GLOBAL CONFERENCE AWARDS 2015 - IPE.com · 2015. 5. 26. · We were delighted to see APG’s...

GLOBAL CONFERENCE& AWARDS 2015

Award Winnerswww.ipeevents.com/reca

Copenhagen19 May 2015

Thank you to all our co-hosts at this year’s IP Real Estate Global Conference & Awards

The Marriott, Copenhagen19 May 2015GLOBAL CONFERENCE

& AWARDS 2015

CONFERENCE

BEST LARGE INSTITUTIONAL INVESTOR

GOLD

BEST SMALL INSTITUTIONAL INVESTOR

BEST MEDIUM INSTITUTIONAL INVESTOR

BEST INVESTMENT CONSULTANCY

BEST GLOBAL REAL ESTATE INVESTOR

PLATINUM

OUTSTANDING INDUSTRY CONTRIBUTION

SILVER

OPPORTUNISTICSTRATEGY

ASIA PACIFIC

FRANCE & BENELUX

AUSTRIA, GERMANY, SWITZERLAND

CORE

DEBT STRATEGY

NORDICS

VALUE-ADDED STRATEGY

GTIS Partners

INVESTMENT IN LATIN AMERICA

INFRASTRUCTURESTRATEGY

INDIRECT STRATEGY

LISTED STRATEGY

DIRECT STRATEGYOTHER COUNTRIES AND REGIONS

NORTH AMERICA SUSTAINABILITY

2015 RE Awards-supplement.indd 1 19/05/2015 14:02

Contents

In association with

Introduction/Who judges the IP Real Estate Awards? ....................................... 2

PLATINUM AWARDSBest Global Real Estate Investor Canada Pension Plan Investment Board ..........................5

Outstanding Industry Contribution Patrick Kanters .................................................................7

GOLD AWARDSBest Large Real Estate Investor Canada Pension Plan Investment Board ...........................9

Best Medium Real Estate Investor Pension Protection Fund ............................................... 11

Best Small Real Estate Investor APK Pensionskasse ............................................................... 13

Best Investment Consultancy Finance Ideas ............................................................................. 15

REGIONAL AWARDSAsia Pacific National Pension Service ............................................................................................. 17

Austria/Germany/Switzerland Ärzteversorgung Westfalen-Lippe ....................................... 19

Benelux/France PGGM ..................................................................................................................... 21

Nordic Countries AP Pension .......................................................................................................... 23

North America Canada Pension Plan Investment Board ......................................................... 25

Other Countries & Regions Fondazione ENPAM ..................................................................... 27

UK/Ireland The Crown Estate ......................................................................................................... 29

THEMED AWARDSCore Strategy Ivanhoé Cambridge .................................................................................................. 31

Debt Strategy Bayerische Versorgungskammer .......................................................................... 33

Direct Strategy The Crown Estate .................................................................................................. 35

Indirect Strategy Employees Retirement System of Texas ....................................................... 37

Infrastructure Strategy PensionDanmark ................................................................................... 39

Investment in Latin America Canada Pension Plan Investment Board ............................. 41

Listed Strategy PGGM ....................................................................................................................... 43

Opportunistic Strategy Texas Permanent School Fund ........................................................... 45

Portfolio PenSam ................................................................................................................................. 47

Sustainable Strategy The Crown Estate/Healthcare of Ontario Pension Plan .................. 49

Value-Added Strategy Santander UK Group Pension Scheme ................................................ 51

Sponsors Directory ...............................................................................................................................52

Switchboard +44 20 3465 9300 Editorial fax +44 20 7403 2788 Direct tel fax +44 20 3465 +ext E-mail [email protected]/realestatewww.IPE.com www.IPE-Quest.com

Editor Richard Lowe ext 9323Contributor Robert WatsonProduction Editor Roy Akong, [email protected], ext 9313

Editorial Director Liam Kennedy ext 9301Founding Editor Fennell Betson ext 9325 Advertisement Director Eric Davis ext 9307Production & Administration Manager – Advertising Fanni Javor ext 9308Circulation Manager Tony Pryce ext 9311 Subscription Manager Emma Morgan-Jones ext 9317 PublisherJanet Pearch ext 9303Head of US SalesErik Vander Kolk [email protected] +1 203 550 0385 Chief Operating OfficerMartin Hurst ext 9309Chief Executive Tim Potter ext 9310Executive Chairman Piers Diacre

IPE International Publishers Ltd, Pentagon House, 52-54 Southwark Street, London SE1 1UN, UK

© 2015 IPE International Publishers LtdIP Real Estate is published bi-monthly by IPE International Publishers Ltd. No part of this publication may be reproduced in any form without the prior permission of the publishers. Printed by Hastings Printing Company, Drury Lane, St Leonards-on-Sea, East Sussex, TN38 9BJ

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Headlinein hereXxxx

REALESTATE

XXXX 2009VOLUME 00 NUMBER 00

GLOBAL MARKET INTELLIGENCE FOR INSTITUTIONAL REAL ESTATE INVESTMENT

Sue ForsterSue is chief executive of the Investment Property Forum, a 2,000-strong individual mem-bers body for the UK property industry.

Kees HageNow based in Luxembourg, Kees has been a real estate audit partner of the Dutch office of PwC since 1999.

Neill HamiltonFormer chief investment officer of the Shell UK Pen-sion Fund, Neill now specialises in alternatives and manager selection consulting.

IP REAL ESTATE MAY 2015

INTRODUCTION/JUDGES 2015

Özgür AltanÖzgür is head of illiquids at Cardano, leading the investment programme for private equity and real estate as part of the investment team.

Hermann AukampHermann was CIO and director of real estate at Germany’s North Rhine Doctors’ Pension Fund until he retired in 2014 after more than 33 years.

Edward Barker Edward is a director at Dutch firm, Zanders, which is active in the real estate markets for public sector and private sector clients.

Introduction

Who judges the IP Real Estate awards?Another year of significant growth saw both the number of judges and entries again reach record levels. Three new categories were added, bringing the total number of awards this year to 24. A total of 37 judges took part, using their expert opinions and experience to uncover the world’s best institutional real estate investors regionally and by investment strategy and style.

Judging involves a transparent and comprehensive two-stage process. During the first stage the judges review the entries in the categories they are judging and score them according to a 20-point matrix to rank them against their peers and at national, regional and global levels.

The second phase brings the judges in each panel together to discuss the results of the first stage concentrating on the merits and limitations of the entries. They then have a chance to review scores if they felt they needed to.

John Forbes resumed his role as chairman of the judges. Below is a rundown of all the 2015 IP Real Estate Global Awards judges.

John Forbes, chairman

John set up as an independent consultant in July 2013, advising on governance, regulation and real estate fund structuring. He is currently advising on the restructuring of high profile open and closed-ended real estate funds, as well as the establish-ment of new funds.

John previously spent over 25 years with PwC. In 1999, John became the first person in the firm to concentrate wholly on the newly developing area of real estate fund structuring.

