real estate forum · this session will provide an update on the u.s. ... markets investment,...

REAL ESTATE FORUM&

Global Property MarketDecember 3 - 5, 2013 • Metro Toronto Convention Centre, South Building

ConferenceSchedules 2013

Tuesday, December 3 Global Property Market

7:15 a.m. FOYER 718

REGISTRATION & CONTINENTAL BREAKFAST

8:00 a.m. ROOM 718

WELCOME AND OPENING REMARKS

Conference Co-Chairs:

Louis Voizard, Senior Vice President, Growth Markets, Ivanhoé Cambridge

Eric Plesman, Senior Vice President, Investments, Oxford Properties Group Inc.

GLOBAL PROPERTY MARKET ACTIVITY AND FORECASTS

What Were the Major Trends in 2013? What Lies Ahead?An overview of how real estate has performed based upon risk adjusted returns in major global markets over the past year. The presentation will include a risk adjusted ranking of over 25 major western markets around the world.

Speaker:

Greg Mansell, Vice President, Head of Applied Research, IPD

Have Global Real Estate Markets Turned the Corner in 2013? What is the Outlook for the Future?An examination of the most significant trends in property markets around the world during the past year. What are the major issues and challenges in 2014? Where is the pricing of assets heading in international markets? Which markets are likely to attract the greatest investor interest, e.g. U.S., Europe, old emerging markets, new emerging markets?

Speaker:

Jacques Gordon, Global Investment Strategist, LaSalle Investment Management

As Volatility Remains and the Cost of Capital Starts To Shift, What Are Investors Thinking: Growth Vs. Capital Preservation?What is happening now with allocations to real estate among institutional investors, portfolio managers and private equity funds as they look forward to 2014?

Are we likely to see a pause in property investment or a pullback? Given the volatility in most global economies since 2009, preservation of capital and owning core assets grew in importance. Is that still the case?

Conference Co-Chair:

Louis Voizard, Senior Vice President, Growth Markets, Ivanhoé Cambridge

Panel:

George Ahl, President, M3 Capital Partners

Robert Byron, Managing Principal, Blue Vista Capital Management, LLC

Russell Jewell, Managing Director & Head of Private Equity Funds, AEW Europe

Jeffrey Scott, Senior Managing Director, Eastdil Secured

10:00 a.m. FOYER 718

MORNING REFRESHMENTS

10:25 a.m. Concurrent Sessions (Attend 1 of 2)

SESSION AA1 ROOM 717

CAN YOU STILL FIND GOOD OPPORTUNITIES IN THE U.S. OR HAS THIS MARKET BECOME TOO EXPENSIVE?This session will provide an update on the U.S. market. What has really been occurring with respect to improving returns, and where is the market now in the cycle? What range of investment opportunities still exist, e.g. core vs. secondary markets? What will happen to the real estate asset class if the U.S. economy continues to expand and grow in 2014?

Moderator:

Jim Fetgatter, Chief Executive, Association of Foreign Investors in Real Estate

Panel:

David Arthur, Managing Partner, North America, Brookfield Property Group

Barry Howell, Principal, Prudential Real Estate Investors

Susan Wallace, Executive Managing Director, Private Equity Group, USAA Real Estate Company

Brady Welch, Principal, Slate Properties Inc.

SESSION AA2 ROOM 716A

SPOTLIGHT ON LONDON: WHY IS THERE SO MUCH INTEREST IN THIS GLOBAL MARKET? A very focused session on one of the world’s hottest property markets. Why is the investor interest so strong in this city? To what extent has it rebounded from the lows of 2009? What has enabled London’s property market to withstand many of the impacts of European economic issues and other trends? How are the leasing markets performing? Where are cap rates at this time and where are they heading? What potentially lies ahead for London in 2014?

Moderator:

Andrew Thomas, Partner, London Markets, Central London Investment, Cushman & Wakefield LLP

Panel:

Richard Barkham, Group Research Director, Grosvenor

Anthony Duggan, Partner and Head of Research, Drivers Jonas, Deloitte Real Estate

Dion Panambalana, Partner, Hogan Lovells International LLP


SESSION BB1 ROOM 717

THE GROWTH AND PERFORMANCE OF REITS AROUND THE WORLD: WHAT OPPORTUNITY DO THEY OFFER INVESTORS? Securitized real estate in the form of REITs is flourishing not only in Canada, Europe, the U.S., and Australia, but this investment vehicle is also expanding in Asia and other regions. What kind of growing pains and gains are REITs facing in various markets? What are the major underlying factors encouraging their growth? How are new emerging Canadian REITs becoming global plays?

