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Winning hearts and minds BPF Residential Conference Tuesday 25 February 2014 Deloitte, 2 New Street Square, London EC4A 3BZ


08.30

Conference programme

Registration

09.10 Welcome and introduction from Chair: James Pargeter, Partner, Deloitte 09.15

Keynote address: Simon Rubinsohn, Chief Economist, RICS

09.45

Research: Sam Long, Head of PRS Research, Molior London

10.15 The PRS in comparative perspective: are there lessons to be learned?: Professor Tony Crook CBE 10.55

Coffee break

11.15  Case study: Living cities: PRS at the neighbourhood scale: Katherine Rodgers, Project Director, Grosvenor Britain and Ireland

WELCOME TO THE BPF RESIDENTIAL CONFERENCE Welcome to our Residential Conference 2014, which this year focuses on the winning of hearts and minds to the benefits of private rented homes. We hope you will find it an informative and interesting day, and that you will make some useful new contacts from the networking opportunities.

11:30 Case study: East Village, investing and operating: Derek Gorman, Chief Executive, Get Living London 11.45 Dominic Martin, PRS Taskforce, Department for Communities and Local Government 12.00

Panel session: Local hearts and minds:

Peter John, Leader of Southwark Council

Rob Heasman, Development Director, Elephant and Castle, Lend Lease Mary Parsons, Group Director, Placemaking & Regeneration, Places for People 12.45

Lunch

13.30

Panel session: Customer hearts and minds:

Session introduction: Campbell Robb, Chief Executive, Shelter

Michela Hancock, Development Manager, Bozzuto

Peter Brock, Managing Director, Grainger Germany

Paul Tennant, CEO, Orbit and President of the Chartered Institute of Housing

Neil Young, CEO, Young Group

14.45  Keynote address: Richard Sunderland, Founder and CEO, Heavenly Group 15.15

Tea break

15.30

Panel session: Investor hearts and minds:

Session introduction: Mark Prisk MP

Bruce Ritchie, CEO, Residential Land

Tim Leckie, Equity Analyst, J.P. Morgan Cazenove

Fiona Freeman, Head of Real Estate, London, Barclays Corporate Banking 16.30

Keynote address: Emma Reynolds MP, Shadow Housing Minister

17.00

Drinks reception


CHAIRMAN

James Pargeter

Speakers’ biographies

Partner, Deloitte Real Estate James leads the national Residential Projects team at Deloitte Real Estate, which has a strong pedigree across the residential sector, including specific expertise in affordable housing. The team offers a range of services including project management, building surveying and cost consultancy across all residential property types, as well as a variety of more strategic roles. Over many years, James has worked with a wide range of volume house builders, housing associations, JV partnerships and SPVs, investors, funders, local authorities and mixed-use developers. His strategic advice and project management have led to the successful delivery of a wide range of open market, private rented, affordable, intermediate, and special needs housing developments. He is currently a member of the Homes and Communities Agency’s Design and Sustainability Advisory Group, was a member of the RICS Housing Commission which reported in June 2013, and has contributed to the recent UK-Green Building Council’s Retrofit Incentives working party. He is a regular contributor to the discussion of housing policy and other matters on Twitter, as well as in the press and broadcast media.

KEYNOTE

Simon Rubinsohn Chief Economist, RICS

OUR RESIDENTIAL SPEAKERS This year’s conference theme is ‘winning hearts and minds’ and we have put together three excellent panel sessions focusing on the hearts and minds of local government, customers and investors.

Simon is responsible for overseeing thought leadership within RICS. This includes the production of high profile market surveys monitoring trends within the commercial, construction and residential sectors as well economic and property market commentary. Simon is also on the Board of the housing provider L&Q, where he has specific responsibility for the development programme. Prior to joining RICS, Simon worked in the financial services industry for more than 20 years. Most latterly, he was employed by Barclays Wealth where, as a strategist, he was involved in setting the asset allocation for client portfolios.