Michael BruhnMichael moved in 2013 to the position of CEO at PFA Real Estate – the real estate arm of Denmark’s largest private pension fund, PFA Pension.

John CartwrightJohn has been chief executive of AREF (the Association of Real Estate Funds) since late 2009.

Douglas CrawshawDouglas is a senior invest-ment consult-ant at Towers Watson with over 17 years of international direct real estate investment experience.

Carsten Eckert Formerly with KGAL, Carsten is now a partner and spokesman of the board of managing direc-tors at Munich-based Esko Energy Partners.

Greg FedorenkoAn associate in manager research, Greg joined Reding-ton’s manager research team after completing his PhD in 2011.

Jim FetgatterJim is chief executive of the Association of Foreign Inves-tors in Real Estate (AFIRE), a position he has held since 1992.

Following the success of the event in Munich, Germany last year, we decided to take the IP Real Estate Global Conference & Awards to the Nordic market.

Copenhagen, home of innovation and contemporary design, is undergoing significant urban regeneration and has a new dynamic waterfront. It is an ideal setting for this year’s programme, which is focusing on major themes like urbanisation, technology and climate change.

We are honoured to welcome the city’s mayor, Frank Jensen, as opening speaker to share his vision of the city’s urban renewal. The conference venue, Copenhagen Marriott Hotel, sits in one of the city’s newest areas alongside its waterfront and is a showcase mixed-use centre for the Danish capital.

Denmark’s innovative and sophisticated pensions industry – supporting an ageing population – is the perfect host to tackle the other megatrend covered on the day: demographics.

The awards are now truly global, attracting major investors from Europe,

North America and Asia. This year, we attracted the highest number of entries yet. Canada Pension Plan Investment Board won its third consecutive title as Best Global Investor but there are several equally sophisticated inves-tors, such as fellow Canadians, Ivanhoé Cambridge, Dutch investor PGGM, the Texas Permanent School Fund and Korea’s NPS snapping at the heels.

We were delighted to see APG’s Patrick Kanters win the Outstanding Industry Contribution award in recognition of his commitment and innova-tion at APG and trade bodies he represents.

With this level of representation and sophistication, the IP Real Estate Awards now serve as a benchmark for institutional real estate investors to measure themselves against their peers globally.

IP Real Estate would like to congratulate all 25 winners from 24 categories this year and to thank our sponsors and delegates who once again made the event a highlight in the institutional real estate industry’s calendar. See you next year. Richard Lowe, editor, IP Real Estate

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2015 MAY IP REAL ESTATE

3

Lars HermannLars is founder and chief execu-tive of CPH Advisors, which covers man-ager selection, asset allocation and portfolio management.

Martin HurstMartin was editor of IP Real Estate between 2006 and 2011 before joining the management team at IPE as chief operating officer.

Georg InderstBased in London, Georg is an independ-ent adviser to pension funds, institutional investors and international organisations.

Simon JonesSimon is senior investment consultant at Hymans Robertson, specialising in the development of strategy, asset allocation, risk and governance.

Steen JorgensenSteen is chair-man of the board of Købstædernes Forsikring, with responsibility for strategic planning and implementation monitoring.

Stephan KloessStephan is the founder and owner of KRE KloessRealEs-tatem, which advises institu-tional investors on real estate investments.

JUDGES 2014

Peter KraneveldPeter is an international pensions expert, dealing specifi-cally with private pension policy affairs relating to the European Union.

Richard LoweRichard was appointed editor of IP Real Estate, one of the leading global property markets institu-tional investment publications, in 2011.

Greg McKinnonGreg is director of research for the Pension Real Estate Associa-tion (PREA), a non-profit institutional real estate trade association.

Paul MitchellPaul established Paul Mitchell Real Estate Consultancy in 2006, having previously spent 16 years with Prudential as a property specialist.

Gerard MooreNow a con-sultant to UK local authority schemes, Gerard was financial controller of the Merseyside Pen-sion Fund from 2002 until 2011.

Liz PeaceWell-known in the property world, Liz retired as chief executive of the British Property Federation after 13 years at the end of 2014.

Nick RidgwayNick is a man-ager researcher at Buck Con-sultants with primary focus on alternative asset classes, including listed and unlisted real estate.

Melville RodriguesA partner at CMS Cameron McKenna, Mel-ville is a leading legal adviser to real estate fund managers and their investors.

Stephen RyanA senior invest-ment consultant with Mercer in Dublin, focusing on real estate, Stephen advises a wide range of Irish and multi-national clients.

Damien Smith Based in Lon-don, Damien is a principal of The Townsend Group with responsibil-ity for portfolio management for European and Asian clients.

Nick SpencerAn investment strategy special-ist, Nick is a director within the alternative investments team at Russell Investments.

Matthias Thomas Having joined the body in 2010, Matthias is now chief executive officer of INREV, the European non-listed real estate vehicles association.

Sotiris TsolacosSotiris is a real estate consult-ant and chair of the real estate finance at Henley Busi-ness School’s International Capital Markets Association Centre.

Richard Urban A former invest-ment manager, Richard is now with Rivington Pike, as an independent non-executive director for funds of various asset classes.

Bas van den IJsselActive in institu-tional real estate asset manage-ment since 1992, Bas is a founding partner of Dutch boutique consul-tancy Almazara.

Lisette van DoornAfter 20 years in Europe’s real estate and insti-tutional markets, Lisette joined the Urban Land Institute as chief executive officer in early 2015.

Erick van KoppenErick is a mem-ber of the man-agement team for Dutch firm, Grontmij Capital Consultants with responsibility for client relations.

Greg WrightGreg joined KPMG in 2008, having previ-ously spent 18 years at Mercer, leading its European real estate research team from 1999 to 2008.

Our team of property experts are in all corners of the market. Industrious and performance-driven, we carry more than our weight in the European markets as we use our knowledge and track record to secure the best investments.

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PLATINUM AWARDS 5

The Canada Pension Plan Investment Board (CPPIB) continued to expand globally in 2014 and 2015 with its core strategy to

construct partnerships with key players in major global markets. This approach provides the econo-mies of scale and alignment of interest both parties seek for large projects and developments. There is example after example demonstrating the sophisti-cated €182bn giant’s growing global empire.

Logistics assets have been important compo-nent of the CPPIB real estate portfolio over the past 10 years and also figures in its 2014 activity. One key deal was an expansion of the board’s partnership with GLP, the largest owner of logistics facilities in Brazil as well as a prominent player and partner of CPPIB in both China and Japan. The deal involved two transactions. The first was the $70m equity investment in GLP’s three-phase Park Duque de Caxias 343,741 square metre development in Rio de Janeiro. The moves coincided with the opening of a regional office in São Paulo in 2014.

A $170m stake in a portfolio of 32 logistics assets followed. Spread between São Paulo and Rio, the assets cover 929,030

square metres. Also with GLP, CPPIB invested a further $150m in a state-of-the-art, earthquake-protected multi-storey logistics facility in Tokyo.

