changes which will affect us all –
increased regulation, globalisation
and consolidation to name a few.
AREF will continue to work pro-actively,
with you and other organisations, to
protect and enhance both yours and
our clients interests. There is still
much for us to do.
THE COMMERCIAL PROPERTY SEARCH WEBSITE
There’s only been one way to find new premises.Now there’s a new way
PropertyDNA.com is the NEW commercial property listings website.
We advertise retail, industrial, office and all other commercial properties right across the country. We also have lots of useful tools, guidance and tips to help guide you through the commercial lettings maze. So now you can find what you’re looking for all in one place.
6 | AREF ANNUAL DINNER 2012
TABLE PLACEMENT
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23
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Entrance
Entrance
Spea
ker
AREF ANNUAL DINNER 2012 | 7
TABLE ALLOCATION
1 PwC John Forbes
2 Ernst & Young David Wilson
3 Eversheds LLP Bruce Dear
4 Eversheds LLP Pamela Thompson
5 Hogan Lovells International LLP James McDonald
6 Tuffin Ferraby Taylor LLP Richard Aitchison
7 Savills Commercial Ltd John Rhodes
8 GVA Mark White
9 Unite Group PLC Mark Creedy
10 Legal & General Property Charles Walker
11 Fidelity Worldwide Investment Adrian Benedict
12 Lawrence Graham LLP Robert Adam
14 Mayfair Capital Investment Management Limited Guy Brogden
15 Trident Building Consultancy Matthew Clare
16 Hermes Real Estate Chris Mathew
17 UBS Global Asset Management Anthony Shayle
18 Pramerica Real Estate Investors Andrew Grigson
19 Nabarro LLP Darren Stolzenberg
20 Schroders Property Investment Management John Harding
21 Norton Rose LLP Mark Lloyd Williams
22 AREF John Cartwright
23 Knight Frank Investors LLP Kevin Aitchison
24 Kames Capital David Wise
25 Brookfield Asset Management Julian Schiller
26 Schroders Property Investment Management Tom Dorey
27 Lothbury Investment Management Limited Simon Radford
28 AREF Paul Dennis-Jones
29 Lend Lease Anthony Brown
30 BlackRock Neeral Patel
31 Maples Teesdale LLP Roger Thorton
32 Macfarlanes LLP Dominic Cunliffe
33 Threadneedle Asset Management Chris Morrogh
34 Cordea Savills Nick Hayward
35 CBRE Michael Brodtman
36 SWIP Peter Macpherson
37 AEW UK Richard Tanner
38 Aviva Investors James Morrow
39 RREEF Real Estate Stephen Wicks
40 Ogier Fund Services Tim Morgan
41 CMS Cameron McKenna LLP Melville Rodrigues
42 CBRE Global Investors Jean Lamothe
43 Bovill Ltd Rebecca Thorpe
44 Ignis Asset Management Guy Hutcheson
45 Travers Smith LLP James Styles
TABLE Company/host TABLE Company/host TABLE Company/host
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ABOUT THE ASSOCIATION OF REAL ESTATE FUNDS (AREF)
We are the industry association which represents the unlisted real estate funds industry.
AREF seeks to promote the interests of member funds by:
Ensuring that members offer consistently high quality products and support services to investors and their advisers, and by enhancing the understanding of real estate funds by those users;
Informing, influencing and lobbying policy makers, tax and regulatory authorities and other official bodies to achieve the optimum environment for real estate funds;
Influencing the factors that will progress our industry by seeking ways to enhance the products and services offered by members; addressing the concerns of third party stakeholders; and developing members’ understanding of new asset types.
As part of these objectives, AREF promotes and polices a Code of Practice and
provides a large part of the finance for the AREF / IPD UK Pooled Property Fund
Indices and the AREF / IPD Property Fund Vision Handbook. We also publish the
AREF Investment Quarterly (AREF IQ), which provides data and commentary on
fund returns, liquidity, yields and capital flows into and out of funds, and gives
a valuable overview of the UK unlisted real estate funds market.
Further information can be found at www.aref.org.uk
AREF ANNUAL DINNER 2012 | 9
OWNERS OPERATORS & INVESTORS IN
REAL
Delivering superior performance in real estate requires the industry intelligence and local presence to identify unique investment opportunities, and the operating expertise to create long-term value from those investments. As owners, operators and managers of more than $94 billion of office, retail, multifamily, industrial, residential and hotel assets globally, Brookfield has an experienced team of professionals in 30 offices across five continents. We leverage our deep operational experience and global reach to employ a disciplined investment approach focused on value creation, long-term returns, capital preservation and risk management. Brookfield Asset Management is a global alternative asset manager with over $150 billion in assets under management. We have over a 100 year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. We offer our clients a range of public and private investment products and services with a goal of delivering superior risk-adjusted returns.
