Take distress to success and optimise deal flow through open conversations on CRE’s changing pricing and fundamentals
17th April
08:30 - 12:30 | Greenwich Mean Time (GMT+0)
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72 people are attending
Giulia Morpurgo
Edward Daubeney
Susannah Stewart
Credit: shutterstock_144792676
ABOUT THE EVENT
Should distress have hit already? Are you worried or hopeful about office repricing and its impact on opportunistic deals? RE funds targeting distress continue to generate interest, but we are yet to see much action.
Cautious optimism characterises the current real estate investment climate. How are market players making sense of pricing, defining value, and determining liquidity?
The GRI Distress Forum, created by members, encourages a series of open conversations to make sense of the current climate, understand strategies, and inspire confidence in deals. No stages or speakers, just private conversations with fellow dealmakers.
Should distress have hit already? Are you worried or hopeful about office repricing and its impact on opportunistic deals? RE funds targeting distress continue to generate interest, but we are yet to see much action.
Cautious optimism characterises the current real estate investment climate. How are market players making sense of pricing, defining value, and determining liquidity?
The GRI Distress Forum, created by members, encourages a series of open conversations to make sense of the current climate, understand strategies, and inspire confidence in deals. No stages or speakers, just private conversations with fellow dealmakers.
Discussions
9:00 - 10:00
Value Add, Distress & Capital Allocations
When will it make sense to fire up the engines?
- Post GFC, Post Covid, Post Inflation… Will this distress wave be scalably different than before? Could it mean a more competitive landscape?
- The Cycle - If not distressed, where to make money in the meantime?
- Opportunistic vs Distress Strategies
- Dry Powder - Time to open the warchest and bring capital into play or keep it dry and wait for signs of capital growth?
- Bid & Ask Spread - Is mispricing and lack of buyer/seller expectations the reasons for the distress delay?
- Fundraising - Plenty of capital, will it fire into distress or something else?
- Real Estate - Are we seeing better returns elsewhere? When will pricing make sense to return back to RE fundamentals and bet there?
Moderator
Giulia Morpurgo
Reporter
Bloomberg News
Ben
Bianchi
Head of Europe, MD
Oaktree Capital Management
Tom
Rowley
Managing Director, Co-Portfolio Manager European Real Estate
TPG Angelo Gordon
Barry
O'Shea
Partner, Global financial Markets
Clifford Chance
Lorcain
Egan
Co-Head Europe
Starwood Capital Group
Peter
Robinson
Partner
Crosstree Real Estate Partners
Paul
Gibson
Chief Investment Officer EMEA Direct Real Estate Strategies
CBRE Investment Management
10:15 - 11:15
Maturing Loans & Refinancings
Pivot to distress deals or transactional opportunities best kept risk-off?
- Germany Center Stage - Distress coming quicker and stronger than in other countries?
- Refinancing - Funding gap opening doors to transactional opportunities or liquidity too messy?
- Borrower vs. Lenders - Pricing making sense to join forces?
- Asset Prices - Rough patch or a whole new price game in certain spots?
- Mezzanine Funds - Making a comeback as cautious lenders take the backseat?
- Underwriting - Is the spotlight on debt yields?
Moderator
Edward Daubeney
Co-Head of Debt and Structured Finance, International Capital Markets, EMEA
JLL
Russell
Gould
Co-Head of EMEA Commercial Real Estate Finance
Citi Group
Stephen
Plavin
Head of Europe BREDS
Blackstone
Hal
Shaw
Partner, Head of European Capital Solutions
KSL Capital Partners
Hans
Vrensen
European Head of Research and Strategy
AEW Europe
Duncan
MacPherson
Head of Capital Markets Europe
Starwood Capital Group
Daniel
Pottorff
Head of Debt Investment
Tristan Capital Partners
Steffen
Rapp
Managing Director Germany
ARC Capital Markets - Germany
11:30 - 12:30
Reincarnation
Assets are dead, long live places!
- Offices by ESG - What makes sense to keep, sell, and reconvert?