Moderator:

Michael Smith, Managing Director, Real Estate Equity Research, Macquarie Capital Markets Canada Ltd.

Panel:

Stéphane Amine, Chairman, Inovalis SA

Kursat Kacira, CEO & Founder, Maplewood International REIT

Corrado Russo, Managing Director, Investments and Global Head of Securities, Timbercreek Asset Management

Peter Zabierek, Chief Executive Officer, Presima Inc.

GROWTH vs. CAPITAL PRESERVATION: WHAT IS THE SENTIMENT OF INVESTORS?

www.realestateforums.com

GROWTH vs. CAPITAL PRESERVATION: WHAT IS THE SENTIMENT OF INVESTORS?

SESSION BB2 ROOM 716A

TRENDS IN CONTINENTAL EUROPE: IS THERE A DIVISION BETWEEN THE HAVES AND THE HAVE NOTS?A wide ranging discussion on all facets of Europe and the very diverse economies and property markets across this continent. To what extent is there an imbalance across the different European submarkets: Western vs. Central vs. Southern vs. Eastern? How do you compare tier one countries vs. emerging markets? Which cities are attracting the greatest attention? Which markets have bottomed out?

Moderator:

Tom Boytinck, Managing Director, Allegro Securities LLC

Panel:

Andrew Allen, Director, Global Property Research, Aberdeen Asset Management Inc.

Edmund Craston, Managing Director, Rockspring Property Investment Managers

Kean Hird, Partner, Catalyst Capital

Michael Rodda, Head, EMEA Retail Capital Markets Investment, Cushman & Wakefield LLP

12:40 p.m. FOYER 718

NETWORKING LUNCHEON

LUNCHEON REFRESHMENTS

1:50 p.m. Concurrent Sessions (Attend 1 of 2)

SESSION CC1 ROOM 716A

FOCUS ON LATIN AMERICA: BRAZIL VS. COLOMBIA, MEXICO, PERU AND OTHER MARKETSWhile Brazil has attracted the greatest amount of investment interest in the past ten years, is this market now priced to perfection or beyond? Are investors now moving into other emerging markets across Latin America? Are Columbia and Peru now like Brazil was five years ago? Or are other countries offering better opportunities? How much interest is Mexico receiving? How far has this market moved on the risk/reward scale?

Moderator:

Jay Marling, Managing Partner & CEO, Capright Property Advisors

Panel:

Tony DiBiase, Principal, CA International

Eduardo Güémez, Managing Director & CEO, Mexico, LaSalle Investment Management

Christopher Moad, Portfolio Manager, Real Estate Investments, CPP Investment Board

Phil Runions, President & CEO, Barnhart Asset Management

SESSION CC2 ROOM 717

LOOK BEFORE YOU LEAP: THE ABC’S OF GOING CROSS-BORDER FOR CANADIAN INVESTORSWith tremendous competition at home and a desire to expand their real estate portfolios, Canadian investors, large and small, are looking increasingly at foreign markets. However they face a myriad of challenges – political and economic risks, legal and tax issues, currency risk, cultural differences, professional standards and the lack of transparency, etc. How do investors deal with these issues, and where can they turn for help?

Moderator:

Bradley Olsen, President, Atlantic Partners Ltd.

Panel:

Michael Catford, Vice President, Real Estate Investment, HOOPP

Bruce Traversy, Principal, Dundee Real Estate Asset Management

Jeffrey Trossman, Practice Group Leader, Tax Group, Blake, Cassels & Graydon LLP

Ted Willcocks, Global Head of Asset Management, Real Estate, Manulife Financial

3:00 p.m. ROOM 718

LOOKING FOR RETURNS IN 2014: WHAT STRATEGIES HAVE THE GREATEST POTENTIAL FOR SUCCESS?How should you play the global markets in 2014? What strategies make the most sense? Where is the greatest potential for growth? The rise in importance of the city state has resulted in a focus being placed on 75 major cities rather than 5 to 6 countries. What would be the top ten cities/states on most investor’s list?

Conference Co-Chairs:


Panel:

Jérôme Foulon, Managing Director, Real Estate Investments, PSP Investments

David Green-Morgan, Research Director, Global Capital Markets, International Capital Group, Jones Lang LaSalle

Nick Hendy, Director, European Capital Markets Team, CBRE

Sonny Kalsi, Founder & Partner, GreenOak Real Estate

4:00 p.m.

