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COVER

NEWS ISSUE 35 AUGUST 2010

Online Newsletter Simply click on the bottow right to browse through the newsletter. Right click mouse for viewing options. Conference PREView - Keynote addresses - Programme - EPRA awards 2010

GUEST EDITOR

Allan Saunderson

When transparency pays dividends

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EPRA members As of May 2010

Australia • MacarthurCook • Stockland • Univ. of Western Sydney, Property Research Centre • Valad Property Group • Vanguard Investments Austria • CA Immobilien Anlagen • Conwert Immobilien Invest • Sparkassen Immobilien Belgium • Banque De Groof • Befimmo • Cofinimmo • Leasinvest Real Estate • Solvay Business School (Brussels Univ.)

• DIC Asset • GAGFAH • Hamborner • Heitman • IREBS International RE Business School • IVG Immobilien • MEAG Real Estate Management • PATRIZIA Immobilien • POLIS Immobilien • PricewaterhouseCoopers • Real Estate Management Institute • RREEF Investment • SEB Asset Management

Brazil • Iguatemi Empresa De Shopping Center

Greece • Babis Vovos • Eurobank Properties REIC • Lamda Development • National Bank of Greece Property Services • Pasal Development • Trastor Real Estate Investment

British Virgin Islands • Dolphin Capital Investors • Eastern Property Holdings

Hong Kong • Univ. of Hong Kong, Dept. of RE & Construction

Canada • OPTrust • Presima

IRELAND • Nation Pensions Reserve Fund

Finland • Citycon • CREF Center for Real Estate Investment & Finance • KTI Finland • Sponda France • Acanthe Developpement • Affine • AffiParis • Altarea • ANF Immobilier • Baker & McKenzie • BNP Paribas • Cegereal • Credit Agricole Immobillier • EUROSIC • Foncière des Regions • Foncière Paris France • Gecina • ICADE • IEIF • Klépierre • Mercialys • Unibail-Rodamco • Silic • Société de la Tour Eiffel • Société Foncière Lyonnaise • Société Générale • Université de Paris-Dauphine Germany • AIG International Real Estate • Alstria Office REIT • Beiten Burkhardt Rechtsanwaltsgesellschaft • Deutsche EuroShop • Deutsche Wohnen

2.2._ EPRA EPRANEWS NEWS//29 34//2008 2010

Isreal • Gazit Globe Italy • Beni Stabili • Immobiliare Grande Distribuzione • Pirelli RE Luxembourg • Orco Property Group Netherlands • Amsterdam School of RE • APG Asset Management • Atrium European Real Estate • BPF Bouwinvest • CB Richard Ellis • Citco Nederland • Clifford Chance • Cordares Vastgoed • Corio • Deloitte Real Estate • Ernst & Young European Real Estate Group • Eurocommercial Properties • Fortis Investment Management • Houthoff Buruma • ING REIM Europe • Kempen & Co • KPMG Accountants • LaSalle Investment Management • Loyens & Loeff • MN Services • Nieuwe Steen Investments • PGGM • Prologis • Royal Bank of Scotland Group • Redevco Europe Services • Spazio Investments

• SPF Beheer • Univ. of Maastricht • VastNed • Wereldhave Norway • EdgeCapital • Norwegian Property Russia • PIK Group Singapore • Keppel Land Limited • National Univ. of Singapore South-Africa • Growthpoint Properties Spain • Fundación ESADE • Inmobiliaria Colonial • Metrovacesa • Neinver • Parquesol Inmobiliaria y Proectos • TESTA Inmuebles & Renta Sweden • Aberdeen Property Investors Holding • Castellum • Klovern Switzerland • Center for Urban & RE Management • Euro Institute of RE Management • PSP Swiss Property • Sal. Oppenheim RE • Swiss Capital Alternative Investments • Swiss Prime Site • Strategic Capital Management • University of Geneva • Züblin Immobilien Holding UAE • Abu Dhabi Investment Authority United Kingdom • AMP Capital Brookfield • Asset Value Investors • Aviva Investors • Bank of America • BDO Stoy Hayward • Berwin Leighton Paisner • Big Yellow Group • British Land • Cass Business School • Capital & Counties Properties • Citigroup • Clearance Capital • Credit Suisse Securities • Derwent London plc • Deutsche Bank • Eurocastle Investment • Evolution Group • GIC Real Estate • Clearance Capital • Goldman Sachs International • Grainger