Sam Long Head of PRS Research, Molior London Since the summer of 2011, Sam has been part of the Molior London team that provides sales, planning and land research to the London residential development industry. He is leading Molior’s PRS research endeavours and is the author of the company’s first report on the sector. Before joining Molior, Sam managed a house builder based in the East End and has been site finding and researching the London property market since 2002. Between 2007 and 2010 he expended much energy trying to tempt various UK and overseas organisations to invest in a built-to-rent fund: perhaps these unsuccessful efforts were premature. Prior to that he was a mechanical engineer with glamorous projects such as penguin pool plumbing and Chinese restaurant kitchen ventilation under his belt! Sam has a Property Development & Planning MSc from London Southbank University and an Engineering degree from Bath University.

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Speakers’ biographies

KEYNOTES AND CASE STUDIES

12:00

FIRST PANEL SESSION – LOCAL HEARTS AND MINDS

Professor Tony Crook CBE

Councillor Peter John

International Research

Leader of Southwark Council

Tony is former Senior Pro-Vice Chancellor of The University of Sheffield and Emeritus Professor of Town & Regional Planning. His current research covers the supply side of the private rented sector and the use of planning obligations to secure affordable housing. His last book, co-authored with Professor Peter Kemp, ‘Transforming Private Landlords’, was published in 2011 and his latest book, co-edited with Peter Kemp, ‘Private rental housing: comparative perspectives’ is to be published this month.

Peter has been the Leader of Southwark Council since May 2010. He was first elected to the council in 2002 and has been the Leader of Southwark Labour Group since 2004. As Council Leader, Peter has taken a particular interest in housing and regeneration. He has overseen the council’s £326m Warm, Dry and Safe investment programme and the response to the report of the independent housing commission chaired by Jan Luba QC. Peter is committed to the major regeneration projects taking place across the borough, and in particular the major multi billion pound council sponsored projects at the Elephant and Castle and the Aylesbury. As a member of London Councils Executive and the London Enterprise Panel, Peter is committed to helping deliver an agenda of creating jobs and growth across London.

Katherine Rodgers Project Director, Grosvenor Britain & Ireland Katherine is a Project Director within Grosvenor’s development business. She is responsible for leading Grosvenor’s initiative to develop and invest in new PRS-led neighbourhoods outside the London Estate. Before moving to her current role in 2012, Katherine was Head of Strategy and Business Planning responsible for Grosvenor’s corporate strategic plan and its associated strategy and policy documents. Prior to this, Katherine worked in several disciplines across the business, including four years in the investment management team responsible for the management of the London Estate.

Derek Gorman Chief Executive, Get Living London Derek is Chief Executive of Get Living London, the residential owner and rental management company. Get Living London owns and manages East Village, the former London 2012 Athletes’ Village. Derek was appointed Chief Executive in December 2012. Prior to joining Get Living London, Derek had been a senior director in EY’s real estate corporate finance business. During his time at EY he spent two years supporting its administrators in running the residential and commercial loan book of the failed Icelandic bank Landsbanki (Heritable Bank in the UK), advised on the sale of the Whitetower city office portfolio, the Battersea Power Station site and advised Delancey on its bid for the Athletes’ Village. Before this, Derek was an executive director in KPMG’s corporate finance business and an executive board member of Chesterton International. Derek is a Chartered Surveyor and holds a Masters Degree in Business Administration.

Dominic Martin PRS Taskforce, Department for Communities and Local Government

Rob Heasman Development Director, Elephant and Castle, Lend Lease Rob has worked for more than 15 years in the property industry in a variety of roles including acquisitions and disposals, development, design and planning. His experience has been gained on major mixed use and residential projects in London, the home counties and the North West of England. Since joining Lend Lease in 2010, Rob has been working on Lend Lease’s Elephant and Castle Project, one of the most significant urban regeneration projects in the UK, comprising almost 3,000 homes, plus commercial, retail, community and leisure facilities across three distinct sites. It includes a 37 storey residential tower and a masterplan for a 25 acre tranche in the centre of this opportunity area. He has responsibility for acquisitions and submission and securing of planning permissions.