ADJOURNMENT

6:15 p.m. to 8:15 p.m.

CHAIRMEN’S RECEPTIONJointly held with the attendees to The Real Estate Forum.

Canadian Room, Fairmont Royal York

Supporting Associations

Gold Sponsors

Lanyard Sponsor

Platinum SponsorTitle Sponsor

Journal Sponsor

Corporate Sponsor

TUESDAY, DECEMBER 3

CHAIRMEN’S RECEPTION

WEDNESDAY, DECEMBER 4

7:00 a.m. FOYER HALL G


8:00 a.m. HALL G

INTRODUCTION OF FORUM CHAIRMEN

Scott Addison, President, Eastern Canada, Colliers International

Moray Tawse, Vice President, Mortgage Investments, First National Financial LP

OPENING REMARKS: THE THEMES OF THIS YEAR’S FORUM

Conference Chairmen:

Tom Farley, President & Global Chief Operating Officer, Brookfield Office Properties

Blair Welch, Partner, Slate Properties

8:10 a.m. HALL G

A QUICK LOOK AT PAST PREDICTIONS: WAS ANYONE RIGHT?

8:20 a.m. HALL G

CAUTION AND RISK OR CHALLENGES AND OPPORTUNITIES: IS THERE A CONSENSUS VIEW?

8:35 a.m. HALL G

WHAT IS THE OUTLOOK FOR CANADA, THE U.S. AND GLOBAL ECONOMIES FOR 2014? WHICH CANADIAN CITIES ARE EXPECTED TO HAVE THE STRONGEST GROWTH?

Another year has passed and there is still no clear consensus on where geo-economic trends are heading. Lack of clarity remains about the United States economy, the EuroZone and emerging markets. All of this has implications for Canada as well. With a national unemployment rate of over 7% and a GDP forecast of perhaps 2%, what does all of this mean for the strength and direction of our domestic economy? This session will feature three leading economists who will offer their insights and perspectives on all of these trends and where they believe we are heading in 2014. They will analyze the major fundamentals in Canada, the United States and global markets. Within Canada, the discussion will narrow down to specific cities and provinces: who will likely have the strongest economic engines and why? Will the BOC really increase interest rates in 2014? Will the bubble burst on our housing and condominium markets specifically?

Speaker Introductions:

David Bowden, Chief Executive Officer, Canada, Colliers International

The Outlook for the U.S. and Global Markets and What It Means for Canada

David Rosenberg, Chief Economist & Strategist, Gluskin Sheff + Associates Inc.

The Key Fundamentals of the Canadian Economy

Benjamin Tal, Deputy Chief Economist, CIBC World Markets Inc.

Which Canadian Cities Will Lead in Economic Growth?

Mario Lefebvre, Director, Centre for Municipal Studies, Conference Board of Canada



10:20 a.m. HALL G

CITY BUILDING: WHAT IS DRIVING URBANIZATION ACROSS CANADA? WHAT ARE THE CHALLENGES FACING DEVELOPERS AND CITIES?

“The most efficient and productive cities and regions are ones in which people are thinking and working – not sitting in traffic. The move back toward the city is underway across Canada. The shift from the suburbs toward the urban core is increasing as talented, ambitious people trade more space for shorter commutes. This trend is under way from Toronto, Ottawa and Montreal to Edmonton, Vancouver and Calgary. The coming decades will see greater concentrations of people, increasing densities, and further clustering of industry, work and innovation in cities.”

Across Canada, we are witnessing an unprecedented amount of intensification activity and urban revitalization. A dynamic panel will provide an insightful examination of what key economic, demographic and social forces are responsible for reshaping our major cities, and what the implications of these trends are for real estate investment and development activity going forward. What type of innovative and unique projects are emerging to create new forms of residential, office, retail, and hotel uses? How are governments able to participate as willing partners and facilitators in this process or do they represent unnecessary constraints? What does the future hold for our urban areas? Is there any signal on the horizon that these trends will peak or are they likely to carry on for some time?

Moderator & Presenter:

David Baxter, Senior Research Advisor, Urban Futures

Municipal Perspective:

Paul Bedford, Adjunct Professor, Urban & Regional Planning, University of Toronto and Ryerson University

Adam Vaughan, City Councillor, Ward 20 Trinity-Spadina, City of Toronto

Development Perspective:

Blake Hutcheson, President & CEO, Oxford Properties Group Inc.