• Green Street Advisors • Grosvenor Group • Great Portland Estates • Hammerson • Henderson Global Investors • Ignis Asset Management • Invista Real Estate Investment Management • JPMorgan • JPMorgan Cazenove • Land Securities • Liberty International • Linklaters • Macquarie Real Estate • M&G Investment Management • M3 Capital Partners • Morgan Stanley • Nabarro • Principal Global Investors • Prologis European Properties • Quintain Estates & Development • Scottish Widows Investment Partnership • Safestore • SEGRO • Shaftesbury • SJ Berwin • Speymill Group • Standard Life Investments • Thames River Capital • UBS • Univ. of Cambridge, Dept. of Land Economy • Univ. of Reading, Centre for RE Research • Workspace Group USA • AEW Capital Management • Alvarez & Marsal • Cohen & Steers Capital Management • Columbia Business School • Cornerstone Real Estate Advisers • Duff & Phelps • European Investors Incorporated • Fidelity Management & Research. • Forum Partners Investment Management • FPL Advisory Group • Host Hotels & Resorts • ING Clarion Real Estate Securities • MIT Center for Real Estate • Real Capital Analytics • Real Foundations • Rockefeller Group Investment Management Corp. • Russell Investment Group • Simon Property Group • SNL Financial • Taberna Realty Finance Trust • The Tuckerman Group • Univ. of Cincinnati • Westfield Group • WP Carey • Zell-Lurie RE Center at Wharton


CONtents

NEWS ISSUE 35 | AUGUST 2010

CREDITS

GUEST EDITOR

Editor & Production Manager

Allan Saunderson

Dominic Turnbull

Guest Editor Allan Saunderson

CONTENTS

Please send your comments and suggestions to: info@epra.com

Conference programme Brave new world EPRA awards 2010 Keynote speaker addresses

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Join the EPRA Group on Linkedin and find your voice.

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Global REIT Survey

Monthly Emerging Markets Report

Monthly Index Chart Book

EPRA produces a mass of invaluable monthly data for members. It consists of over 1,000 pages of research, graphs and statistics that can affect your market understanding and support your decisions. This sector round-up with its rich indices data is used widely and globally can you afford not to receive these?  Best Practices Recommendations Stay in touch: info@epra.com

Corporate Governance

“Relevant, timely, comprehensive – an invaluable monthly round-up of the sector” Patrick Sumner, Head of Property Equities, Henderson Global Investors.

Monthly Company Chart Book

RCA Monthly Transaction Overview

Monthly Statistical Bulletin

Monthly Market Review

Monthly Published NAV Bulletin

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guest editor

When transparency pays dividends

GUEST EDITOR Allan Saunderson Three years or so after my first diatribe in these pages on the need for transparency and communication in the listed property sector in Europe, I see progress being made - but disappointingly slowly.

Coming from an Anglo-Saxon culture, I was educated to believe that publicly-listed companies gain use of public shareholder capital in exchange for a duty to fully and regularly inform. This information flow allows the broad public to track strategies and profitability so that the investor can judge if his savings are achieving the expected returns – allowing sale or purchase at any time at an open market price. Marvellous in its simplicity.

broad public capital into a national property base and managing it. The only problem: In many markets it is still not working in practice. Governments either have not understood the information trade-off or try to finesse or circumvent it, turning a blind eye when exchangelisted property firms fall short. Since Property Investor Europe attempts to clarify continental investment property for US and global institutions, we see several jurisdictions that will only attract foreign institutional investment if they do more to ensure adequate transparency in the listed property sector.

