Tag: Benson Elliot Capital Management

Europe GRI 2017: 11-12 September, Paris

12 July 2017 – Press Release

Aura REE & GRI Club have come together for Europe GRI. Senior real estate investors, developers, lenders, asset owners, major corporates and planners connect, share ideas and strengthen relationships. The collegial discussions enable you to interact and engage – much like an after-dinner conversation in your own living room. Identify like-minded peers, build relationships, and continue the conversation afterwards.

Members and non-members are welcome. If you would find it useful to join your peers at this exclusively senior-level club meeting, you can register here.

Register | Programme

Confirmed Participants include:

Brian Betel, Managing Partner, ASG Iberia Advisors
Steven Broch,  CIO, Aerium Group
Hunt Doering, Managing Director, Baupost Group International
Michael Zerda, Managing Director, Blackstone
Dale Lattanzio, Managing Partner, DRC Capital

Pedro Abella Langa, General Manager, H.I.G. Capital
Gregory Clerc, Managing Director, Bank of America Merrill Lynch
Duncan MacPherson, Managing Director & Head of Debt, Starwood Capital Europe Advisers
Cristina Pérez Liz, Managing Director, Kennedy Wilson
Norbert Müller, Managing Director, Deutsche Pfandbriefbank

Manuel Holgado, Partner, VKronos Investment Group
Tom Rowley, Managing Director, Angelo, Gordon Europe
Trish Barrigan, Senior Partner, Benson Elliot Capital Management
Michael Abel, Managing Director, TPG
Tavis Cannel,  Managing Director, Goldman Sachs International

Manuel Enrich, Investor Relations Director, Sareb
Miguel Pereda, CEO, Grupo Lar
Nic Fox, Partner & Head of Middle Europe, Europa Capital
Fraser Denton, Managing Director, UK & European Investments
David Matheson, SVP, MD Director Investments-Europe, Oxford Properties Group

Jeffrey Dishner, Senior Managing Director,  Starwood Capital Europe Advisers
Chris Evans, Founding Partner, Hamilton Hotel Partners
Ekaterina Avdonina, Managing Director, Delin Capital Asset Management
Christian Nickels-Teske, Head of Treasury Europe, Prologis Ian Worboys, CEO, P3 Logistic Parks 

Peter Cole, Chief Investment Officer, Hammerson
Carrie Hiebeler, Senior Investment Officer, Ventas, Inc.
Gordon Black, Senior Managing Director, Co-Head Europe, Heitman
Gregory Lanter,  Vice President Global Development, Club Méditerranée

Sessions Include:

Residential in Spain – Is product scarcity solved by the acquisition of developers?
NPLs – The last chance saloon?
Retail in Spain – Primary vs. Secondary cities
Co-Investment – As deals mature, will partners get their hands burnt?
European Gateway Cities – Where’s the smart money heading?
The Global Shift Towards Mediterranean Hospitality – New regions or new money?
Modern Retail – Convenience, leisure, technology or community?
Residential Alternatives – Are great operating partners essential or overrated?
What is Real Estate These days? – Financial asset or a service?

For event participation, contact:

Loredana Carollo | Club Director Spain
+44 (0) 20 7121 5089 | loredana.carollo@griclub.org | www.griclub.org

Original story: Press Release

Edited by: Carmel Drake

Leading RE Experts Warn About The Lack Of Credit

21 October 2016 – Expansión

The difficulties involved in accessing bank financing for certain real estate projects are weighing down on the development of the sector. Experts from leading companies in the market, such as BNP Paribas and Axa, have criticised the banks’ excessive zeal when it comes to lending in a discussion about opportunities in Spain at the Barcelona Meeting Point (BMP) real estate fair.

An Economist from the Real Estate division at BNP Paribas, Ramiro J. Rodríguez, said that financial institutions are continuing with standards that they imposed during the economic crisis. “The limitations are so high that business opportunities are being missed”, said the expert.