Dori Segal, President & CEO, First Capital Realty Inc.

Wednesday, December 4 REAL ESTATE FORUM

11:35 a.m. HALL G

MAJOR ENGINES OF THE ECONOMY: INSIGHTS FROM THE C-SUITE

For many executives, the future continues to appear somewhat uncertain. The global challenges are still present – from the BRIC markets to Europe, from the Middle East and Africa to the United States. In the face of all of these trends, what will drive growth in Canada? What is the outlook for some of the major engines of our economy over the short and medium term? What challenges and opportunities do they see? Senior executives representing some of the key sectors of the Canadian economy will offer their insights: from hydrocarbons, finance, and health innovation to telecommunications, advanced technology and transportation. An understanding of these trends will have significant implications for the demand fundamentals for Canadian real estate.

Moderator:

Gary Whitelaw, Group Chief Executive Officer, Bentall Kennedy LP

Speakers Representing Key Engines of the Economy:

Elyse Allan, President & CEO, GE Canada

Eric Axford, Executive Vice President, Business Services, Suncor Energy Inc.

Joe Natale, Executive Vice President & Chief Commercial Officer, TELUS Communications Company

12:35 p.m. HALL F

LUNCHEON


1:45 p.m. Concurrent Sessions (Attend 1 of 2)

SESSION A1 HALL G

HOW CANADIAN AND FOREIGN INVESTORS VIEW THE U.S. AND GLOBAL MARKETS VS. CANADA: UNDERSTANDING THE RISKS, CHALLENGES AND WHAT ARE THE POTENTIAL BEST OPPORTUNITIES?

This session will offer some clarity on strategic thinking, investment opportunities and key trends in this global environment. The discussion will focus on the perspective of Canadian vs. foreign investors. What is happening with allocations to real estate among pension funds, institutional investors, and sovereign and opportunity funds? To what extent are they focused on safety vs. growth? In evaluating risk/return, is Europe still all bad with the exception of London? How much interest is there in Asia? Where is the U.S. market on investor’s lists? Is Canada considered overpriced? Which is safer and which is positioned to provide better returns? Investors are now more focused on major cities around the world rather than prioritizing 5 to 6 countries. What are the top ten on their list? Looking ahead, what risks and opportunities do they see increasing in 2014? Where is the greatest potential growth likely to come from? Is benchmarking your real estate performance a key priority? What have been some of their successes and failures over the past year?

Moderator:

Peter Senst, President, Canadian Capital Markets, CBRE Limited

Panel:

Tom Arnold, Head of Americas, Real Estate, Abu Dhabi Investment Authority

Christopher Chee, Managing Director, Blackstone Group

Neil Cunningham, Senior Vice President, Real Estate Investments, PSP Investments

Vance Maddocks, President, Strategic Partners U.S., CBRE Global Investors

SESSION A2 HALL F

EMERGING TRENDS IN REAL ESTATE INVESTMENT AND DEVELOPMENT: THE KEYSTONE RESULTS OF THE 35TH ANNUAL SURVEY OF REAL ESTATE LEADERS

This session will examine the principal conclusions of one of the oldest, most highly regarded annual industry outlooks for the real estate and land use industry. The Emerging Trends reports are created using interviews and survey responses from hundreds of leading real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants. This discussion will focus primarily on the conclusions reached about the Canadian market with some comparative examination of U.S. market views. Topics covered will include capital flows, markets to watch, a perspective on property types, what the panel considers to be the best bets for 2014 and how this compares with the results of the survey.

Moderator:

Lori-Ann Beausoleil, Partner, National Leader, Canadian Real Estate Practice, PwC

Speaker:

Mitch Roschelle, Partner, FSR - Financial Instruments, Structured Products and Real Estate, PwC

Panel:

Paul Finkbeiner, President, GWL Realty Advisors Inc.

Tom Schwartz, President & CEO, CAPREIT

Ed Sonshine, Chief Executive Officer, RioCan REIT

3:00 p.m. FOYER HALL G

NETWORKING RECEPTION


Social Media Wall There’s an online conversation happening all around you.

Share your insights, experience and photos of this year’s event. To see your posts go live on the Wall in real-time, be sure to use the official hashtags #GPM2013 or #TREF2013.