EPRA is right in encouraging governments to expand the listed sector, which generally has a stricter regulatory environment. It should certainly be lauded for its efforts to tackle the information challenge and to encourage members to go beyond the bare minimum of ad hoc announcements, For me a structural axiom of to pro-actively inform. the listed sector, this principle I firmly believe that even more contrasts with un-listed funds which can and should maintain stress should be given to this imporconfidentiality around operational tant topic – which sometimes gets activities on behalf of their, mostly lost amid a plethora of other issues. institutional, clients who wish their Since public real estate companies, business to be conducted outside the particularly in markets such as Spain public domain. Their information and Italy, seem unwilling to inform requirements are different - between anyone outside a small group of instiGeneral Partner and institutional tutional equity holders and corporate client - and INREV is doing a good bankers, authorities should revisit job at encouraging this. However their information requirements. problems with German open-end It would be helpful if more funds, particular with closures trapping retail investor cash, bolsters companies complied with EPRA my belief that listed vehicles in real requirements to enter the EPRA/ estate, particularly REITs with an ob- FTSE/NAREIT index family. By immeligatory pass-through of earnings, are diately attracting more institutional a more suitable means of attracting attention, wider exposure will set up

a virtuous disclosure circle. Yet perhaps the communications challenge must be better confronted above the level of the individual firm. States should not only encourage more real estate firms to list but should also monitor those already on the exchange. Supervisory authorities must realise that national long-term interests lie in information transparency at public company level and not in obfuscation in the hope of avoiding damage to market image.

By immediately attracting more institutional attention, wider exposure will set up a virtuous disclosure circle. Though the majority of FTSE/ EPRA/NAREIT firms perform well, more rigorous monitoring over the last few years may have helped avoid a number of manipulations and corporate governance abuses in publicly-listed real estate that, as yet, have not had what one might deem appropriate legal consequences. Far from avoiding damage to their market image, I believe the reverse is true; professional investment capital is kept away by lack of active market supervision. The CALPERS and TIAA-CREFs of this world will not allocate significant capital >

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EPRA NEWS / 34 / 2010


guest editor

where company disclosure is not full, comprehensive and timely. At company level, what is to be done? First, the culture of communication should be embraced. Here, the fact that UK REITs are ahead of continental Europe should not be taken as a sign that the information challenge has to do with language; it does not. British companies may speak the language of American and global capital markets but this is not why they are better understood. The ease and cost-efficiency of using a native English translator or journalist in non-English speaking Europe is a small part of any communications budget. Second, listed companies must embrace the spirit rather than only the letter of obligatory communication requirements. Go beyond the bullet points. Sending the media a bullet points on annual, semi-annual or quarterly reporting will not guarantee wide distribution of your message. Should we guess the story behind the numbers? What the media need is a steady flow of clear, coherent and brief

summaries of corporate events and figures, written in your European working language and also translated into English. Accompanying this should be at minimum these two elements: 1) A comment by the CEO or CFO, 2) A paragraph of background – property asset focus, broad corporate strategy, assets under management, last earnings figures. Remember, you know your company well. But there are investors out here who do not but who perhaps would like to. Media multiplicators help you reach current and future capital investors. It would be nice to think that firms will make these changes, without supervisors needing to act. EPRA welcomes the views on the health & state of our sector from all quarters. Please note that the Guest Editor page is a space for outside comment on listed real estate, and does not necessarily reflect the opinion of EPRA. It should be read in that light. Allan Saunderson will attend the Annual Conference and welcomes the opportunity to discuss the issues as he sees them.

Allan Saunderson Allan Saunderson is Founder and Managing Editor of Property Investor Europe, a specialist information platform on mainland Europe real estate investment and a widely-read thought leader in the industry. Based in Frankfurt, Saunderson was in the 1980s a Reuters financial journalist in London, Frankfurt and Paris, named Chief Financial Correspondent, France, in 1988. Two years later he was appointed Head of European Research for Bank Julius Bär, and soon afterwards named as adviser to the French Finance Ministry by Prime Minister Pierre Bérégovoy. In the mid-1990s he founded economic and monetary consultancy Eurozone Advisors, becoming a well-known Bundesbank/ECB watcher. He moved into real estate finance in 2002 and founded PIE in 2005 to track Europe ex UK for US and global real estate investors.