- Offices by Place - New anchor assets, mixed use, and placemaking ideas to generate value from distress
- Rethinking Place and Space - Is multi-purposing and sustainability the future?
- Operational Challenges- Do we need to be more strategic in our choices?
- Tenant and Demographic Demands - How are they impacting commercial portfolios?
- How to allocate capital to the preservation of buildings that deserve to be preserved
- Placemaking and regeneration (green and brownfield)
Moderator
Susannah Stewart
COO & CISO - Chief Innovation & Sustainability Officer
Planet Smart City
Vincent
Nobel
Head of Asset Based Lending
Federated Hermes
Irene
Ryan
Managing Director, Head International Debt Asset Mgmt
Starwood Capital Group
Rumi
Bose
Regeneration Project Manager
Royal Borough of Greenwich
Nicola
Mathers
CEO
Future of London
Sara
Willard
Founding Partner
Workable City Development
Giulia Morpurgo
ReporterBloomberg News
United Kingdom
Ben Bianchi
Head of Europe, MDOaktree Capital Management
USA
Managing Director and Co-Portfolio Manager, Oaktree Capital Mr. Bianchi is a managing director and Head of Europe for Oaktree’s Real Estate group. Mr. Bianchi joined Oaktree in 2014 and has been involved in the investment and management of its real estate funds in the United States and Europe throughout his time at the firm. Prior to joining Oaktree, Mr. Bianchi worked for Deutsche Bank AG where he held senior positions in the firm’s London, Hong Kong and New York-based real estate divisions. Before joining Deutsche Bank, Mr. Bianchi was employed by Moore Capital's MSVP Japan where he served as a senior vice president. He began his career as an associate in Goldman Sachs's Archon Group in the U.S. and Asia.
Tom Rowley
Managing Director, Co-Portfolio Manager European Real EstateTPG Angelo Gordon
United Kingdom
Tom Rowley is based in London and is the co-Portfolio Manager of TPG Angelo Gordon’s Europe real estate funds. He is also a member of the European Real Estate Investment Committee. Prior to joining Angelo Gordon in 2012, Tom was the co-founder of a real estate investment and operating platform based in London. Prior to that, Tom was the Head of UK Real Estate for Babcock & Brown, where he purchased and managed opportunistic real estate investments throughout the UK, Europe and Asia. Tom has over 20 years of industry experience and holds a Business degree (Hons) from the University of South Australia.
Barry O'Shea
Partner, Global financial MarketsClifford Chance
United Kingdom
Barry O'Shea specialises in advising lenders (senior & mezzanine) and borrowers on the financing of real estate, both in the UK and in numerous European jurisdictions, including pan-European transactions.
He also advises clients on the restructuring and enforcement of real estate debt, on loan portfolio sales & acquisitions (and loan-on-loan financing), structured debt and JV arrangements relating to real estate.
Lorcain Egan
Co-Head EuropeStarwood Capital Group
United Kingdom
Lorcain Egan is a Managing Director and Co-Head of Europe for Starwood. Mr. Egan is responsible for Starwood’s international lending platform covering Europe and Asia. Since joining Starwood in 2013, Mr. Egan has structured and executed financing transactions and secured financing for Starwood’s equity acquisitions across Europe and Asia. Prior to joining Starwood Capital, Mr. Egan was a Vice President at Barclays Bank where he worked in their Structured Property, Debt Finance team based in London. In this team, Mr. Egan focused on originating, structuring and executing real estate debt opportunities for Barclays.
Peter Robinson
PartnerCrosstree Real Estate Partners
United Kingdom
Peter is responsible for sourcing, analysis and execution of investments.
Paul Gibson
Chief Investment Officer EMEA Direct Real Estate StrategiesCBRE Investment Management
United Kingdom
Paul Gibson serves as Chief Investment Officer – EMEA Direct Real Estate Strategies for CBRE Investment Management, overseeing investment strategy, portfolio management, analytics and performance measurement across the region. Paul joined the firm in 2004 as Senior Portfolio Manager, leading a team within the UK Separate Accounts Division. He serves as the Client Director on a number of these mandates. In his previous role as EMEA Head of Investment Strategy, Paul was responsible for investment strategy in Continental Europe and the UK, guiding top-down portfolio strategy and investment management across funds and separate accounts.