Sponsored by

(The Wall will show posts from these channels)

THURSDAY, DECEMBER 5



8:00 a.m. HALL G

SUMMARY OF DAY ONE AND THE FOCUS OF DAY TWO



8:05 a.m. HALL G

THE REAL STORY BEHIND SOME OF NORTH AMERICA’S LARGEST RETAIL TRANSACTIONS: WHAT DOES THE FUTURE HOLD?

Inside the mind of one of North America’s most dynamic real estate executives who has been responsible for three of the most significant transactions that are and will be changing the retail landscape in Canada. The purchase and then subsequent revitalization of The Hudson’s Bay portfolio, the sale of the Zellers’ leases to Target, and the recent purchase of Saks.

Introduction:

Chris Ridabock, Chairman, National Group DTZ Canada

Speaker:

Richard Baker, Governor & CEO, Hudson’s Bay Company

8:30 a.m. HALL G

IN CONVERSATION WITH JOHN MANLEY: WHAT PROSPECTS FOR GROWTH DOES HE AND CORPORATE CANADA SEE FOR 2014?

An insightful discussion with a former leading senior federal Cabinet minister who now leads one

of the most significant organizations comprised of Corporate Canada’s leadership. The conversation will offer many insights – from what are the top priorities and issues facing 150 of the leading CEOs in Canada, to the political issues between Canada and the United States, Ottawa and the provinces and what the ultimate resolution could be.

Interviewer:

John O’Bryan, Chairman, CBRE Limited

Speaker:

The Honourable John Manley, President & Chief Executive, Canadian Council of Chief Executives and former Deputy Prime Minister of Canada, Minister of Finance, Minister of Foreign Affairs and Minister of Industry


SESSION B1 ROOM 718B

THE BUOYANT OFFICE REAL ESTATE ACROSS CANADA: HOW MUCH MORE DEVELOPMENT CAN BE EXPECTED? WILL THIS REMAIN A LANDLORD’S MARKET IN 2014?

The office market in most cities across Canada is experiencing the lowest vacancies in many years. One of the most significant questions on the mind of many landlords as a result is related to demand for space: What are the major reasons for this surge? Will the migration of office users from the suburbs to downtown in some cities continue? Are current leasing volumes sustainable as tenants start to rethink their workplaces and space requirements? How much development activity can the office market support? What type of leasing velocity and NERs are we likely to see? Is the landlord’s market likely to remain in most cities? How will the older office stock compete with the attributes of new green certified developments? What is the appetite for investment activity in the office market? Are leasing trends in step with valuations and cap rates? To what extent is the urban trend towards “live, work, play, learn” affecting office markets and leading to more inner city development?

Moderator:

Brett Miller, President, Jones Lang LaSalle Real Estate Services Canada

Panel:

Tom Burns, Executive Vice President & COO, Allied Properties REIT

Michael Catford, Vice President, Real Estate, Healthcare of Ontario Pension Plan

Daniel Peritz, Senior Vice President, Montreal & Ottawa, Canderel Management Inc.

Jan Sucharda, President & CEO, Canadian Commercial Operations, Brookfield Office Properties

SESSION B2 ROOM 716A

THE APARTMENT MARKET IS HOT: STRONG RETURNS, GROWING DEMAND FOR STUDENT HOUSING, AND CONSTRUCTION IS BACK

For many investors, the staple of any well-diversified real estate portfolio today is still the multi-family market. Predictable yields and strong cash flows make apartments one of the most reliable property classes. However, one result is a plummeting cap rate that has relatively disengaged multi-residential properties from the rest of the market. Why are these rates so low? What direction are they likely to take in 2014? How can owners and investors make these record low cap rates work? What is their risk tolerance? How are occupancy rates in major markets across the country? How much new apartment construction will be underway in the light of the cap rate compression? In which cities? What are factors supporting the growing interest in student housing? Is this a short term condition or does it represent a more permanent trend?

Moderator:

Jason Castellan, Chief Executive Officer, Skyline Apartment REIT

Panel:

Steven Gross, Vice President, Investment Management, Bentall Kennedy (Canada) LP

Sandy Harrington, Principal, IC Funding

Alf Hendry, Chief Executive Officer, Homestead Land Holdings Ltd.

Henry Morton, President, Campus Suites

Greg Romundt, President & CEO, Centurion Apartment REIT

Thursday, December 5 REAL ESTATE FORUM

SESSION B3 ROOM 717

DEVELOPMENT IS MOVING AT FULL SPEED ACROSS CANADA: IS THE GAS TANK ALMOST EMPTY OR IS IT TIME TO RE-FUEL AND MOTOR ON?

