08:50 – 09:00 
PEI welcome
Nicholas Lockley, Deputy Director – Conferences, PEI Media

09:00 – 09:10 
Chairman’s opening address
Baerbel Schomberg, Co-founder and Managing Partner, Schomberg & Co.

The current private equity real estate market

09:10 – 09:40 
Opening keynote address – Data Snapshot
Key trends and developments shaping European private equity real estate 
Dr. Karsten Junius, Head of Capital Markets and Real Estate Research, DekaBank

09:40 – 10:30  
Panel session
The migration of capital – Investing in core assets
• Understanding why institutional investors are interested in core property fund investing
• What levels of commitment can we expect from institutional investors over the next 12 months?
• Where are the prime, core properties in developed markets in Europe?
• Identifying the full potential of core investments – What does the future hold?

Moderator:
Bradley Olsen, President, Atlantic Partners

Panellists:
Fredrik Elwing, Managing Director, Greenhill & Co. International LLP
Ian Gleeson, Chief Investment Officer, CBRE Investors’ GMM
Andy Rofe, Managing Director, Invesco Real Estate - Europe
Jeroen Winkelman, Associate Director, Bouwinvest 

10:30 – 11:10 Networking and coffee break
 
11.10 – 12:00  
Panel session
Exploring investment opportunities in key European markets – London Frankfurt, Paris, Madrid and Stockholm
• Identifying the potential for deals
• Yield expectations
• The level of competition in each market
• Current rent rates and impact on transactions

Moderator:
Steve Felix, Head of Real Estate Client Relations - North America, Aviva Investors

Panellists:
Stefan Brendgen, Member of the Executive Committee, Allianz Real Estate and CEO, Allianz Real Estate Germany
Laurent Luccioni, Chief Executive Officer – Europe, MGPA 
Will Rowson, Chief Investment Officer, ING Real Estate Investment Management Europe
Ralph Winter, Founder, CORESTATE Capital AG

12:00 – 12:30 
PEI Interview
Solvency II - a real threat for the Real Estate industry!
• How the new framework will influence the asset allocation of insurance companies in Europe
• What has to be criticised?
• What are the consequences for Real Estate as an asset class?
• Are there chances for changes?
Interviewer: Baerbel Schomberg, Co-founder and Managing Partner, Schomberg & Co.

Interviewee: Michael Morgenroth, Management board member, Gothaer Asset Management AG and Chairman, INREV

12:30 – 14:00 Lunch
 
Market challenges and opportunities

14:00 – 15:40  Workshop discussions
 
14:00 – 14:50
Workshop A:
Dealing with tax challenges 
• Best practice tax management – How to get your house in order
• Correctly setting up tax efficient structures
• Cross border real estate investing – What are the tax challenges?
• What are your tax requirements in key markets across Europe?

Moderator:
Keith O'Donnell, Managing Partner, ATOZ,  Global Real Estate Leader, Taxand

Participants:
David Huff, Director of Tax, 3i
Dr. Ulrich Stertkamp, Global Real Estate - Head of Tax Europe, UBS Global Asset Management
Andreas Walter, Head of Tax Structuring Real Estate, Union Asset Management Holding AG  

Workshop B:
Opportunistic funds: How are they performing?
• Opportunistic versus core investments – Finding the right balance
• Distressed debt – What is the current state of play?
• Understanding the risk-return dynamics of opportunity funds
• Geographies and asset types to keep in sight

Moderator:
Roger Barris, Founding Partner and the Chairman, Peakside Capital

Participants:
Dr. Ruprecht Hellauer, Managing Director, Lohnbach Investment Partners
Klaus Kortebein, CEO Germany, Exec Group Member Europe, Valad Property Group
Dr. Collin Schmitz-Valckenberg, Managing Director, ORLANDO Real Estate AG


14:50 – 15:40
Workshop C:
The German private equity real estate market 
• How are German funds being structured?
• Open ended versus close ended funds – What is the latest thinking?
• Understanding the unique aspects of the German services market – What do foreign investors need to know?
• Investment opportunities – What are the key regions and assets?

Moderator:
Rodney Bysh, Founder and CEO, Feldberg Capital

Participants:
Robbin Herring, Principal, Real Estate Unit, Apollo Management International LLP
Marius Schöner, Head of Germany, MGPA
Ferdinand von Sydow, Managing Director, IVG Institutional Funds

Workshop D:
Dealing with regulation
• Alternative Investment Fund Managers (AIFM) directive – Preparing for the inevitable
• Identifying how the AIFM directive will affect European private equity real estate
• What has been the initial market reaction to solvency II
• How will regulation affect the flow of foreign capital?

Moderator:
Peter de Haas, Co-Head of Business Development, Cornerstone Real Estate Advisers

Participants:
Marieke van Kamp, Portfolio management - Real Estate, ING Insurance Benelux
Raymond Satumalay, Managing Director Fund Management, ASR

15.40 – 16:10 Networking and coffee break

Finance

16:10 – 17:00 
Availability of finance in the current economic climate
• Fundraising – What are the challenges and opportunities?
• Availability of debt
• Alternative sources of capital
• What does the future hold?

Moderator:
Peter Jun, Managing Partner, Arminius Funds Management S.à r.l.

Panellists:
Rob Clayton, Director, Duet Private Equity Ltd
Sebastiano Ferrante, Managing Director and Co-Country Head, Germany
Tishman Speyer
Ralf Kind, Director, Real Estate Investment Banking, Barclays Capital
Dr. Bernhard Scholz, Member of the Management Board, Deutsche Pfandbriefbank AG
 
17:00 – 17:30 
The PEI Interview
The new environment for private equity real estate – What’s changed?

Interviewer:
Robin Marriott, Editor, PERE Magazine  
Interviewee:
Mark H. Newman, Managing Partner, Broadcliff Capital Partners

17:30 – 17:40 Chairman’s closing remarks and close of day one

17:40 – 19:00  Cocktail reception
 

Day Two
Tuesday 7th December 2010

Limited Partners expectations

08.00 – 09:20 LP breakfast (by invitation only)

09:20 – 09:30 
Chairman’s recap
Robin Marriott, Editor, PERE Magazine 

09:30 – 10:00 
Opening keynote
Case study: Investing in private equity real estate – How we do it
• Why we are investing in real estate and under what terms?
• Our appetite for risk - Alignment of interest between fund and institutional investors expectations
• How we handle fund terms and fees?
• What are our return expectations?
Dr. Bernd Kreuter, Partner, Feri Institutional Advisors

10:00 – 11:00  
LP panel discussion
LPs expectations in private equity real estate investments
• Gauging investors’ appetite for investments
• Core versus opportunistic investments
• Return expectations
• The LP - GP relationship  

Moderator:
Dietrich Heidtmann, Managing Director, Head of Real Estate Private Capital Markets EMEA, Morgan Stanley

Panellists:
Burke Fathy, Global Real Estate Multi-Manager, Aviva Investors
Ian Gleeson, Chief Investment Officer, CBRE Investors’ GMM
Guido Verhoef, Head of Private Real Estate, PGGM Investments

11:00 – 11:40 Networking and coffee break

11:40 – 12:30  
The Big Debate
This house believes that listed real estate vehicles are better than closed-end unquoted funds
Two teams of two will go head-to-head to debate the motion   

Against the motion
Erwin Stouthamer, Founder & Managing Director, Composition Capital Partners
Dr. Matthias Thomas, Chief Executive Officer, INREV

12.30 – 12:40 Chairman’s closing comments

12:40 – 14:00 Lunch and close of conference