  Contact: allan.saunderson@pfeurope.eu

6. EPRA NEWS / 34 / 2010


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news

update from PHILIP CHARLS The EPRA conference is a great time of the year to focus on EPRA’s achievements over the past 12 months. Under EPRA’s new Chairman, Guillaume Poitrinal, we have focused on a number of areas. •• Corporate governance. •• Visibility vis-a-vis all stakeholders. •• Strengthen the lobbying activities. •• Create a platform of common interest and co-operation amongst European and International organisations. We have adjusted the corporate governance structure of EPRA to expand the management and executive board and setup an audit and HR committee headed by Gerard Groener and Ian Coull respectively. I would like to thank the board for their support during the year. With regard to Research, Indices & Investor Outreach - Fraser Hughes and his team: Lauren Te Beek, Maikel Speelman and Ali Zaidi. We have been very active in terms of Investor Outreach, meeting many of the globe’s largest investors in the past 12 months - we have visited over 20 countries. Our targets are the Sovereign wealth funds, Pension funds and institutions – plus we are paying particular attention to unlisted investors – unhappy with liquidity and transparency issues exacerbated by the downturn. We fully understand that this is a long and hard road but we continue to knock on the door of investors, and drive home our case - in the form of speaking engagements, conferences and one-on-one presentations.

EPRA’s research offers a vast amount of data and information. The focus of the past 12 months has been to showcase the successes of the listed sector through the recent tough economic conditions. In addition, the research on listed, private and direct markets continue to prove that the listed sector provides investors with genuine real estate exposure over the long to medium term – we are a proxy - and we are getting this message across to investors.

Philip Charls, EPRA CEO

bigger signal on the radar screens of investors in the coming years. EPRA constructed its sustainability committee in 2010, and can boast an impressive line-up of industry experts. Initially we will focus on We and the majority of global EPRA KPIs and reporting for the end investors consider the FTSE EPRA/ of 2010 and interact closely with the NAREIT Global (Developed and Global Reporting Intiative (GRI). Emerging Markets) Real Estate Index EPRA has gained a stronger voice is the best in class. Rest assured FTSE, EPRA & NAREIT, the global and the at EU Level over the past 12 months. regional committees will continue to The advantages of being located in push the index in the right direction – Brussels have become evident in a short space of time, with regards in terms of use and visibility. to contacts with the Commission, We have strengthened consider- Parliament and representation. ably EPRA’s scope and influence The critical regulatory initiatives on the Regulation, Reporting and Accounting front and has pushed the and lobbying issues we are currently area forward considerably over the engaging with the authorities on are past year. Gareth has been joined the AIFM directive, Solvency II, and by Romain Triollet to assist on the Derivatives. The decisions of the EU may have profound effects on our inregulation side in Brussels. dustry going forward. It is imperative With the spotlight on reporting, we are on the front line and prepared we have made progress in issues to fight the industry’s corner. such as lease accounting, property EPRA harbours strong bonds with valuations, and best practices. EPRA has devised fundamental KPIs for the complementary real estate organisaindustry. In addition, the EPRA Best tions throughout the world. EPRA Practice Recommendations update aims to further strengthen relationhas been simplified in order to ships in order to achieve long-term encourage the ‘mediocre performers’ results for the benefit of all. EPRA to get better. We encourage all EPRA is a leading member of the REESA member companies to adopt the alliance. recommendations. Closer to home, EPRA initiated Sustainability will become a a national association roundtable >

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EPRA NEWS / 34 / 2010


NEWS

for European organisations in March this year. The aim of the initiative is to discuss topics were we can work together effectively and create one powerful voice for the European industry both commonly at EU level and within individual countries. We are pleased to work closely with the national associations from UK, France, Netherlands, Germany, Italy and Belgium; a great example of this co-operation is the AFIM directive. Networking, events and Communications are central to bringing together the leading lights of the industry. At the EPRA Conference, we expect nearly 400 of the top executives in Europe, Asia and the United States. The EPRA Annual conference is the listed real estate conference in Europe in terms of the quality of programme and the delegates. We also organise smaller sessions such as the EPRA CEO Conference in May. Over the past year we have expanded EPRA’s National Events.

