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GRI Credit Opportunities & RE Debt 2023

 Time to Step into the Trillion Pound Funding Gap?

30th November
08:30 - 17:30 GMT
152 people are attending
Credit: GRI Club / Midjourney

Meeting Overview

What does 2024 have in store for real estate capital allocations, credit and debt finance markets? Can we expect the current retrenchment to continue or will the billions of dry powder be finally unleashed?

Spend time with European Lenders, CEOs,  Heads of Debt, Secondaries & Special Situations involved in Real Estate transactions and gain personal anecdotes that might help you identify your next debt opportunity.

No press, no formal agendas, no stages, just qualified decision makers with risk in real estate transactions, sitting down together for closed door discussions.

"The past 18 months has seen the topic of real estate debt jump in prominence across almost all parts of the globe. While the conversation is often dominated by rising interest rates and the difficulties in obtaining finance, many of us are also focusing on evident opportunities for investment in private real estate debt. Opportunities that span across the spectrum of risk. From low risk, cash enhancing senior investments to junior opportunities where downside protections against further capital value decline provide for an attractive risk-adjusted return."
Simon Wallace
Global Co-Head of Real Estate Research and Strategy
DWS Group
 
Expand your network
 
Transacional discussions about the market
 
In-depth industry knowledge with strategic insights
09:00 - 10:15 | Plenary Discussion

Credit & Debt

No brainer play against inflation or long term change in capital interest?

  • Why does the debt market look so different today?
  • Institutional Capital In, Senior Debt Out? Navigating the appetite 
  • Are the returns easy to figure out? What’s the competitor landscape?
  • Mismatch between supply and demand - will it scupper transactions?
  • Are we worried about interest rates?


11:00 - 12:15 | Plenary Discussion

Debt

The New Asset Class?

  • Debt in Real Estate - Is what’s good, also what makes sense?
  • Capital Investment Matrix & Opportunity - Do we need to throw the investment playbook out?
  • Secondary Deals - Hot stuff or butting heads with fellow buyers?
  • Interest Rates vs Transaction Volumes - Anticipating 2024
  • How difficult is it to underwrite real estate value, and what are the implications?


13:30 - 14:30 | Breakout Discussions

Refinancing

Best to keep originations active or taking over someone else's problem?

  • Will expensive debt cause a deleveraging cycle and will this in turn see owners with limited access to capital create liquidity by selling assets?
  • Debt Refinancing - Will alternative lenders step up as senior debt declines in 2023?
  • Asset classes - Which are in the hot seat and what drives successful market refinancing?
  • How to fine-tune your hedging strategy to thrive in the current climate?
  • Offices - Problem or opportunity?
13:30 - 14:30 | Breakout Discussions

The Green, Green Grass of Loans

Benefits and criteria of ESG Lending 

  • Creating Value & Aligning Investors’ Expectations - How can credit influence deal decisions?What does “green” really mean? Lender, borrower and debt fund perspectives aligned with tenants? 
  • Key aspects for sustainability - Certificates, energy consumption, EPC, CRREM, taxonomy and ESG ratings
  • What are the drivers and benefits of a green loan for its parties?
  • Which forms of green loans are available? From straight green or sustainability linked - investment loans, development loans and transition loans
  • Loan documentation challenges, ESG Due Diligence and information requirements
15:00 - 16:00 | Breakout Discussions

Senior Debt & Back Leverage

Will the mezz get paid?

  • Is Mezz the winner or loser in the current debt climate?
  • Credit Underwriting & Inflation Hedging - What are the impacts of high-interest rates on the borrower and the lender? 
  • How are liquidity and values impacting lending decisions and allocated into what assets?
  • Is back leverage all about MTM and recourse, or is the market starting to open up for non recourse or MTM back leverage?
  • Beyond Resi -Is back leverage available for spec development outside of living sectors?
  • Banks v Debt Funds – Who are they key players today in this space?
  • Loan On loan v A/B – Pros and cons of each? Are more and more lenders today focusing on unlevered lending only?
15:00 - 16:00 | Breakout Discussions

Distress Buying Opportunities

Just around the corner, will debt enter value-add in a big way?

  • Will there be distress? What will it look like? It's not the same as the GFC?
  • Recaps - Repricing limbo or opportunities up the risk curve?
  • Welcome to the New (‘Back to) Normal of Interest rates? 
  • Rebalancing the attractiveness of credit and equity strategies
  • How to Drive ROI Growth? Adding value rather than buy and hold is the best way forward? 