His market diagnosis was shared by the Director of Acquisitions and Development at Axa, Esther Escapa-Castro, who said that “the banks are not prepared and for that reason they are missing out on major operations”. On the other hand, the expert warned that the economic recovery has not happened at the same speed as the upturn in the (real estate) market, and so she warned of future problems in terms of profitability.

The CEO of Neinor Homes, Juan Velayos, was more forceful in his statement. “The banks are still very exposed to the real estate sector and they remain cautious, but they must start opening up the financing tap because, at the end of the day, that is bread and butter of their business”, he said.

The discussion between the experts revealed that Spain is still an attractive market for investment for the sector, although the number of opportunities has decreased. “Over the last year, it has become more difficult to find attractive operations, whilst deals in other countries have become more interesting, such as in Italy for example”, said the Director of Benson Elliot Capital Management, Gregg Gilbert. The Director explained that, in the case of his company, it sees its future primarily in the hotel market, in key locations such as Barcelona, Madrid and the Balearic Islands.

Meanwhile, the Partner Director of Valid Real Estate Strategies, Christopher Hütwwohl, said that the Spanish market is still competitive compared with other European countries. “We are concerned about the political situation, but we trust that it will be resolved quickly”, said the executive.

Original story: Expansión (by Gabriel Trindade)

Translation: Carmel Drake

Investment Funds Are Still Cautious About Buying Land

10 May 2016 – Idealista

International funds are still finding good investment opportunities in Spain, above all assets owned by Sareb and the banks. Their main objectives include achieving double-digit returns in the office, retail and residential markets. Meanwhile, they are still hesitant about throwing themselves whole-heartedly into the purchase of residential land and construction of homes, although they regard those an investments that have a future.

The economic crisis and subsequent decline of the real estate sector attracted opportunistic funds in search of opportunities in Spain. Now it is completely normal to find these, and other types of funds, in the real estate sector. “The funds were looking for the best investment opportunities with the highest, fastest returns”, said Pedro Abellá, Director of the Real Estate team at HIG Capital, during a forum about investment in the real estate market organised as part of SIMA, which ran from 5-8 May.

“The Spanish real state market is more mature and the investors that are arriving now are coming to add value to the assets through their management. They are no longer in such a hurry to divest, but they are still convinced by the high returns”, said Abellá.

The general decrease in prices in the sector during the crisis created investment opportunities for these funds, which included not only opportunistic funds, but also more established players. Over the years, and with the sector well on its way towards normalisation, experts are continuing to see investment opportunities, above when it comes to assets owned by Sareb and the banks.

The commitment to invest in real estate assets is currently concentrated in the office, retail and even residential home segments; land for development is also on the list, but the experts urge caution. “Property development requires another type of investment and generates other kinds of returns for investors. Not all of the funds are willing to bear the risk of property development”, said Gregg Gilbert, Director for Spain at Benson Elliot Capital Management.

“We are accustomed to other types of investments, where profits are obtained quickly. We should be aware of the fact that we will find returns from property developments. But it is still too early for those returns to be very great”, he said.

The funds are committed to providing experience and capital to renew the assets that they are acquiring, above all offices and hotels, where some investment opportunities still exist. “The stock of offices and hotels in Spain is vast, but it has become somewhat out-dated. It is time to review the supply, in the absence of assets at reasonable prices offering the returns being sought”, said Gilbert.

Those funds that do decide to invest in land should not hesitate to join forces with property developers and construction companies to build homes, but according to experts in the real estate sectors, they are focusing on buildable land in the best locations, which ends up being a small investment for the market as a whole. “There is still a lot of land that needs to be developed, but it is not buildable and it will take some time for it to become urban land. But that all depends on the laws applied by each administration”, said Mario Verdyguer, Director of Investments at Solvia.

Original story: Idealista (by David Marrero)

Translation: Carmel Drake