Partnering with Goodman, another key CPPIB logistics partner, the firm further expanded its holdings in China. This involved a $500m increase in their equity allocation to their Goodman China Logistics Holding (GCLH) joint venture, with $400m by CPPIB.

In the US, CPPIB acquired its first major office complex on the West Coast in a joint venture with Hudson Properties with the purchase of prime office assets in San Francisco for $219.2m. This is a 95,303 square metre, 22-storey, class-A office building that fronts an entire block in San Francisco’s thriving Mid-Market neighbourhood.

Back in Asia in early 2015, CPPIB joined with Longfor, an experienced developer in China for a major mixed-use project in Suzhou in Jiangsu Province. CPPIB committed CAD234m in late

December 2014 to jointly develop the Times Paradise Walk project in Suzhou, the fifth most affluent city in China with 10m in its region. The one-stop commercial project comprises residen-tial, office, retail and hotel space covering a total gross floor area of 735,000 square metres.

In the UK, it consolidated its partnership with the BT Pension Scheme’s manager, Hermes, by driving forward its London

value-added office portfolio and setting up a development joint venture in the regions, with a major investment in northern England. The London deal involved the forward purchase of the office and retail elements of the mixed-use South Bank Tower. The venture will take on full leasing risk on the asset in the rapidly improving South Bank office market. Divestment shows a nimble and pragmatic approach with the assets CPPIB has sold; the price expected in the business plan at the time of purchase has been surpassed well ahead of schedule.

Student housing is a new sector for CPPIB. It acquired leading student accommodation pro-vider Liberty Living for £1.1bn, in one of the larg-est European deals of the past 12 months. One of the UK’s largest private student accommodation providers with 16,700 rooms in 40 residences across the country, Liberty Living was part of the Brandeaux Student Accommodation Fund.

Retail continues to be the mainstay of the CPPIB real estate portfolio. Another key partner-ship strengthened by CPPIB in 2014 was with Unibail Rodamco, Europe’s largest REIT and leading listed commercial shopping centre spe-cialist. The Franco-Dutch REIT bought the 45% stake in Germany’s leading shopping and leisure complex, Centro, from CPPIB’s former partner in the centre.

“Extremely strong with impressive returns, recognising the challenges associated with the size of its asset base. Strong risk management drives a truly global strategy with significant investment activity and thoughtful investment thematic across developed and emerging markets, such as the US, UK, Germany, the Nordics, Japan, China and Brazil” – judge’s comment

AT A GLANCE

ɆɆ Portfolio rebalancing to profit from over-priced assets

ɆɆ Large-scale expansion in Brazil and Asia with regional office

ɆɆ Consolidation of main retail sector by extending relationship with Europe’s largest REIT

ɆɆ Expansion into student housingɆɆ Strategy to build global presence by

forming partnerships locally

SHORTLISTED

ɆɆ Healthcare of Ontario Pension Plan – Canada

ɆɆ Ivanhoé Cambridge – CanadaɆɆ National Pension Service – South

KoreaɆɆ PensionDanmark – DenmarkɆɆ PGGM – NetherlandsɆɆ Texas Permanent School Fund – US

Best Global Real Estate InvestorCanada Pension Plan Investment Board

Canada Pension Plan Investment Board As at 31 December 2014

Country: CanadaFounded: 1997

Financial dataMarket value, €m: 181,418Value of real estate assets, €m: 18,662 (to 31 March 2014)

Real estate % of overall assets: 11.6% (to 31 March 2014)Real estate performance: 18%

We only invest in real estate, bringing a unique focus and depth

of expertise to the sector. Our primary objective is to deliver

competitive investment performance while striving to achieve

the highest levels of client service.

Contact

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Focused solelyon our clientsand investingin real estate

R17365 IPE Conference Supp 335x245_Layout 1 28/04/2015 14:44 Page 1


PLATINUM AWARDS 7

One of the most respected figures in the global institutional real estate industry, Patrick Kanters is managing director

of global real estate and infrastructure at the Netherlands’ largest pensions investment firm APG Asset Management. He has contributed tirelessly to pushing the sector to the next level of professionalism, sustainability and industry best practice.

Among his greatest achievements since joining APG from ING Real Estate in 2005 has been his commitment to promoting the principles of sus-tainability within APG’s own real estate portfolios and within the industry at large. He was among the innovators of the influential Global Real Estate Sustainability Benchmark (GRESB) survey, the benchmarking initiative developed jointly in 2009 by APG, Maastricht University, PGGM and USS.

GRESB has become the industry standard in measuring on behalf of 50 or so of the world’s leading institutional investors, with a combined asset base totalling some €5.5trn, the environ-mentally and socially responsible performance of some 640 property funds and more than 1,000 REITs. Such is GRESB’s importance that it won Outstanding Industry Contribution in back-to-back years in 2010 and 2011.

GRESB is used to rate APG’s own perfor-mance. With 10% of its €424bn asset base devoted to real estate, APG is one of the

world’s largest real estate investors and is aware of the responsibility its influence carries globally. With real estate accounting for some 40% of the EU’s carbon emissions, Kanters ensures APG’s real estate teams actively engage with its investments and assess new opportunities against strict ESG criteria, helping shape the long-term nature of the industry and managing climate change.

APG, under Kanters’s direction, was a leading player in the creation of a new industry lobbying

body for the institutional infrastructure sector. APG is joined in the Global Infrastructure Inves-tor Association (GIAA) by 18 other major real assets investors, with combined infrastructure assets under management totalling some €177bn, including fellow Dutch pensions manager PGGM and Canadian peers Canada Pension Plan Invest-ment Board, Ontario Teachers’ Pension Plan and PSP Investments. GIIA seeks to be the public voice for investors in unlisted infrastructure and to build an increased understanding of long-term infrastructure investments as well as the growing sector’s advocate, engaging directly with govern-ments, supranational bodies and policy makers to develop and maintain supportive regulatory environments and reduce barriers to investing in infrastructure globally.

But Kanters’s commitment to real estate goes beyond APG. Since June 2012, he has also been chairman of INREV, the European

association for Investors in Non-Listed Real Estate Vehicles. During his chairmanship, INREV has developed innovative indices and measurement tools such as the online Sustainability Library, an interactive platform for INREV members to share knowledge, promote publications, learn from and be inspired by peers and make experiences and achievements publicly available within the industry. INREV entered into partnership with fellow real estate industry bodies, ANREV, NCREIF and PREA, to create a set of global guidelines to help investors and asset managers alike better understand the vagaries of real estate investment markets around the world and constitutes the first major step towards truly developing a set of globally consistent market practices.

Kanters also sits on the board of EPRA, Europe’s public real estate industry’s representa-tive body that, like INREV, promotes best prac-tice and guidelines as well as managing a set of indices for listed real estate funds and companies.