Strong market fundamentals are supporting an increase in development on a scale that has not been seen for decades in office, retail, industrial and even multi-unit residential. Construction activity is on the rise across the country and in many forms: from suburban single tenant properties and open air retail centres, to mixed-use inner city buildings and innovative forms of redevelopment and intensification. For some companies, a key part of their growth strategy is to renew their existing portfolio and develop new properties rather than try to acquire assets that are priced very high. This session will examine some key factors and trends related to these strategies. What are the unique challenges related to mixed-use and urban infill projects? How do you deal with them? How do joint ventures work between two or more distinct partners? Are land, labour, and construction material costs supporting the economic rents required to make projects realistic? What proportion of projects are green buildings? What are some examples of innovative financing, design and construction that are being implemented? How do new buildings competitively affect existing properties in each property class?

Moderator:

Jim Tadeson, Founding Partner, Carttera Private Equities

Panel:

Wayne Barwise, Executive Vice President, Development, The Cadillac Fairview Corporation Limited

Michael Emory, President & CEO, Allied Properties REIT

David Gerofsky, Chief Executive Officer, First Gulf Corporation

Kevin Pshebniski, President, Hopewell Development Corporation

SESSION B4 ROOM 718A

THE OUTLOOK FOR CAPITAL AND DEBT MARKETS IN 2014: ASSET VALUES, SPREADS, LTVs, AND OTHER ISSUES

A wide ranging discussion will examine the availability of public and private debt and equity for Canadian real estate from the perspective of the capital markets, borrowers, banks and mortgage originators. The participants will offer their views from different points on the compass as they comment on today’s capital and credit market environment, what they foresee in 2014 and beyond, what risks are emerging at this time, and how they would favour deploying their capital. What can you expect next year with respect to the cost, availability and most accessible sources of capital? Will lenders be more or less aggressive next year? What impact is the federal government having on capital and the real estate market generally? How challenging is asset valuation today? What information is required from a valuation by management, purchasers, vendors, shareholders, lenders, and the capital markets? Since 2010, there has been a consistent question being asked about when the BOC will increase interest rates. What is the view of this panel as to when this may finally happen? How quickly and far will rates then increase?

Moderator:

Lorne Burns, National Industry Leader, Real Estate, KPMG LLP

Panel:

Mario Barrafato, Chief Financial Officer, DREAM Unlimited Corp.

Steven MacKinnon, Director, Corporate Banking, BMO Capital Markets

Stephen Sender, Managing Director Industry Head, Real Estate, Global Investment Banking, Scotiabank

Michael Smith, Managing Director, Real Estate Equity Research, Macquarie Capital Markets Canada Ltd.

Moray Tawse, Vice President, Mortgage Investments, First National Financial LP

SESSION B5 ROOM 716B

CAN INVESTMENT ACTIVITY BECOME ANY STRONGER IN THE CANADIAN MARKET NEXT YEAR OR HAS IT PEAKED?

A broad range of investors will be joined by commercial brokers from across the country to provide an extensive discussion on prospective buying and selling trends for 2014. Some would suggest that Canadian real estate has enjoyed a “favourite son” status among investors, with fundamentals that have rarely been better. But at the same time, there is a market imbalance where the amount of capital trying to enter the market continues to greatly outnumber the quality opportunities to do so. What have been the major reasons for the continued strong growth in transaction activity and investor interest? What will be required in order for this trend to continue? Who will be the most active buyers? Who will likely be the sellers? Which property classes will likely be favoured by investors? Which markets will be “top of mind”? What type of assets might be available next year? How do investor attitudes vary from institutional vs. private and domestic vs. offshore? Where will cap rates be trending for core assets? How much liquidity can we expect in 2014?

Moderator:

Mark Rose, Chairman & CEO, Avison Young

Panel:

Avtar Bains, President, Premise Properties Ltd.

Peter Ballon, Head of Real Estate Investments – Americas, CPP Investment Board

Jim Szabo, Vice Chairman, National Investment Team, Vancouver, CBRE Limited

Paul Zemla, Chief Investment Officer, Bentall Kennedy (Canada) LP

Jamie Ziegel, Managing Director, TD Securities Real Estate Group

10:40 a.m.



torontocalgary montreal

ottawavancouver

edmonton


SESSION C1 ROOM 718B

HOW FOREIGN TENANTS, INTERNET SHOPPING AND MIXED-USE DEVELOPMENTS ARE CONTINUING TO RESHAPE THE RETAIL MARKET-PLACE. HOW INNOVATIVE ARE URBAN FORMATS?