www.corio-eu.com 8. EPRA NEWS / 34 / 2010

From the original UK event organised with Nabarro in London, we now include the Netherlands – organised with Loyens & Loeff, Germany organised with ZIA and France organised with the help of our French members and FSIF. Improved communications through a variety of media remains fundamental to getting EPRA’s message across. www.epra.com provides a wealth of information, and we are continuously investigating how to improve the provision and distribution of information. The EPRA Newsletter has come a long way since its humble beginnings as a four-pager – ten years ago. The newsletter is widely recognised as a ‘quality read’ and attracts a broad range of contributors. Dominic Turnbull has worked tirelessly to successfully professionalise EPRA’s façade. In order to manage the inflow of news, we created an EPRA newsflash which captures the

key issues of the moment in a blackberry-friendly format; this received excellent feedback in trials during the summer. We are pleased to officially launch the service at the conference. Finally, what are our challenges for 2011? What will I be reporting back on at the EPRA Annual Conference in London? Of course, the future of our industry depends in so many ways on the developments in the global economy. We remain cautious on the global economy the recent volatile years have made surprises more regular. We can be proud that our industry can stand tall and how we have adapted quickly to the new ‘financial order’. When I look at the EPRA membership I can only admire how you recapitalised under the clouds of 2009 and positioned the sector for opportunities in the future.


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Standing tall in a flat landscape Day One Economy, strategy, investment & sustainability 09:00 EPRA Chairman Opening 09:15 Keynote Speaker – Anatole Kaletsky 10:15 Panel session I: “Global retail Titans” Moderator: Andrew Baum (Henley Business School). David Simon (Simon Property), Peter Lowy (Westfield), Guillaume Poitrinal (Unibail-Rodamco). 11:15 Break 11:45 Panel Session II: “Sustainability – more economics than eco-nomics” Moderator: Piet Eichholtz (Univ. of Maastricht). James Gibson (Big Yellow), Joost Bomhoff (Unibail-Rodamco), Patrick Kanters (APG), Bruno Schefer (Zueblin). 12:45 CEO Conference Update – Ian Coull (SEGRO) Followed by Most Improved Annual Report Award Presentation: In association with 13:00 LUNCH 14:30 Concurrent Session I: “The original REIT – 50 years on” Moderator: Dirk Brounen (Rotterdam School of Management). Ed Walter (Host Hotels & Resorts), Don Wood (Federal Realty), Walter Rakowich (ProLogis), David Neithercut (Equity Residential). 14:30 Concurrent Session II: “Global Demographics and Pensions Research” Dr Amlan Roy PhD (Credit Suisse) 15:30 Networking Break 17:30 Amsterdam Boat trip to Koepelkerk 19:30 Dinner - Koepelkerk 20:00 Dinner served 22:00 Coaches depart for Hilton

Day Two Capital Structure and Current Affairs 09:15 Keynote speaker – Nando Parrado 10:15 Panel Session III: “Capital Structure” Moderator: Colin Lizieri (Univ. of Cambridge). David Atkins (Hammerson), Gerard Groener (Corio), Robert Fowlds (JPMorgan Cazenove). 11:15 Break 11:45 Panel Session IV: “Current Affairs” Moderator: John Waples (Financial Dynamics). Debra Cafaro (Ventas REIT), Christophe Kullman (FDR), Hans Pars (Wereldhave), Joe Valante (Allianz), Patrick Sumner (Henderson). 12:45 EPRA CEO – Closing Remarks 13:00 Lunch 14:30 Conference End

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EPRA NEWS / 34 / 2010


features

A brave new world

By Anatole Kaletsky

Continuity is everything. Having embraced the boom of 2008, rejoining us during the trough of last year, economist Anatole Kaletsky completes the cycle. Here are some intial pointers to his speach. 1.

There will be no double dip recession, but European growth will be weaker than expected as government budget cuts start to bite in 2011.

2.

Interest rates will stay lower for longer than ever before. The euro will weaken against the dollar, sterling and the yen.

3.