Edward Daubeney
Co-Head of Debt and Structured Finance, International Capital Markets, EMEAJLL
United Kingdom
Russell Gould
Co-Head of EMEA Commercial Real Estate FinanceCiti Group
United Kingdom
Russell is a Managing Director and Co-Head of the EMEA CRE Finance team, business at Citigroup, focusing on origination, underwriting and distribution of senior and mezzanine debt. Over an 12 year career in commercial property finance Russell has expertise in loan underwriting, proprietary / special situation investing, CMBS bond and junior debt trading and underwriting & risk management across Europe and all traditional and operating asset classes
Stephen Plavin
Head of Europe BREDSBlackstone
USA
Steve Plavin is a Senior Managing Director based in London and oversees Blackstone’s Real Estate Debt Strategies business in Europe. Previously, from when he joined Blackstone in 2012 until June 2021, Mr. Plavin was the Chief Executive Officer of Blackstone Mortgage Trust, Inc., a NYSE- listed commercial mortgage REIT managed by Blackstone. Prior to joining Blackstone, Mr. Plavin served as CEO of Capital Trust, Inc. (predecessor of Blackstone Mortgage Trust) and CT Investment Management Co., LLC, a commercial real estate debt investment manager and rated special servicer that was wholly owned by Capital Trust and acquired by Blackstone in 2012.
Hal Shaw
Partner, Head of European Capital SolutionsKSL Capital Partners
United Kingdom
Hal Shaw is a Partner at KSL Capital Partners where he serves as Head of European Capital Solutions and
is based out of London. Hal joined KSL in 2007 as a Summer Associate with the Private Equity Team.
During his time at KSL, Hal has invested across the capital structure ranging from senior and mezzanine
debt originations to acquisitions and has played a lead role in the formation and subsequent growth of
KSL’s Capital Solutions strategies. Hal is a member of KSL’s Equity Investment Committee, Credit
Investment Committee and Tactical Opportunities Investment Committee.
Hans Vrensen
European Head of Research and StrategyAEW Europe
United Kingdom
Hans Vrensen, CRE, CFA, Drs Econ & MRE, is an AEW managing director heading the European Research & Strategy team. He is a seasoned analyst in the international commercial real estate and capital markets with over 25 years of experience. He is a voting member of AEW’s European investment committee and has introduced new innovative big data methodologies and alternative data sources. Prior to AEW, Hans was global head of research at DTZ (now C&W) from 2009 to 2015. Other roles included Barclay’s head of European securitization research and senior credit officer at Moody’s. Before moving to the UK, Hans also worked at LIM and C&L (now PwC) in the US.
Duncan MacPherson
Head of Capital Markets EuropeStarwood Capital Group
United Kingdom
Duncan MacPherson is a Managing Director and Head of Debt for Europe for Starwood Capital Group. In this role, Mr. MacPherson is responsible for all debt capital markets activities for Starwood Capital in Europe, including financing, foreign exchange and interest rate hedging for the Firm’s European investments. He is also responsible for originating, executing and managing debt investments for Starwood Property Trust and Starwood European Real Estate Finance. Prior to joining Starwood Capital in 2012, Mr. MacPherson spent six years at Citigroup, where he served as a Director on the commercial real estate finance team in London.
Daniel Pottorff
Head of Debt InvestmentTristan Capital Partners
United Kingdom
Dan is the Head of Debt Investment at Tristan. Prior to joining Tristan in 2021, Dan was Managing Director in the Debt & Special Situations team at LaSalle Investment Management where he was responsible for originating and executing transactions for the LaSalle Real Estate Debt Strategies fund series and several separate account mandates encompassing development finance, whole loan lending and special situations. During his time at LaSalle, Dan was directly responsible for transactions representing over €1.4bn of lending and was fund manager for the Special Situations program.