Mary Parsons Group Director Placemaking & Regeneration, Places for People Mary has over 20 years’ experience in the development, construction and regeneration industry across the private, registered provider and consultancy sectors. She has been involved in consulting local communities on some of the largest housing led regeneration programmes in the UK and has executive responsibility for market rent and placemaking. Immediately prior to joining Places for People, she worked in the consultancy sector specialising in public/private sector partnerships and housing market renewal. She previously worked in the private sector on large scale mixed tenure development including PFI. Mary moved to Places for People in 2004 and became Group Director in 2010. She has recently been appointed a Trustee of the Town & Country Planning Association.

Dominic is a member of the PRS Taskforce at the Department for Communities and Local Government, on secondment from EC Harris. From a background in commercial property and development consultancy, he has focused on residential investment and development in recent years. This has included work with Aviva Investors and residential investment acquisition with Akelius UK.

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Speakers’ biographies

13:30

SECOND PANEL SESSION - CUSTOMER HEARTS AND MINDS

Campbell Robb

Paul Tennant

Chief Executive, Shelter

CEO, Orbit and President of the Chartered Institute of Housing

Campbell started as Chief Executive of Shelter on 1 January 2010. Before that he was the first Director General of the Office of the Third Sector in the Cabinet Office, responsible for leading the Government’s work with the third sector. Working closely with ministers and at the highest levels across Whitehall, the unit worked to change the nature of the relationship between the third sector and the public sector. The office had a budget of over £250m per annum and in 2006 he led the third sector elements of the 2007 Comprehensive Spending Review.

Paul is Group Chief Executive of Orbit, an organisation committed to building communities through the provision of a wide range of services to 88,000 customers, delivery of a large home building programme, and investment in communities. Orbit manages 38,000 homes and operates a federal partnership of registered providers, a development company, treasury vehicle and a shared service organisation. Paul is President of the Chartered Institute of Housing, with an interest in professional standards, attracting new people into the sector and promoting the art and science of housing. He is also a Board member of Housemark.

Campbell also led the Government’s most wide ranging ever consultation with the third sector and the subsequent creation of a ten year Government strategy for the sector. This resulted in the launch by the Prime Minister of the Third Sector Review, which made the largest ever single commitment of resources from Government to the third sector.

Neil Young

Michela Hancock

CEO, Young Group

Development Manager, Bozzuto

A qualified accountant, Neil’s background is in global corporate finance, having worked in the UK and Far East for a number of large multi-nationals, including British Airways.

Michela has extensive real estate development PRS experience in the greater Washington D.C. area. As a development manager for Bozzuto Development Company, her experience has focused on delivering over 1,400 units in five large scale, mixed used schemes. Michela is responsible for overseeing all project financing, amenity and unit planning, design, entitlements, planning, construction and lease-up efforts on high density, multifamily residential developments.

Neil established Young Group in 2003 with the overarching aim of delivering a level of service that the founding directors were unable to find when seeking residential asset management advice and lettings and management services. Through Young Group and the Young London agency business, Neil and his team have been shaping the private rented sector ever since.

Prior to joining Bozzuto Development, Michela worked with a private equity firm in Baltimore as an analyst. She completed her Masters of Science in Real Estate Development from Johns Hopkins University and holds a Bachelor of Arts from the University of the South at Sewanee. Michela is an active member of the Urban Land Institute and Commercial Real Estate Women.

KEYNOTE

Richard Sunderland Founder and CEO, Heavenly Group

Peter Brock Managing Director, Grainger Germany Peter joined Grainger as Managing Director of Grainger’s German business in August 2008. He is primarily responsible for the asset management of Grainger’s German property portfolios as well as for acquisitions, sales and the overall strategy of the German business. Before joining Grainger, he worked for a quoted German residential company, where he built up the asset and property management operations, and for a UK private equity investor where he was responsible for acquisitions in residential property in Germany. He has over 15 years’ prior experience in investment banking in Germany, Austria, Switzerland and the UK.

Richard founded Heavenly in 2003 with the aim of shaking up the branding industry. Out went black polo necks, irrelevant design and impenetrable brand philosophy. And in came down to earth, entrepreneurial, big ideas that capture people’s imaginations and help drive awareness, reputation and sales. Heavenly has offices in London, New York and Cardiff and works across a number of sectors, including property, media, sport, education and charity.