SHORTLISTED

Peter Hobbs Managing director, research, MSCIHobbs’s career in real estate goes back 20 years, during which time his research and consultancy experience have helped investment strategies across Europe, the US and Asia.

Karsten KallevigChief investment officer, real estate, NBIMOriginally global head of real estate asset strategies when he joined NBIM in April 2011, Kallevig was promoted to chief investment officer in September 2013.

Liz PeaceFormer chief executive officer, British Property FederationPeace retired from the British Property Foundation late last year after 12 years as CEO of the influential organisation for the UK real estate industry.

Matthias ThomasChief executive officer, INREVThomas has been leading INREV, the European Association for Investors in Non-Listed Real Estate Vehicles since August 2010 and has a long, varied career in real estate.

Outstanding Industry ContributionPatrick Kanters

“Impressive career record and sense of responsibility. Kanters is an industry icon who runs a sophisticated organisation with a thoughtful strategy and management” – judge’s comment

http://www.giia.info/

http://www.giia.info/

KGAL has been active in Real Estate as an asset class since its foundation in 1968. Until today it has structured and financed thousands of real estate properties as individual or portfolio transactions for retail funds, private placements, special funds and other structured financing solutions.The importance of real estate as an asset class has grown in recent years. Within the risk-return spectrum, stability of returns and the experience of an asset manager are key considerations for institutional investors. KGAL has EUR 23.2 billion assets under management of which EUR 7.4 billion managed investment volume in real estate (as of 31.12.2014).

Institutionals count on KGAL

www.kgal-group.com

Real Estate Aviation Infrastructure

Expertise & Experience

Lessons learned

Performance

KGAL Real Estate Funds Simply Invest

47 years

71 employees

7.4 billion EUR

experience in real estate

active in real estate

managed investment volume in real estate (as of 31.12.2014)

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Anzeige_IPRE_Real Estate.indd 1 26.02.2015 17:55:17


GOLD AWARDS 9

The CAD238.8bn (€181.4bn) Canada Pension Plan Investment Board (CPPIB) is one of the world’s largest and fast-

est growing institutional investors investing the assets of the Canada Pension Plan (CPP), Canada’s national, compulsory, defined contribu-tion pension plan for all Canadians over 18 years of age except Quebec.

Created in 1997, CPPIB boasts strong public accountability and high standards of transpar-ency. Already among the world’s 10 largest pen-sion schemes, it is expected to grow significantly between now and 2021 to $290bn and to $465bn by 2030.

Based on a strategy to build and find the best partnerships, its real assets portfolio, which began life just 10 years ago in indirect joint ventures in Canada, now represents more than 18% of overall assets, with investments in Canada, the UK, the US, Australia, Mexico, Brazil, across Europe and Asia.

The joint venture principle as the driver of its real estate approach provides ideal align-ment with its partners on both the financial and operational elements of its investments and grants it control over the partnerships. However, with pricing in the established commercial real estate markets now reaching record levels driven by strong competition from other domestic and global investors and a low cost of capital, CPPIB is exploring new geographies, structures and sectors and reviewing its existing exposure in a portfolio rebalancing exercise. This means CPPIB has become a seller as well as a buyer to take advantage of the market and optimise its real estate investments.

Its priority remains, however, to maintain and build a diversified portfolio of high-quality real estate that delivers attractive

risk-adjusted returns and growing value and cash flows over the long term.

The logistics sector figures prominently in its 2014 activity. CPPIB’s strategy of partnering up with large-scale operators earlier in the cycle continued to bear fruit and it has scaled up rela-tionships further. One key deal was an expansion of its partnership with GLP, the largest owner of

logistics facilities in Brazil as well as a prominent player and partner of CPPIB in both China and Japan. The deal involved two transactions, build-ing on CPPIB’s initial commitment to GLP in Bra-zil of $343m in 2012. The first was the USD $70m equity investment into GLP’s three phase Park Duque de Caxias 343,741 square metre develop-ment in Rio. A $170m stake involving a portfolio of 32 logistics assets the joint venture bought from BR Properties immediately followed this. Spread between São Paulo and Rio de Janeiro, the assets cover 929,030 square metres.

Still with GLP, CPPIB invested a further $150m in a state of the art, technically advanced award-winning earthquake-

protected multi-storey logistics facility in Greater Tokyo. Partnering with Goodman, another key logistics partner, the firm further expanded its holdings in China. This involved a $500m increase in the equity allocation to their Good-man China Logistics Holding (GCLH) joint venture, with $400m by CPPIB and $100m by Goodman.

A further step saw CPPIB making a statement of confidence in the regional UK markets as it sought to benefit from the upswing in the UK economy and rebalance London’s dominance in its UK portfolio. This involved a further partner-ship with Hermes as well as MEPC. Their first major regional UK investment is in Wellington Place in central Leeds. With a gross develop-ment value in excess of £185m, the masterplan envisages 139,354 square metres of commercial, retail, leisure and residential space that will make Wellington Place one of the biggest and most prestigious city centre business quarters in Europe.

“CPPIB has made use of its size to build a global portfolio in core geographies and emerging markets based on joint ventures and partnerships with key regional players, providing access to a variety of opportunities and major schemes” – judge’s comment

AT A GLANCE

ɆɆ Large-scale logistics expansion in Brazil and Asia

ɆɆ Major city centre redevelopment project in regional UK

ɆɆ Strategy driven by partnerships with other large industry players to create scale

SHORTLISTED

ɆɆ The Crown Estate – UKɆɆ Employees Retirement System of

Texas – USɆɆ Healthcare of Ontario Pension Plan

– CanadaɆɆ Ivanhoé Cambridge – CanadaɆɆ National Pension Service – South

KoreaɆɆ PGGM – NetherlandsɆɆ Santander UK Group Pension

Scheme – UKɆɆ Teacher Retirement System of

Texas – USɆɆ Texas Permanent School Fund – US

Large Institutional InvestorCanada Pension Plan Investment Board



Financial dataMarket value, €m: 181,418Value of real estate assets, €m: 18,662 (to 31 March 2014)

Real estate % of overall assets: 11.6% (to 31 March 2014)Real estate performance: 18%

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This information has been compiled by Syntrus Achmea Real Estate & Finance B.V. (referred to below as Syntrus Achmea) and is intended for qualified or professional investors within the meaning of the Dutch Financial Supervision Act [Wet op het financieel toezicht (Wft)]. The information does not constitute a proposal or an offer, investment advice or any other financial service, nor is it meant to be used as the basis for making investment decisions. The content of this document is based on sources that are deemed reliable and is intended for information purposes only. For more information about Syntrus Achmea and our funds, please go to: www.achmeavastgoed.nl. All information (text, photos, illustrations, graphical material, trade names, logos, word marks and image marks) presented in this advertising material is owned by, or licensed to Syntrus Achmea and is protected by copyright, trademark law and any other applicable intellectual property rights. Syntrus Achmea Real Estate & Finance B.V., with its principal place of business in Amsterdam (Trade Register no. 33306313) has been issued with a licence by the Netherlands Authority for the Financial Markets [Autoriteit Financiële Markten] in Amsterdam.