Steffen Rapp
Managing Director GermanyARC Capital Markets - Germany
Germany
Susannah Stewart
COO & CISO - Chief Innovation & Sustainability OfficerPlanet Smart City
Italy
From idea to insight to impact.
A global investor, executive, intra/entrepreneur and advisor with a career spanning all top 25 industries, 20 countries, and 5 different C-level titles- currently COO for Planet Smart City’s Thinkubator and a certified advanced sustainability practitioner- Susannah brings breadth & depth of perspective to inspire transformation, create opportunity, and monetize value where strategy, innovation, community, and sustainability converge. She has designed new markets, companies, products, and services ranging from real estate to renewable energy, luxury yachts to logistics, education to environment, consulting to city regeneration. Not just preparing for the future, Susannah can help you to define and create it.
Vincent Nobel
Head of Asset Based LendingFederated Hermes
United Kingdom
Irene Ryan
Managing Director, Head International Debt Asset MgmtStarwood Capital Group
United Kingdom
Irene Ryan is an advisory board member of GRI Women Leading RE Europe and is a Managing Director at Starwood Capital Group. Irene is responsible for the asset management of debt investments by Starwood’s international lending platform in Europe and Asia-Pacific. Since joining Starwood Capital in 2013, Irene has managed over $14bn of loans held across multi-asset classes including loans on refurbishment and construction projects. Prior to joining Starwood Capital Group, Irene worked in a real estate focussed bank in London, holding a variety of lending roles from origination to loan restructuring and recovery. Before that, she worked at KPMG in Ireland and is a fellow of the Institute of Chartered Accountants of Ireland (FCA).
Rumi Bose
Regeneration Project ManagerRoyal Borough of Greenwich
United Kingdom
Nicola Mathers
CEOFuture of London
United Kingdom
Sara Willard
Founding PartnerWorkable City Development
United Kingdom
Sara Willard brings over 30 years of investment and development expertise to urban projects, specializing in adaptive reuse, residential, mixed-use and redevelopment projects. Before founding her NYC real estate development firm in 2015, (www.workablecity.com), she managed $400M+ of investments for institutional private equity firms and developers. As a business owner, she raised $50M of equity for $150M projects in Brooklyn and now seeks redevelopment opportunities in the UK and Europe.
What is a Club Meeting? How can I participate?
Our discussion co-chairs kick off the knowledge exchange. After that, you can join it as much as you like:
peer-to-peer, capital to product, and behind closed doors.
peer-to-peer, capital to product, and behind closed doors.
What is a Club Meeting
An in-person private meeting exclusive for Club Members. Spend time and participate in interactive discussions with the most senior players in the market.
An in-person private meeting exclusive for Club Members. Spend time and participate in interactive discussions with the most senior players in the market.
Who can join
Senior investors, lenders, asset owners, and developers active in the real estate market.
Senior investors, lenders, asset owners, and developers active in the real estate market.
How to join
Click in “Join the event”. If you’re not a member yet, fill up the form for apply or upgrade your membership.
Click in “Join the event”. If you’re not a member yet, fill up the form for apply or upgrade your membership.
Contact us
Kirsty Stevens
Kirsty Stevens
Partner
GRI Club
0787150599
12 years experience within conference production in infrastructure, tax, finance and real estate. Previously working with RICS for four years helping drive the global CPD rollout. I have been with GRI Club for over 4 years, from Sales Director, UK Markets Director, Content Director and now as Global Head of Content with Sales Specialty within our Europe and USA markets. Ask me about our European events,asset class specialisms and connecting wtih investors globally. BA Hons in Philosophy from Kings College London, hobbies include Rugby, Theatre Production and Time Out Tastemaker.
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Victor Tranquilini
Club DirectorGRI Club
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Pan European Club Partner
Club Partners
Industry Partners
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.
http://www.jll.co.uk
+44 (0) 20 7493 4933
London | United Kingdom
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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.
REAL ESTATE
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