UK and European real estate finance leaders preview their agendas for the year
British Property Federation Ion Fletcher, Director of Policy (Finance)
2014 agenda A wider definition of institutional investors to include REITs and the Alternative Investment Fund Managers Directive (see AREF) come into play in April and July respectively following recent lobbying by the BPF. This year the body will continue its support for calls for a reform to business rates, with a paper expected from the British Retail Consortium and E&Y in March, ahead of a government consultation paper to be published late in the first quarter. Key dates include the BPF residential conference in February as well as its annual conference, which will be held in early summer.
Investment Property Forum Sue Forster, Chief Executive
2014 agenda The Investment Property Forum, which celebrated its 25th anniversary in 2013, is preparing to release a study into real estate liquidity in the middle of the year as part of its extensive 2011-15 research programme. It will also continue to produce its quarterly UK consensus forecasts and half-year European Consensus Forecast. It also teams up with Lloyds Bank to produce the Commercial Banking Confidence Monitor, and separately a residential investment survey. Key dates The group also co-hosts the annual IPD/IPF conference in Brighton in November.
Association of Real Estate Funds John Cartwright, chief executive
2014 agenda The voice of the unlisted real estate funds industry is set to launch an updated Code of Practice early in the new year. July is circled in the calendar as the end of the transition period for authorisation of alternative investment fund managers under the new European Union AIFM Directive. During the year it will also be continuing its work to ensure that the Property Authorised Investment Fund (PAIF) regime is taken up as widely as possible. Following last year’s study on the effect of auto-enrolment of real estate allocations into defined contribution pension schemes, Returning to the Core, the organisation is planning further collaborative research. Key dates include an annual conference in the summer and its annual dinner in September.
European Public Real Estate Association Philip W Charls, chief executive
2014 agenda EPRA, which represents the European listed real estate industry, is set to continue its investor outreach work into the broader European market and the retail sector. Attracting institutional money from the Asia Pacific market into the European listed sector is also a priority. Key dates The year kicks off with its Insight London event in January, followed by a chief executives’ conference in May and its annual conference in London in September.
Commercial Real Estate Finance Council Europe Peter Cosmetatos, chief executive
2014 agenda Working with regulators and other industry organisations to take forward the recommendations of A Vision for Real Estate Finance (see Real Estate Finance Group) is on the table. CREFC will also continue to promote best practice for and better regulation of banks, insurers and debt funds as the property finance market continues to grow and diversify. Key dates It hosts its annual spring conference in April.
IPD, Phil Tily, UK and Ireland managing director
2014 agenda The industry’s benchmarking service plans to sharpen its focus on property funds this year, following the launch of its Global Property Funds Index last September. Expect to see more granular data on fund performance and an index for new countries in 2014, alongside regular monthly and quarterly performance indices. Key dates The first quarter will see the publication of papers on valuation accuracy across global markets and AIFMD and risk analysis, followed by research quantifying the value of the global real estate market in the second quarter. It will hold a Real Estate Alternatives conference in the third quarter and jointly host the IPD/IPF annual conference in Brighton in November.
Association of Property Lenders Nigel Chapman, president and director, Deutsche Pfandbrief Bank
2014 agenda The APL works closely with bodies including the British Property Federation, IPF, and the Bank of England Property Forum to further the interests of the property lending industry. Its annual seminar in London in April provides an opportunity for the property finance specialist organisation to take stock. Last year the conclusion was more appetite, more liquidity, but no clarity as to how this will play out in the market. A year on, significant change is expected. Key dates The association also holds an annual dinner in November.
Real Estate Finance Group Nick Scarles, chairman; finance director, Grosvenor
2014 agenda The first quarter of this year is earmarked for the UK publication of the group’s A Vision for Real Estate Finance. This follows a draft report, sponsored by the IPF, that was circulated in October. The report contains seven recommendations for the UK commercial real estate debt market, towards which future regulation should evolve. Background This cross-industry group was born out of a recommendation of the Property Industry Alliance Debt Group’s to the Bank of England’s Commercial Property Forum for a group to consider a market structure and regulatory regime which could be implemented in time for the next crisis.