Possibly no other real estate asset class has attracted as much curiosity and attention as the retail market across the country. We keep hearing about the growing number of U.S. and European retailers circling Canada or announcing plans to open stores here. This session will examine the overall extent of this influx and its potential implications on existing retail centres and formats, current retail tenants, and consumers in general. How are landlords and retailers responding to these new entries into our market? To what extent are new developments, retrofits and expansions one response? Another significant trend is the growing number of residents in downtowns and inner city areas across Canada. How are developers and retailers responding to this population surge? As the high cost of land has resulted in a growing number of mixed-use projects and intensification activity, what kind of innovative urban retail formats and projects are emerging? At the same time, is there another elephant in the room? To what extent is internet shopping really growing? What impact is it having on conventional retailing especially with Generations Y and Z? What potentially lies ahead for retail market activity in Canada in 2013 and beyond?

Moderator:

John Crombie, Senior Managing Director, National Retail Services, Cushman & Wakefield Ltd.

Panel:

Don Clow, President & CEO, Crombie REIT

Tim Sanderson, Principal/Broker, Northwest Atlantic Canada Inc.

Mark Silvestri, Chief Operating Officer, Premium Outlets, Simon Property Group

Darryl Schmidt, Vice President, National Leasing, The Cadillac Fairview Corporation Limited

Fred Waks, President & COO, RioCan REIT

SESSION C2 ROOM 717

INDUSTRIAL REAL ESTATE MARKETS ACROSS CANADA: HOW ARE THEY REALLY PERFORMING? WHAT IS DRIVING THEIR GROWTH?

A strong case can be made that industrial real estate has been on a strong comeback trail during 2013. This session will examine major investment, leasing and development trends in this property class across Canada today. To what extent can it still be categorized as a tale of two submarkets comprised of new modern warehousing buildings vs. older vintage properties with marginal applications for many users? What does the future hold for B and C class aging and out-dated buildings? What are the greatest sources of demand for space and in which markets? How are industrial tenant requirements changing? How are landlords responding? Do rent levels now support new development? To what extent are there have and have not provinces and have and have not markets? What is needed in order to move NERs much higher in Toronto and Montreal? How strong is investor interest in industrial properties? Which markets show the potential for strongest growth?

Moderator:

Scott Addison, President, Eastern Canada, Colliers International

Panel:

Randy Cameron, Interim President & CEO, Dundee Industrial REIT

Peter Cuthbert, Senior Vice President/Partner, Fiera Properties Limited

Kevan Gorrie, President, Pure Industrial REIT

Jeff Miller, Vice President, Industrial, Oxford Properties Group Inc.

SESSION C3 ROOM 718A

UNDERSTANDING THE COMPETITIVE DIFFERENCE BETWEEN REITs, PRIVATE EQUITY FUNDS, LIFECOs AND PENSION FUNDS AS INVESTORS AND DEVELOPERS

In 2013, capital markets in Canada continued to demonstrate that investment real estate is still in favour. Given the challenges faced by other asset classes, real estate is outperforming many asset classes by offering investors steady and favourable yields at much higher levels than fixed income market. A panel of senior executives from a cross-section of organizations will discuss some of their mandates and priorities for 2014.

What are the most significant factors affecting cap rates in this market, e.g. expectation of growth, cost of capital, change in the ownership? Which property classes will be most favoured, in which markets, and why? What have been the most significant challenges in order to buy or sell assets in this market? Since some of the cities with strongest economic growth are mid-markets, to what extent are they attracting your attention? What are the differences between the issues faced by a REIT vs. a pension fund vs. a private equity fund vs. a foreign investor in pricing properties at this time? What are your respective priorities for the coming year? Are you looking increasingly outside of Canada for opportunities? Are there any signposts that Canadian interest rates will finally rise in 2014? If they do, what will that mean for your strategies?

Moderator:

Amy Erixon, Partner, Avison Young

Panel:

Phil Gillin, Senior Managing Director & Head, Canadian Property Investments, Sun Life Financial

Rob Kumer, Partner, Investments, KingSett Capital

Armin Martens, President & CEO, Artis REIT


SESSION C4 ROOM 716B

GREATER INNOVATION AND CHANGES IN THE WORKPLACE ENVIRONMENT ARE FINALLY COMING TO CANADA: WHAT ARE THE IMPLICATIONS FOR OFFICE SPACE?