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GOLD AWARDS 11

The UK’s reserve fund for pension schemes of insolvent employers, the €23bn Pen-sion Protection Fund (PPF) has placed

an increased emphasis on investment in global property due to its ability to cover the entire risk-return spectrum, its low correlation with other asset classes and its ability to generate higher returns, while providing an inflation hedge. The aim of PPF’s property portfolio is to achieve long-term, stable income as part of its wider alternatives portfolio. With this aim in mind, core investments dominate the portfolio, complemented by exposure to value-added and opportunistic funds, resulting in a higher risk and return profile.

With a high degree of indirect investments, PPF seeks to hold a small number of relationships with investment managers and thus maintains a stringent monitoring process and regular contact with its investment managers to understand their initiatives and acquisitions, as well as views on market outlook. That way, PPF is aware of plans surrounding each asset and understands portfolio construction and decision-making.

PPF recently tendered for global property with the aim of investing in open and closed-ended funds. This led to a mixture

of managers, who provide a range of fund solu-tions across the core, value-add and opportunistic space globally. Since the completion of the tender exercise in 2014, PPF has concentrated on invest-ments in Europe, taking advantage of what it considers an attractive market for slightly higher risk investing, with a smaller allocation made to Asia-Pacific value-added and opportunistic funds.

Despite the more recent global approach, PPF’s property allocation still focuses largely on its domestic market. As PPF has grown substan-tially, it now invests in both a multi-manager mandate, providing a mix of balanced and special-ist fund holdings, such as healthcare, leisure and hospitality, and a direct mandate. Both mandates have inflation-linked performance targets and focus on achieving stable long-term income. The strengthening of the UK property market has seen the portfolio recently experience an uplift in performance above the return target.

The UK direct mandate is helped by PPF’s

relationship with a specialist property invest-ment manager allowing the scheme to take advantage of its network and experience to source and acquire assets directly. This has led to the innovative hybrid UK property assets PPF now holds. Assets perform the dual role of hedging its liabilities and acting as return seekers.

In Europe, the core market offers the fund potential to access stable income in logistics, office and retail. Europe offers a higher risk and return profile and this where PPF has imple-mented its first value-added and opportunistic fund investments. Manager selection has been key to the success of this approach and PPF has established relationships with investment managers investing in the short term with trading experience and a clear entrepreneurial approach.

PPF has been monitoring the Asia Pacific markets more closely since 2012 when it believed that the region’s core real estate

would become increasingly attractive. This has proved right and the performance of a legacy fund holding is benefiting from an improvement in key countries such as Japan. However, its experience of investing in the region revealed core invest-ments to be difficult, with the market dominated by local investors reluctant to sell.

This led the scheme to recently initiate invest-ment into a value-add/opportunistic fund in Asia Pacific. The fund has a clear theme and offers full transparency across each asset, which is key. In the US, PPF holds a legacy passive position in a US REIT index, which has performed well since inception.

“A well diversified and flexible strategy with a focus on manager relationships. Its global approach, conviction and clear views are all positives” – judge’s comment

AT A GLANCE

ɆɆ Global strategy featuring direct UK and indirect overseas investments

ɆɆ Focus on manager selection and monitoring

ɆɆ Value added and opportunistic approach complements main core strategy

SHORTLISTED

ɆɆ CERN Pension Fund – SupranationalɆɆ WPV – Germany

Medium Institutional InvestorPension Protection Fund

Pension Protection Fund As at 31 December 2014

Country: UKFounded: 2004

Financial dataMarket value, €m: 23,181 (to 31 March 2015Value of real estate assets, €m: 775.9 (to 31 March 2015)

Real estate % of overall assets: 3.35%

across Europe and Asia Pacific

Focused onincome-driven, active management

For more information, contact:Lucy WilliamsDirector, Institutional Business UK and Europe

Tel: +44 (0)20 7548 6585Email: [email protected]

Visit: www.mandg.com/realestate

M&G Real Estate is a business name of M&G Investment Management Limited and is used by other companies within the Prudential Group. M&G Investment Management Limited is registered in England and Wales under number 936683 with its registered office at Laurence Pountney Hill, London EC4R 0HH. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority. The services and products provided by M&G Investment Management Limited are available only to investors who come within the category of the Professional Client as defined in the Financial Conduct Authority’s Handbook; they are not available to individual investors, who should not rely on this advertisement. FEB 15 / 27205

27205 M&G RE SP Ad IPE 335x245_03.indd 1 19/02/2015 14:45


GOLD AWARDS 13

A ustria’s €4bn APK Pensionskasse believes the world of investing is stand-ing at a historical breaking point char-

acterised by the global collapse in interest rates in recent years. As a result, rules that used to be universally applicable may no longer be relevant.

With respect to real estate, APK argues the basic rule was that having immediate positive cash flows from an investment was basically an indication of a high-quality asset. In a zero inter-est or even negative interest world, however, this is not necessarily true. First of all, given negative interest rates are only a short-term phenomenon, a proper valuation of traditional cash-producing core real estate assets is only meaningful if it is possible to make accurate assumptions about the evolution of interest rates generally and when they might return to positive territory.

If negative interest rates are fed unchallenged into a standard valuation model, the output will reveal excessively high prices that are

bound to crash once interest rates normalise. This implies a risk of inevitable capital losses on properties that are bought at current zero or very low rates now as they are simply too expensive and can only depreciate in value as rates rise.

Moreover, this could impact the positive effect from high cash flows on the scheme’s overall returns. Since APK, like most pension funds has fixed quotas for its more risk-bearing assets, posi-tive cash flows from real estate investments are most likely to be reinvested directly in the real estate portfolio or alternatively in high quality bonds. The higher the cash flow from the real estate portfolio, the higher the required immedi-ate re-investment rate.

For smaller organisations like APK with smaller absolute allocations to real estate this problem is acute. The positive running yield of roughly 4% on the existing core portfolio is not generating sufficient funds to allow for meaningful new core investments every month and, hence, the requirement for making short to medium-term investments in bonds or other high-quality assets within the real estate portfolio is diminished.

Facing the new low interest world and as a result of lack of attractive opportunities in the

traditional core universe, APK has started direct-ing all new investments away from traditional core and core-plus strategies towards oppor-tunistic or debt-based strategies where cash is employed and paid back as lump sum payments and any positive cash flows the strategy produces can be reinvested either directly to improve the fundamentals of the underlying asset in oppor-tunistic strategies or in real estate debt instru-ments that have readily accessible liquidity.

A PK’s real estate portfolio is split roughly 50/50 between legacy core assets and opportunistic and debt-based strate-

gies which have been selected to minimise the reinvestment risk and locking in their attractive overall risk-return profile. The new strategies include investments in US real estate debt, Scan-dinavian retail and pan-European and pan-Asian opportunistic holdings. In addition to diversifica-tion, the new portfolio composition also has the advantage that opportunistic and debt strategies can be structured to be tax and cost-efficient.