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Speakers’ biographies

15:30

THIRD PANEL SESSION - INVESTOR HEARTS AND MINDS

YOUR NOTES

Mark Prisk MP Mark Prisk MP is the Conservative MP for Hertford and Stortford. He was educated at Truro School and Reading University, where he studied land management. Mark was elected as the MP for Hertford and Stortford in 2001. He served on the Conservative front bench from 2002, covering Treasury and Business portfolios. Mark is a chartered surveyor by profession. After graduating, he worked in the property and economic development markets and ran his own business for 10 years before entering politics. His interests include small business and enterprise, urban planning and regeneration as well as defence and foreign affairs.

Bruce Ritchie Chief Executive Officer and Founder, Residential Land Bruce is the owner of the Residential Land Group of companies, which holds in excess of 1,200 privately rented individual properties in prime central London as well as hotels and prime Mayfair office buildings. Bruce is widely respected as an expert in his field, and sits on the British Property Federation Residential Committee and is a Fellow of the Property Consultants Society.

Tim Leckie Equity Analyst, J.P. Morgan Cazenove Tim is Head of the European Real Estate research team at J.P. Morgan Cazenove. The team was ranked first in the 2012 Institutional Investor European Research Survey under Harm Meijer. The team cover 43 listed real estate companies throughout Europe. Tim has 12 years’ experience in listed real estate, starting at J.P. Morgan in Sydney in 2002, before moving to London in 2004. He has degrees in Finance, Economics and Mandarin Chinese from the University of Queensland and is a CFA Charterholder.

Fiona Freeman Head of Real Estate, London, Barclays Corporate Banking Fiona has responsibility for the London Real Estate team who together have key banking and lending relationships with over 400 London based real estate clients. Active in all sectors of the market, including commercial and residential, investment and development, the team continues to build and grow relationships in the real estate sector. Fiona’s career with Barclays spans over 20 years, during which time she has had a particular focus on structured finance in property, PFI, infrastructure and asset backed project finance within the investment banking and corporate divisions of the bank.

KEYNOTE

Emma Reynolds MP Shadow Housing Minister Emma was elected as the MP for Wolverhampton North East in May 2010. In October 2013, she was promoted by Labour Leader Ed Miliband and appointed as the Shadow Housing Minister attending Shadow Cabinet. Emma was the Shadow Europe Minister for the previous two years. Emma is a proud Wulfrunian. She attended local schools before graduating at Oxford University in Philosophy, Politics and Economics. Prior to becoming an MP, Emma helped to set up a small business that supported British companies in understanding and influencing EU laws.

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PLATINUM SPONSORS

Sponsors’ profiles

OUR RESIDENTIAL CONFERENCE SPONSORS We are again hugely thankful to our host, Deloitte Real Estate, and our other sponsors of today’s conference and last night’s Residential Dinner.

HOST

Touchstone is a member of the Places for People Group, providing private rented sector residential property management services across the UK for corporate and investment clients. Touchstone currently manages over 21,000 properties. www.touchstonecps.com

Places for People is one of the largest residential property development, management and regeneration companies operating across the UK in areas from strategic land, master planning, development and property management. The Group owns and manages 143,000 homes and provides housing, including homes for sale, market and affordable rent. Uniquely, the Group manages residential properties in all tenures and is one of the UK’s largest managers of private rented homes and leasehold properties. www.placesforpeople.co.uk

GOLD SPONSORS

ARIM is now the largest, independent, specialist residential investment management company in the UK, providing a broad range of wholesale management services to institutional, corporate and private investors. ARIM has no conflicting business interests, with its business income generated from the provision of investment management services to clients and not from complementary sources such as maintenance, lettings, cleaning or inspection services. Furthermore, ARIM does not hold residential investments of its own, ensuring there is no conflict of interest, and its focus will always remain the delivery of value added client services.