Bank lending will be constrained by capital and liquidity regulations, making capital markets more attractive than bank credit for property investors.

4.

Cutbacks in government spending will be partly offset by re-leveraging, but this process may not begin until 2012. Investors will gradually increase leverage as they realise that near-zero interest rates are a permanent fact of life, not just a temporary aberration.

5.

Germany and Northern Europe will finally reward property investors, but peripheral countries will suffer from government cutbacks and weak consumer demand. The bailouts of May 11 averted a sovereign default or euro break-up, but only for two or three years. The next big test will come when peripheral countries decide whether to stick to long-term stability plans. Meanwhile, national governments will have to agree on permanent mechanisms for fiscal transfers and collective borrowing to replace this year’s emergency bailouts.

6.

Because the euro’s survival will no longer be taken for granted, credit spreads between lending terms in different European countries will remain wide.

Keynote speaker: September 02, 2010, Day One: 09.15

10. 10. EPRA NEWS / 34 / 2010

There will be no double dip recession, but European growth will be weaker than expected as government budget cuts start to bite in 2011. Register now online: www.epra.com/ conference2010


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EPRA NEWS / 34 / 2010


features

EPRA Annual Report Awards 2009/10 – new measures, refreshed approach The EPRA Annual Report survey, performed by Deloitte, is nearing its final stages. The survey includes a review of the annual reports of approximately 80 listed real estate companies across Europe, all of which are members of the FTSE EPRA/NAREIT Europe Developed Index. The continuing purpose of the survey is to promote awareness of the EPRA Best Practices Recommendations (the BPR). The BPR aims to raise the standard of financial reporting through improving clarity, transparency and consistency in financial reporting. This is the ninth year of the Annual Report Awards and the annual reports are being reviewed for compliance with the most recent EPRA BPR published in July 2009. The 2009 BPR included a number of improvements and new recommendations based on consultation and feedback from the industry. As well as providing companies with valuable feedback on their annual reports relative to their peers, the Annual Report Survey also provides EPRA with a valuable opportunity to test the relevance of individual recommendations and inform the continued development of the BPR.

A refreshed approach A new approach is being taken to the Awards this year, to provide better recognition of companies’ efforts in complying with the EPRA BPR, alongside the many other challenges associated with the delivery of relevant and useful annual reports.

In addition to recognising the top annual reports by Award category, a ‘Most Improved’ award will again be made for the annual report of the company showing the greatest improvement in compliance with the BPR and a real move towards embracing transparency and clarity in reporting.

Instead of an award for the best performer, broader recognition will be available through the following Award categories:

The findings of the survey will also highlight the best examples of reporting and compliance with the different sections of the BPR, providing real life examples for other real estate companies against which to benchmark.

Additional reporting trends As part of the survey, Deloitte will also identify other key financial reporting trends across the listed real estate sector. In 2009, Deloitte found companies were starting to include information more commonly associated with analyst style presentations in Annual Reports, while others were streamlining their reports and shortening reporting timelines. For 2010, we are also considering the application of new reporting requirements around segmental reporting and the presentation of accounts, as well as performing an initial review of sustainability reporting in the sector.

12. 12. EPRA NEWS / 34 / 2010


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“Our aim with the refreshed approach to the Awards is to encourage broader awareness and adoption of transparent reporting across the sector by providing companies with better recognition for their considerable efforts in adopting the EPRA BPR.” Claire Faulkner, Real Estate Partner, Deloitte “The Deloitte survey has helped to raise the profile of the EPRA BPR and inform EPRA’s ongoing efforts to promote the quality of financial reporting in the sector. We have seen the positive benefits that this work has had through discussions with our members and we look forward to working with Deloitte again to further promote the BPR.” Gareth Lewis

If you have any questions or queries about the survey please contact:

Gareth Lewis Gareth.lewis@epra.com

Claire Faulkner cfaulkner@deloitte.co.uk

Award presentation The results of the review will be presented by Deloitte at the annual EPRA Conference in September 2010, together with the key findings of the survey.