16:30 - 17:30 | Breakout Discussions

Alternatives & Special Situations

Where to get the best RE exposure?

  • Origination, Sourcing, Structuring and Diligence Phases - Where are the good sponsors?
  • Unprecedented Times - More caution and more funding gaps?
  • Hedging - Are interest rate hedging costs providing too much complexity and hampering dealflow? 
  • Alternatives vs. Traditional Lenders - How to move forward engaging in work-outs and special situations in the current lull?
  • Equity vs. Debt - Should equity funds step up their game to compete with debt funds?


16:30 - 17:30 | Breakout Discussions

Funds of the Next Cycle

Which capital structures, which asset classes will hold their values? 

  • Europe vs. USA & APAC - Where’s the smart capital?
  • What capital structures make sense?
  • Which asset classes will nurture value and which regions to maximise?
  • Are more flexible long term approaches to debt and equity essential?


FUNDING FOR THE FUTURE
Senior Debt, Alternative Lenders, and closing the Debt Funding gap in European real estate

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Pan European Club Partner
Club Partners
Industry Partners
https://cms.law/en/int/publication/our-real-estate-capability-at-your-service
Warsaw | Poland
With the largest commercial real estate team in Europe and one of the biggest worldwide, CMS is well positioned to help investors, funders, developers, landlords and occupiers navigate all aspects of the real estate market and maximise their assets. Whatever the size and scope of your project or deal, with almost 800 real estate lawyers in 46 countries we have the resources to meet your needs quickly and efficiently, offering expert advice. We have been active in real estate in our markets for decades, so we understand the culture, the economic context, the local legal context and the history.
https://www.accenta.ai/
Boulogne-Billancourt | France
Accenta s'attaque à un immense défi environnemental : décarboner le chauffage et la climatisation des bâtiments, qui représentent 10% des émissions mondiales de CO2. Elle est issue de 3 années de R&D au X-Novation Center de l'Ecole Polytechnique. Grâce à des innovations portées par l'Intelligence Artificielle, l'entreprise a mis au point des technologies énergétiques uniques qui rendent accessibles et garantissent aux propriétaires immobiliers une décarbonation drastique du chauffage et de la climatisation. Avec la chaufferie bas carbone et la plateforme d'optimisation d'Accenta, vous chauffez et climatisez vos bâtiments de manière compétitive en divisant par 14 vos émissions de carbone et réduisant vos émissions carbone jusqu’à -95%.
http://www.colliers.com
Panama City | Panama
https://www.sienna-im.com/services/real-estate/
Paris | France
Sienna Real Estate is a pan-European investment manager with over 30 years of experience in the European real estate investment and asset management market. Sienna Real Estate positions itself as a long-term strategic partner for local and international investors, advising and accompanying them throughout the entire investment cycle of a property, from the acquisition, administration of the asset or property, to the sale process.
http://www.wolftheiss.com/
http://www.wolftheiss.com/
+48 22 378 8900/ 48 22 378847
Warsaw | Poland
Wolf Theiss is one of the leading law firms in CEE and SEE. We have built our reputation on a combination of unrivalled local knowledge and strong international capability. We opened our first office in Vienna 60 years ago. Our team now brings together over 340 lawyers from a diverse range of backgrounds, working in offices in 13 countries throughout the CEE and SEE region. Over 80% of our work involves cross-border representation of international clients, and we offer full range of services.
https://yardreaas.it/it/servizi
milano
Yard Reaas is an independent group, a leader in Italy in real estate consultancy and integrated management of real estate services. The Group, with its subsidiaries Yard CAM and Yard RE, operates in both the institutional market and the distressed segment for Italian and foreign investors, banks, SGR/funds, industrial groups, private equity funds, and family offices. Yard Reaas has over 30 years of experience in the technical sector (due diligence, project management, and monitoring), environmental, valuation, and management (property management). In the context of ESG (Environmental, Social, Governance) criteria and investment sustainability, in 2015, it became the first real estate consultancy company registered for Italy in PRI – Principles for Responsible Investment.
https://www.globaltalent.com.br/
Brazil
Com mais de 20 anos de experiência, somos uma consultoria especializada em potencializar os resultados das empresas dos mercados imobiliário e de infraestrutura. Atuamos com soluções 360º nas áreas de gestão de pessoas e de estruturação de processos organizacionais.
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