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German
Debt and Equity: Sponsored By
PACT
February 24, 2003 John F. Tsui, Conference
Chairman Werner Walbroel, President Michael Buckley,
Director - Real Estate Development Program
8:15 - 8:45 am German's
Investor's Perspective of US Real Estate Investment: Goldmine
or Minefield 8:45 - 10:00 am With the collapse of the Neuer Markt, coupled with Germanyıs relatively low yielding savings accounts, German capital is flowing into US real estate at an unprecedented rate in search of higher yields. Between 1995 and 2000, German investors snapped up 38 trophy buildings with a value totaling $9.2 billion. In 2002 alone, German investors spent $3.4 billion in U.S. property acquisitions. Moderator: Aby Rosen, Managing
Partner Peter T. Hannigan,
Managing Director Joseph W. Kaempfer,
Jr, Chief Executive Officer 10:00 - 10:30 am
Coffee and Tea
10:30 - 12 noon
John Wain, Head
Of Real Estate Lending Andrew Cooper, Managing
Director Gregory E. Allen,
Managing Director Johannes Boeckmann,
Managing Director - USA
12:15 - 2:00 pm 2:00 - 3:15 pm
In the mind of a German fund investor, real estate investment in the United State is akin to "concrete bonds". German retail investors plowed $10.1 billion in the first half of 2002 into the 20 open end funds. Following the 4th Financial Market Promotion Act, funds can purchase ownership structures other than fee simple, be minority stakeholders and participate as limited partners in foreign funds. With relatively friendly tax treaties between the US and Germany, the closed end fund are not regulated, and their sole purpose is to provide their investors with high after tax returns. Moderator:
Carsten Lucht, President Stephen J. Zoukis,
Head of Acquisition Dr. Joachim Seeler,
Managing Director 3:15 - 3:45 pm Coffee
and Tea
3:45 - 4:45 pm Operating Joint Venture and Co-Investment: A Developer's and Owner's Perspective The increased flexibility will allow open ended funds to purchase minority interests in joint ventures with operating partners, as well as structured transactions. Thus, there will be greater participation in developments projects, acquisition with operating partners and fund of fund activity. Moderator:
Karin Shewer, Partner
4:45 - 5:45 pm Private banks, mortgage banks, insurance companies, pension funds and Spezialfonds are among the new breed of investors. These new sources of equity capital will be competitive with the funds and is beginning to establish strategic plans for US property investment. Moderator: 5:45 - 7:45 pm Cocktail Reception (Fountain Terrace Room -16th floor)
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