Jennifer Chase jchase@deloitte.co.uk

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EPRA NEWS / 34 / 2010


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EPRA NEWS / 34 / 2010


Conference speakers People count Historically unprecedented demographic changes are under way and are affecting the economic growth and budgetary positions of the older European countries. Demographic changes get reflected in consumer and worker behaviour thereby affecting families, corporate profitability and national balance sheets while having impact on GDP, inflation, wealth and employment too. Consumer and worker psychology have affected real estate markets as well as banking and finance during this ongoing sub-prime crisis. A deeper understanding of demographics is what shall differ-

entiate the winners from the losers in this currently strained macroenvironment where regulators, governments, market participants and individuals respond differently. This is among the top two issues facing the world today and yet many misunderstand and misinterpret it, with very large costs at an individual and collective basis. This session will highlight valuable investment insights as well as misperceptions of demographics.

Concurrent Session September 02, 2010 Day One: 14.30

Register Now • Analysis • Current Affairs & Sustainability • Forecasts & Networking • Investment opportunities • Economic commentary • Regulation 16. 16. EPRA NEWS / 34 / 2010


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Beyond survival His is a story that many will recognise, but few have an opportunity to hear first-hand. Nando Parrado recounts the extraordinary tale of how he and 15 of his rugby teammates survived for 72 brutal days after their plane crashed into the frozen Andes mountains, almost 30 years ago. It remains one of the paramount survival stories of all time. From crash until rescue, isolated in one of the entirely dead areas of the globe, Nando was forced to cross shocking physical and mental boundaries. Emerging from a coma to learn that his mother had died on impact and his sister was near death, Nando became obsessed with surviving. He illustrates how the courage, teamwork, determination and leadership - experienced at a level few people alive have known - will leave you with a heightened awareness of the value of human life. His insights are fundamental and motivating. Since his ordeal, Nando has achieved great personal success. He is the president of his own company, Seler Parrado and founder of two television production firms. September 03, 2010 Day Two: 09.00

© Ernst & Young LLP 2010. All rights reserved. The UK firm Ernst & Young LLP is a limited liability partnership registered in England and Wales with registered number OC300001 and is a member firm of Ernst & Young Global Limited.

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REPORTING COM IN

Global REIT Survey 2010

SOONG

Each REIT regime is unique. Released at the EPRA Annual Conference, the latest survey document updates all the regulatory changes which have occurred this year - across in 35 countries. The EPRA Global REIT Survey, which for ten years has been a voluminous printed book detailing global REIT regimes, will now go online. 35 countries are covered in this hugely collaborative effort - with major contributions from Deloitte, PWC, Ernst & Young, KPMG, Baker & McKenzie, Loyens & Loeff, together with data from Macquarie Global Property Security Analytics. Global REITs are still developing despite recent market turmoil. We’ve seen the major REIT regimes withstand these recent traumas and remain popular with investors and governments around the globe. This is evident from the ability of many REIT regimes to raise capital and the attention paid by the authorities to the continued development of existing regimes. To capture the more topical issues affecting REITs, a supplementary document to the full REIT Survey will be published, containing background on recent major developments, emerging trends and what they mean for the future of REITs/listed property.

The EPRA Global REIT

Publication date:

Survey is the window

September 2010 at the EPRA Annual Conference.

on the REIT world.

Coming soon, 350 pages & online!

About EPRA EPRA aims to provide European public real estate companies with effective and continuous leadership in matters of common interest. EPRA will encourage discussion of issues impacting the industry both within the membership and with appropriate Governmental and regulatory bodies.

18. 18. EPRA NEWS / 34 / 2010

Contact

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A new era, new ambitions A major French real estate group with a total €10.5 bn portfolio generating €650 mn rental income and €350 mn cash flow in 2009. A well-balanced portfolio with leadership positions in offices, residential and healthcare real estate in France.

www.gecina.fr





Unibail-Rodamco, the leading listed European commercial property operator, investor and developer. Active in three major business lines: shopping centres, offices and convention-exhibition centres.

n° 1

listed European commercial property company, part of the French CAC 40 Euronext 100 and Dutch AEX index

12

countries in operations

www.unibail-rodamco.com

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EPRA NEWS / 34 / 2010


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