The long-term benefits of being able to access a broader set of potential investments will prob-ably only become fully visible once through a full market cycle, but the short-term advantages of the new APK strategy already speak for them-selves. APK´s real estate portfolio returned more than 8% in 2014 with a risk profile matching a traditional core-only portfolio.

“A most interesting and refreshing analysis of the implications for of the current low interest rates for a real estate investor. APK continues to outperform the majority of its Austrian peers” – judge’s comment

AT A GLANCE

ɆɆ Review of real estate to counter effect of negative and low interest rates

ɆɆ Debt and opportunistic strategies complement main core approach

ɆɆ 8.2% market leading real estate return in Austria in 2014

SHORTLISTED

ɆɆ Frjálsi Pension Fund – IcelandɆɆ NEST Corporation – UK

Small Institutional InvestorAPK Pensionskasse

APK Pensionskasse As at 31 December 2014

Country: AustriaFounded: 1990

Financial dataMarket value, €m: 4,061Value of real estate assets, €m: 125.2

Real estate % of overall assets: 2.9%Real estate performance: 8.2%

We strengthened our global presence 575professionals

13offices

23countries

...by acting on strong market convictions

Infrastructure represents the next opportunity in the European debt market

3There are opportunities to acquire underperforming assets with significant value add potential

1Alternatives are increasingly attractivefor asset managers with specialist expertise

2

...and increased assets under management

€10.2bn in transaction activities including

€5.2bnEquity acquisitions and disposals

€5bnDebttransactions

It was a record year forcapital raising

...and transactions

...enabling us to develop for the future

€5.8bn in current projectsunder development

Kings Cross

Quadrans

Sixty LondonThe Department

€7.3bncapital raised(€3.6bn equity and €3.7bn debt)

35new clients

NH Grand Hotel Krasnapolsky

6 Bevis Marks

€54bnassets undermanagement including

€7.5bnCRE(1) debt assetsunder management

Source : AXA Real Estate Investment Managers and its affiliates (« AXA Real Estate »). Unaudited data as at 31 December 2014 unless otherwise stated. For informational purposes only. This material does not constitute, on AXA Real Estate’ part, an offer to buy or sell, solicitation or investment advice in any particular product or strategy mentioned herein. Past performance is neither a guide to future returns nor a reliable indicator of future performance. There can be no assurance that AXA Real Estate will achieve similar results, implement investment strategies or achieve its objectives. This material may be modified without notice and AXA Real Estate may, but shall not be obligated, update or otherwise revise it. AXA Real Estate disclaims any and all liability relating to a decision based on or for reliance on this material.(1) Commercial Real Estate (“CRE”).

2014: A record year for AXA Real Estate

TokyoNew YorkMadridMilan SingaporeLondon AmsterdamZurichCologneParis Stockholm BudapestBrussels

Axa - infographie - format 245x335 - V4.pdf 1 26/03/2015 16:50


GOLD AWARDS 15

Established in 2004, with an institutional arm created in 2010, Finance Ideas supports clients’ investment decisions

in illiquid assets, with three consistent goals: greater transparency, fewer costs and better performance. An independent and impartial firm, its mission is to enhance the knowledge and performance of clients, with fees relating purely to the time spent with them and on solutions without transaction or management fees. Three examples of Finance Ideas’ work in 2014 illus-trate its success.

The first involved a second opinion on a pen-sion fund’s €1.3bn direct property portfolio, with the goal of assessing the potential of its holdings and suggesting improvements for the scheme’s external manager going forward. The approach initially involved looking at its historical perfor-mance compared with reference portfolios and current trends in the Dutch market.

The assessment showed that the potential of the portfolio varied across sectors. Because the residential component is relatively old and located mostly outside the main Dutch urban areas, Finance Ideas forecast that the portfolio would slightly underperform the benchmark in the long run. For the retail side, given that most assets were in main shopping areas, it expects the holdings to perform in line with the benchmark in the long run. As for the office segment, the fact that a large share was concentrated in single-use locations with poor public transport links in a Dutch market increasingly demanding multi-use offices in locations with good access, Finance Ideas warned of a structural underperformance of the benchmark as a result of high vacancy rates.

The assessment of the actual manager revealed a lack of tools to execute the portfolio plan effectively, resulting in a

lack of mutations therein. Furthermore, the qual-ity of the formal communication and accountabil-ity was low, resulting in a lack of understanding by the pension fund that owns the assets. Finance Ideas’s advice was to sell and/or restructure the office portfolio and improve the position, tools and mandate of the portfolio manager. The two parties are now discussing how best to implement the changes.

The second example involved monitoring a €600m indirect property portfolio consisting of 50% in a listed index fund and 50% in several non-listed vehicles. The aim is to empower the pension fund to better understand the risks of its real estate portfolio. Finance Ideas monitors the performance of the funds by attending meetings and screening reports. It then integrates the various quarterly reports into one report that the pension fund uses internally. The report shows data at portfolio, sector and fund level. In addition, it explains the returns and risk of each individual fund.

The third case concerned a wider research project commissioned by IPF into institutional behaviour in residential

markets for the benefit of the UK market. Key to the research was uncovering the main drivers for residential investments by institutions and build-ing on any lessons that have been learned from five overseas markets with differing attitudes towards institutional residential investments: the Netherlands, the US, France, Germany and Australia. Throughout the study, Finance Ideas compared these markets with the UK. Although the relation is not crystal clear, it found four factors that positively influence institutional investors’ involvement in the residential property markets: • Stable income stream: countries in which hous-ing has produced more stable income returns have more institutional involvement • Strong inflation hedge: countries in which historic housing returns are strongly linked to inflation have more institutional involvement• Relatively strong tenant protection: countries where landlords cannot easily terminate resi-dential rental contracts have more institutional involvement • High maturity of the investment market: markets with well-developed residential investment products have more institutional involvement.

“Wide ranging experience in this small team of six, with a simple and transparent fee structure, and case studies very well explained and varied in their nature” – judge’s comment

AT A GLANCE

ɆɆ Multi-faceted advice service for both pension funds and external managers

ɆɆ Fund monitoring service to enhance client reporting

ɆɆ Extensive research and analysis capability

SHORTLISTED

ɆɆ Crosswater Realty Advisers ɆɆ Grontmij Capital Consultants ɆɆ Mercer ɆɆ Redington ɆɆ Townsend Group

Investment ConsultancyFinance Ideas

Finance IdeasCountry: NetherlandsFounded: 2004

Our portfolio is breaking new ground: Southpoint in Brisbane.Sharing the rewards of investment excellence.

Brisbane is one of the most exciting growth markets on the fifth continent and the site of our first investment in Australia. The 27,830 square metre Southpoint office and commercial building is due to be completed here by mid-2016. It’s a prime example of our global investment strategy, with long-term leases, a high construction standard and 90 % of the space pre-let. Managed by our Asia-Pacific team, Southpoint showcases our comprehensive expertise, from project financing and currency management to tax structuring of the investment. All designed to ensure the right quality and financial return even in uncharted territory.