www.brookfield.com
NEW YORK TORONTO SÃO PAULO LONDON SYDNEY HONG KONG MUMBAI ABU DHABI DUBAI
ESTATE
10 | AREF ANNUAL DINNER 2012
AREF MEMBERS
FULL MEMBERSAberdeen Property UK Retail Parks Trust
Aberdeen UK Balanced Property Fund
AEW UK Core Property Fund
Airport Industrial Property Unit Trust
Apia Regional Office Fund
Ashtenne Industrial Unit Trust
Aviva Investors Pensions Property Fund
Aviva Investors Property Trust
BlackRock UK Property Fund
CBRE Lionbrook Property Fund
CBRE UK Property Income Fund
Charities Property Fund
COIF Charities Property Fund
Cordea Savills Student Hall Fund
Cordea Savills UK Income & Growth Fund
Cording UK Real Estate Fund
Falcon Property Trust
Fidelity UK Real Estate Fund
Friends Life Group Managed Property Pension Fund
Grosvenor Liverpool Fund
Grosvenor London Office Fund
Henderson CASPAR
Henderson Central London Office Fund
Henderson UK Property Fund (The)
Henderson UK Property Unit Trust
Henderson UK Retail Warehouse Fund
Henderson UK Shopping Centre Fund
Hercules Unit Trust
Hermes Property Unit Trust
Ignis UK Property Fund
Industrial Property Investment Fund
Industrial Trust (The)
Junction (The)
Kames Active Value Property Fund
Kames Capital UK Property Fund
Kames Target Healthcare Property Unit Trust
Legal & General Managed Property Fund
Legal & General UK Property Unit Trust
Leisure Fund Limited Partnership
Lend Lease Retail Partnership
Local Authorities’ Property Fund (The)
Lothbury Property Trust
Low Carbon Workplace LP
M&G Pooled Pensions Property Fund
M&G Property Fund (The)
M&G Property Portfolio
M&G Secured Property Income Fund
Mall Fund (The)
Mayfair Capital Property Income Trust for Charities
Mayfair Capital PUT
Osiris Property Fund (The)
Palmer Capital Development Fund
PanEuropean Property Limited Partnership
Pramerica UK Ground Lease Fund
AREF ANNUAL DINNER 2012 | 11
Quercus Healthcare Fund
Retail Plus Property Trust
Rockspring Hanover Property Unit Trust
Royal London Property Fund
RREEF UK Core Property Fund
RREEF UK Industrial Property Fund
RREEF UK Office Property Fund
RREEF UK Retail Property Fund
Schroder UK Property Fund
Skandia Property Fund
Standard Life Investments Long Lease Property Fund
Standard Life Investments UK Property Fund
Standard Life Investments UK Retail Park Trust
Standard Life Investments UK Shopping Centre Trust
Standard Life Pooled Pension Fund
SWIP Property Trust
Threadneedle Pensions Property Fund
Threadneedle Property Unit Trust
Threadneedle UK Property Trust
UBS Central London Office Value Added Fund (UBS CLOVA)
UBS Triton Property Fund
Unite UK Student Accommodation Fund
V+UK
West End of London Property Unit Trust
X-Leisure Unit Trust (The)
AFFILIATE MEMBERSBerwin Leighton Paisner LLP
BNP Paribas Real Estate
Bovill Limited
Capita Financial Group
Capita Symonds
CBRE
CMS Cameron McKenna LLP
Deloitte LLP
DLA Piper UK LLP
DMH Stallard
Ernst & Young
Eversheds
GVA
Hogan Lovells LLP
Ipes
KPMG
Lambert Smith Hampton
Lawrence Graham LLP
Macfarlanes LLP
Macquarie
Maples Teesdale
Nabarro LLP
Norton Rose LLP
Ogier
Olswang LLP
Osborne Clarke
Pinsent Masons LLP
PricewaterhouseCoopers
Savills Commercial Ltd
State Street
The Townsend Group
Travers Smith LLP
Trident Building Consultancy
Tuffin Ferraby Taylor
ASSOCIATE MEMBERSKnight Frank Investors
12 | AREF ANNUAL DINNER 2012
AREF PEOPLE
BOARD
AREF EXECUTIVEMANAGEMENT COMMITTEE (sub committee responsibility)
Paul Dennis-Jones
Chairman
Simon Radford
Director
Ian Mason
Director
John Cartwright
Chief Executive
Mark Sherwin
Secretary General
Susan Wright
Regulatory Adviser
Alexander Rickards
Tax Adviser
Navdeep Sidhu
Press Officer
Caroline Collins
Finance Manager
Sarah Bryson
Administration
Clare Whyte
Communications Executive
Paul Dennis-Jones
Pramerica
Chairman
Ian Mason
Schroder
(Regulation)
David Wise
Kames Capital
(Corporate Governance)
Nick Cooper
The Townsend Group
(Investor)
Will Chetwood
Aviva
(Tax)
Anthony Shayle
UBS
Kevin Aitchison
Knight Frank Investors
(Indices & Data)
Mike Sales
Henderson
Chris Mathew
Hermes
James Petit
RREEF
Neal Shegog
Rockspring PIM
Simon Radford
Lothbury
John Cartwright
AREF
The redevelopment of The Clarendon Shopping Centre, (pictured), a prime retail asset in the Centre of Oxford, is just one example of the Lothbury Investment Management (LIM) core/active investment strategy in action. This has enabled the company’s flagship UK fund, Lothbury Property Trust (LPT) to deliver added value and outperformance for its investors over 1,3, 5 and 10 years.
For more information on LPT and other LIM real estate products please contact:
Lothbury Investment Management Limited is authorised and regulated by the Financial Services Authority
Lucy Williams T: 0203 551 4907 E: [email protected]
www.lothburyim.com
CREATING VALUE
for Our Investors
ACKNOWLEDGEMENTS
Chocolates
Event Programme
Programme & Invite Design
Tickets
Venue
Event Management
The AREF Management Committee would like to thank the following
for their generosity and support of the evening events:
Event organised by Christopher Tabor, TMCT Events – 07721 920 485
Printed on Revive FSC 100% recycled