Tenants are strongly focused on having workplaces that are conducive for optimum productivity and that help attract and retain valuable employees. However, a paradigm shift is occurring in the corporate office with the changing nature of the multi-generational workplace. Some of this starts with the wide-range in an organization’s demographics: from seasoned veterans and baby boomers to generation X and millennials. These four groups represent major differences with respect to their approach to work and the skills and tools that they require with the integration and impact of technology on today’s corporation. One net result is as little as 9% actual desk utilization or three hours per weekday. This session will explore some of the latest trends on how organizations are able to extract maximum value from today’s workplace. What are other issues and priorities for corporations as they strive for work environments that offer higher productivity?

Thursday, December 5 REAL ESTATE FORUM

Is there a significant reduction ahead in the amount of space that the workplace of tomorrow requires? How will this affect the overall office market? How is this creating demand for higher building performance, innovative office design, efficient space utilization, and sustainability?

Moderator:

Chuck Scott, Senior Managing Director, Corporate Occupier and Investor Services, Cushman & Wakefield Ltd.

Panel:

Earle Arney, Managing Director, FKA Architecture + Interiors

Sheila Botting, Senior Practice Partner, Client Cabinet & National Leader, Deloitte Real Estate

George Della Rocca, Senior Director, Global Real Estate Operations, Royal Bank of Canada

Bill MacGowan, Director, Smart & Connected Real Estate, Cisco Canada

Sandy McNair, President, Altus InSite

SESSION C5 ROOM 716A

WHAT ARE ENTREPRENEURS DOING IN TODAY’S MARKET? CAN PRIVATELY OWNED INVESTORS FIND WORTHWHILE OPPORTUNITIES?

Given the strong investor demand to acquire and own assets in the Canadian market, major opportunities have emerged for entrepreneurialism in the real estate industry. They are found not only in the major cities but in mid-markets as well. Entrepreneurs are experienced at looking for innovation and lower priced capital. They are traditionally privately owned firms unlike the major pension funds, lifecos and most publicly owned entities. While they do not dismiss risk, they often have the ability to see value and reward where many others do not. How do they source capital? What lenders and providers of debt and equity are best suited to work with them? What are some examples of how they structure their deals? What niches and opportunities do they strategically focus on to find the highest potential value opportunities that will enable them to make quality returns and to grow and prosper? What have been the most significant challenges that they have had to endure? How do they see business and investment opportunities unfolding into the future?

Moderator:

Don White, Executive Vice President, National Investment Services, Winnipeg, Colliers International

Panel:

Eric Carlson, Chief Executive Officer, Anthem Properties Group Ltd.

Mark Goldberg, Executive Vice President, Real Estate, The Rose and Thistle Group Ltd.

Phil Milroy, President & CEO, Westcorp.

Nick Pantieras, Managing Principal, Primecorp Commercial Realty

Colin Whitcomb, Executive Vice President, The Hardman Group Limited

12:30 p.m. HALL F

LUNCHEON


1:30 p.m. HALL G

CLOSING ROUNDTABLE DISCUSSION: DO YOU SEE GREATER RISK OR OPPORTUNITY IN 2014? A TIME TO BE CAUTIOUS OR AGGRESSIVE?

Given the broad range of issues that were raised during the Real Estate Forum over the previous two days, a group of senior real estate executives will offer the last word. Representing a divergence of interests and viewpoints, the panel will offer their insights on what risks and opportunities lie ahead, and what courses of action they would suggest accordingly. Are we chasing yield or momentum? Will real estate continue to benefit from a flight to yield? Are interest rates finally likely to rise in 2014 and, if so, what impact will they have on the market? Will REITs be able to sustain their strong performance? What has a greater impact on profitability: strategic management or the fluctuation in cap rates? What will cause investors to head for the sidelines? Where is the smart money going? Of all the opportunities in today’s market, what is the most significant one? Are Canadian investors likely to increase their global presence? Is 2014 a year to be bold or conservative? Is it still a time to buy or is it now a time to sell?

Moderators:



Panel:

Michael Cooper, Vice Chairman & CEO, Dundee REIT and President & CEO, DREAM Unlimited Corp.

Jon Love, Managing Partner, KingSett Capital

John Sullivan, President & CEO, The Cadillac Fairview Corporation Limited

Stephen Taylor, President & COO, Morguard Investments Limited

Bill Tresham, President, Global Investments, Ivanhoé Cambridge

2:35 p.m.

ADJOURNMENT


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