Find out more at http://www.marking-milestones-together.com


17REGIONAL AWARDS

Founded in 1988, South Korea’s KRW470trn (€390bn) National Pension Service (NPS) has not only grown to

become Korea’s prime social security programme but is also now one of the world’s five largest pen-sion funds. This represents more or less a third of the nation’s GDP and it is expected to exceed KRW500trn by the end of 2015 and KRW850trn by 2020.

At the end of 2014, NPS’s portfolio com-prised 30% equities, 60% fixed income and 10% in alternative investments. Compared to previous years, the allocation to both equities and alternatives has increased, while the level of fixed income exposure has decreased. NPS is also becoming increasingly global, with its overall international investments increasing by 2.4% in 2014 to end the year on 21.8%. This befits a scheme of NPS’s size and scale and its investment objective across all asset classes is continually to diversify and expand by acquir-ing the best-priced quality assets and securities regardless of region to generate stable revenue.

R eal estate and other real assets such as infrastructure feature in NPS’s alterna-tive investments. This portfolio has

a whole was worth KRW46.7trn in 2014 and accounted for just under 10% of overall invest-ments. This was NPS’s best performing portfolio in the year under review, returning 12.5%. The overseas exposure of this portfolio, worth KRW24.5trn, slightly outweighed its domestic equivalent’s KRW22.2trn. Domestically this includes KRW8.8trn in infrastructure and KRW6.1trn in actual real estate, an indication of its commitment to modernising South Korea. But property wins the race overseas, accounting for more that KRW12.2trn versus infrastructure’s KRW4.9trn.

Infrastructure and real estate remain at the heart of the NPS’s expansion plans as it seeks fur-ther global diversification to enhance its overall returns. It is seeking opportunities in small and medium-sized assets and non-office properties, such as in the retail sector, to diversify its real estate portfolio. For infrastructure, it is looking to acquire more harbour and ports facilities, and energy and utilities provision, among others.

In practical terms this expansion takes in a diverse range of strategies, regions and sectors as well as different types of investment vehicle to gain access to certain markets efficiently. To facilitate this growth, NPS recently introduced a benchmarked manager programme to satisfy its decision to outsource more of its real assets expansion in specialist fund management com-panies. The selection process is streamlined and allows NPS to find the best-in-class managers for its mandates. A diligent and effective monitoring process ensures the NPS continually improves the managers’ ability to improve returns.

This combines to ensure NPS can invest meaningfully in a diverse range of invest-ments, including recently an Asia emerg-

ing manager programme fund, a US office fund and a US industrial fund. It has also committed to the development of gas turbines, a mid-cap co-investment project, infrastructure debt and secondary markets. Moreover, NPS’s size, scale and appetite for risk have seen it expand its real estate capacity globally in emerging markets, such as retail facilities in Malaysia and various sectors in China.

Further afield and in more developed markets, it has purchased interests in the Poland Telecom Tower and is making full use of its overseas offices to improve its investment competitive-ness, with the notable sale of the HSBC tower in London’s Canary Wharf. The £1.1bn disposal of the UK and Europe’s largest banking group’s headquarters made the NPS some £300m in profit as it originally paid just under £800m for the building in 2009.

“A highly diversified approach plus a well-conceived risk management strategy combine to achieve excellent results, especially overseas” – judge’s comment

Asia PacificNational Pension Service

National Pension Service As at 31 December 2014

Country: South KoreaFounded: 1988

Financial dataMarket value, €m: 390,000Value of real estate assets, €m: 15,270


AT A GLANCE

ɆɆ Multi-faceted global real assets strategy with 12.5% return in 2014

ɆɆ Significant £300m profit from £1.1bn sale of HSBC London headquarters

ɆɆ Expansion into Asian emerging markets across sectors

SHORTLISTED

ɆɆ Employees Provident Fund – Malaysia

THE ASSET WE PRIZE MOST.

Real Estate of Mind

tristancap.com

A blend of vision, precision, imagination and performance that is second nature to us. The set of values that defines us. The investment philosophy that inspires us. It’s in our DNA.

Real Estate of Mind

REOM_London_1.indd 1 27/03/2015 10:03:54


19REGIONAL AWARDS

W ith real estate now representing just over a fifth of its total €11.2bn asset base, Ärzteversorgung Westfalen-

Lippe’s (AEVWL’s) approach to real estate is to diversify across the whole risk-return spectrum, covering the entire value chain. Its strategy is to identify opportunities and trends deemed pioneering and anti-cyclical, contributing signifi-cantly to the fund’s ability to achieve its annual overall actuarial 4% interest rate.

Real estate has always been a major asset class for the north German doctors’ fund. The ongoing accumulated annual return of the large portfolio hovers constantly around the 5–6% mark and has never returned a negative result. The regional dis-tribution of its real estate commitments, includ-ing REITs, continues to have a home bias with Germany accounting for 65%, the rest of Europe 19%, the US 12% and Asia 4% at the end of 2014.

The office sector, at 51%, remains its main focus, followed by retail at 21%. In recent years, it has increased its exposure to the residential and logistics markets, which now account for 13% and 6%, respectively. The remaining 9% is spread among other types of property. Core-plus, at 42%, dominates the portfolio but there is a growing share in value-added at 13% and opportunistic investments at 4%.

A n essential component of AEVWL’s property portfolio now focuses on project development in prime locations in major

metropolitan areas – both in Germany and abroad, namely London. Thanks to the skills and experi-ence the scheme’s teams have accumulated over the years from its direct investments, they are able to supervise its redevelopment projects on the same professional level as its partners in the projects. Furthermore, as a result of its long-term approach, it can afford to suspend rental income in the short term. Its KöQuartier in Düsseldorf and Franfurt-based Maintor-Areal are key examples of this.

More recently, AWEVL has found itself relying on gaining exposure to real estate, especially internationally, through a more indirect and listed strategy based on share acquisition. Unlike its direct portfolio based on actual asset deals, this ensures the scheme can maintain a higher

degree of liquidity with the holdings being more imminently tradable.

Ever since the global financial crisis of 2008, AEVWL has actively included an opportunistic approach to investing in real estate, whereby it can both buy and sell when market conditions are favourable. This is true of its sale of one of its London holdings, New Bond Street House, in 2014. The trigger point was the London prime retail yield falling below the 10-year UK bond rate. The proceeds from the sale were used to buy the Art Deco Palais office complex in Munich, which AEVWL expects to provide attractive distribution yields thanks to both positive yield spreads and long-term debt financing.

Elsewhere, the fund is increasingly interested in leasehold properties built to high-quality standards in prime locations.

This part of the strategy aims to generate stable cash flows secured by senior inflation-linked mortgages. Thanks to the legal separation of the leases from the actual buildings, there is no depreciation in value on AEVWL’s investments.