Annington is one of the UK’s largest private residential landlords, with more than 42,000 properties throughout England and Wales. The bulk of the portfolio was acquired when Annington purchased 57,434 homes from the Ministry of Defence in 1996 and, with around 40,000 properties still leased to the MoD, this remains the core operation. In addition, Annington has over 1,500 properties privately let and a development arm involved in planning and joint venture development. www.annington.co.uk

www.arim.co.uk

Deloitte Real Estate redefines the concept of a full service real estate business, offering a breadth of capability and an innovative approach unequalled in the market. Our team combines traditional property services with financial and business advisory expertise to deliver integrated solutions on the most simple assignment to the most complex. We apply a depth of insight drawn from our understanding of all industries and sectors to advise occupiers, lenders, investors and the public sector on every aspect of real estate in an increasingly complex world. www.deloitterealestate.co.uk

Allsop is one of the UK’s leading property consultants, providing a comprehensive range of professional, investment and agency services nationwide. www.allsop.co.uk

Established in Newcastle upon Tyne in 1912, Grainger plc, the UK’s largest listed residential landlord and property manager, uses its core skills of asset and property management to generate income through trading, renting and managing residential property. Grainger has approximately £3bn of residential assets under management across the UK and Germany. www.graingerplc.co.uk


GOLD SPONSORS

Countrywide plc is the UK’s largest and most successful integrated property services group. We are the leading provider of estate agency, lettings, mortgage services, land and new homes, auctions, surveying, conveyancing, corporate property management services and commercial property. With over 1,300 estate agency and lettings branches operating under 45 local high street brands, we move more people than any other business in the UK.

SILVER SPONSORS

Roomservice by CORT is the UK’s leading home furniture hire company. We’ve been creating and delivering high quality, practical and stylish interiors for the relocation and residential property markets for over 30 years. Roomservice by CORT is owned by the world’s largest furniture rental business, CORT (a Berkshire Hathaway company).

BLP Insurance, part of the Thomas Miller Group, has been providing new home warranty insurance since 1999. Our policies are underwritten by Allianz Global Corporate & Specialty, an AA rated global insurer, and are underpinned by an independent and pragmatic technical appraisal aimed at minimising defects right from the design stage. www.blpinsurance.com

www.roomservicebycort.com

Braemar Estates manages a diverse portfolio of UK residential, mixed-use and commercial properties, including two of the tallest residential towers in Britain. We act for a range of clients, including corporate property owners, institutions, developers and administrators. We have a clear understanding of their needs and how to add value. www.braemar-estates.com

www.countrywide.co.uk

UNITE is the UK’s leading operator of purpose built student accommodation with 42,000 beds in over 130 properties across 23 of the UK’s strongest university cities. We work in partnership with over 30 higher education providers, as well as renting rooms directly to students. The foundation for our success is providing high quality, well located and safe accommodation. www.unite-group.co.uk

Young Group has been shaping the private rented sector for a decade, having built an enviable reputation for delivering robust asset management, supported by a proven customer centric lettings and property management platform. We provide a respected, tried and tested – yet ever advancing – operational platform to our PRS clients, who include institutional investors, developers and housing associations.

The Cadogan Estate includes 93 acres of Chelsea and Knightsbridge, comprising some of the most fashionable districts of the capital in which to live, work and visit. It is home to some of the most glamorous shopping streets in the world: Sloane Street, Duke of York Square, Sloane Square and parts of King’s Road.

Evenbrook is a leading family owned investor and operator in the PRS. Founded 20 years ago by Chris Butterfield and John Coles, Evenbrook is passionate about providing quality affordable homes for rent and delivering great service to its customers. www.evenbrook.co.uk

www.cadogan.co.uk

www.younggroup.co.uk

CHARITY PARTNER

Bruce Ritchie’s Residential Land group of companies has been one of the most prolific residential investors in prime central London property in the last decade. Residential Land currently owns and manages a portfolio of approximately 1,000 flats, houses, hotels and commercial properties across 24 postcodes in prime central London. Residential Land also has extensive experience in co-investing in partnerships with both private and institutional investors, most noteworthy being its investment partnership with Ivanhoe Cambridge, part of The Caisse de dépôt et placement du Québec, one of the 10 largest real estate companies in the world, and Apollo Global Real Estate.

We’re Broadway and we say no one should be homeless. Last year our charity supported more than 9,500 people on their journey from street to home. We believe that, with the right help at the right time, every person can turn their life around, whatever their circumstances. www.broadwaylondon.org

www.residentialland.com

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Bpf Residential Conference 2014 - delegate booklet