Last but not least, AEVWL’s real estate port-folio is supplemented by infrastructure invest-ments such as the strategically relevant German underground oil and gas storage facilities or its holdings in and partnership with Amprion, which owns and runs Germany’s extra-high voltage electricity grid.

Ärzteversorgung Westfalen-Lippe As at 31 December 2014

Country: GermanyFounded: 1960

Financial dataMarket value, €m: 11,236.5Value of real estate assets, €m: 2,422.6


“Identification of real estate opportunities and trends across the risk-return spectrum. Such diversification enables the pension fund to profit from anti-cyclical and well timed investments” – judge’s comment

AT A GLANCE

ɆɆ Highly diversified across risk return spectrum

ɆɆ Real estate assets account for more than a fifth of overall assets

ɆɆ Opportunistic element based on anti-cyclical strategy and market timing

SHORTLISTED

ɆɆ APK Pensionskasse – AustriaɆɆ WPV – Germany

Austria/Germany/SwitzerlandÄrzteversorgung Westfalen-Lippe

W W W . L A F R A N C A I S E - G R O U P . C O M

Where traditional and alternativeinvestment solutions

converge

GLOBAL ASSET MANAGEMENT

GLOBAL INVESTMENT SOLUTIONS

GLOBAL DIRECT FINANCING

GLOBAL REAL ESTATE INVESTMENT MANAGERS

annonce-IP RealEstate-335X245_mars2015.indd 1 04/03/15 09:41


21REGIONAL AWARDS

Spun off from the Dutch industry-wide healthcare scheme PFZW in 2008 as its asset manager, PGGM has grown and

expanded to provide services in the field of pensions management and asset management services.

The organisation manages pension assets worth approximately €188.7bn for different pension funds. In addition, it is developing supplementary services in the fields of pensions, healthcare, living and working for employers and its 686,000 members.

PGGM manages several real estate investment portfolios structured around listed real estate and private real estate. Of these, investments in Latin America are at the centre of its recent real estate activity, increasingly forming an important of its centrally managed global platform.

In addition to investments in the US, PGGM now focuses on Mexico and Brazil. It targets Mexico thanks to a reduced risk environment, especially since the development of the North America Free Trade Agreement of which both it and the US are members.

The expected economic growth in the US will therefore continue to broadly benefit Mexico, with gains in manufacturing and

logistics translating into wage growth. Brazil has a diversified economy and is rich in resources, energy and commodities. Both Mexico and Brazil have a young and relatively well-educated popula-tion and a burgeoning middle class. Investments here are typically more opportunistic and driven by the relative lack of class-A real assets. As a result, investors often find themselves in the development sector.

For both of these emerging countries, PGGM prefers to invest in closed-end funds with a US manager with offices in both Brazil and Mexico. The local presence of the manager is key to PGGM forming joint ventures with local partners and sourcing relevant potential assets to buy. PGGM is a strong supporter of sustainable and environmentally friendly practices and insists that the same principles its manager applies to US-based real estate should govern its invest-ments in Brazil and Mexico, especially consid-ering both are technically emerging markets

and carry more risk. Linked to this is PGGM’s reluctance about using high leverage, preferring a low LTV ratio in combination with sound debt service coverage ratios once an asset has become income-producing.

A ccessing the capital markets of emerg-ing countries and protecting against the risk they pose can present particular

challenges. In Brazil, this is true of exchange rates which are volatile. Large outflows of foreign capital in the past couple of years have led to a devaluation in currency and market volatility. Throw in high interest rates and Brazil’s property markets are increasingly distressed and have liquidity issues.

Nonetheless, this has revealed opportunities for PGGM as property values are down, making them ripe for acquisition by a long-term investor. It therefore first entered the Brazilian market in 2010 after monitoring for it for a number of years with a commitment to a fund with an opportun-istic strategy across all sectors. This was comple-mented in 2014 by its first co-investment.

It has been in Mexico for a while longer, a market where PGGM remains bullish, with its first investment there in a fund targeting the retail sector. Through development and repo-sitioning of the acquired assets, this has since accumulated into a portfolio of 12 shopping centres. Another fund commitment brought exposure to a diversified strategy with retail, industrial, residential, hospitality, second home and mixed use components. Both allocations have both very recently been sold to one of Mexico’s largest REITs.

“A sophisticated investment model with good risk management and ample attention to ESG helping to spread better standards to developing countries” – judge’s comment

AT A GLANCE

ɆɆ Global portfolio with centralised team

ɆɆ Exposure to Mexico mimicking US fundamentals

ɆɆ Strong socially responsible and environmentally protective strategy

SHORTLISTED

ɆɆ Bouwinvest REIM – NetherlandsɆɆ Integrale – BelgiumɆɆ Rabobank Pensioenfonds

– NetherlandsɆɆ SPF Beheer – NetherlandsɆɆ UMR Corem – France

Benelux/FrancePGGM

PGGM As at 31 December 2014

Country: NetherlandsFounded: 2008


Real estate % of overall assets: 5.84%Real estate performance: 18%

With real estate assets under management of more than EUR 15 billion, the manager and partners majority owned PATRIZIA is a leading European listed real estate investment company. We cover the entire value chain from development and investment through asset- and portfolio management, adding value at each stage. What sets us apart is the entrepreneurial culture of our circa 800 dedicated employees throughout Europe who live and breathe our core values – the basis of our long term client relationship – since 1984.

www.patrizia.ag/ipe ISIN DE000PAT1AG3

30 YEARS OF VALUE CREATION IN REAL ESTATE

RZ_Anzeige_IPRealEstate_245x335_en_01.indd 1 15.04.15 11:56


23REGIONAL AWARDS

The DKK119bn (€16bn) AP Pension is an independent, democratically man-aged and customer-owned pension fund,

with roots in the cooperative movement at the beginning of the last century. While fixed income dominates the asset mix, real estate enjoys a healthy allocation over 11%.

Considering real estate to be a relatively safe investment class providing relatively high returns relative to risk, AP Pension’s portfolio is broadly diversified with investments home and abroad, with Denmark dominating. The Danish portfolio is invested directly, while exposure to overseas properties is gained indirectly. It prefers an active management style, whether it buys or sells depends largely on market developments. With a somewhat opportunistic style, AP Pension’s recent real estate activity features divestment as much as investment to benefit from high yield-ing acquisitions at the expense of the disposal of assets that have become too stable.

AP Pension seeks best in class and niche managers that best match its investment policy, criteria and risk return expectations, as well as partnerships with other like-minded institutional investors. The rationale is that it enables all par-ties concerned greater economies of scale than they may otherwise enjoy individually. Not only in absolute asset terms, but also in enhancing negotiating power and in the range of invest-ments that becomes accessible.

Several recent deals highlight both its direct and indirect strategy. AP Pension featured in a co-investment deal with four other

Danish pension funds in a club fund managed by AXA Real Estate specialising in commercial real estate loans. The venture will see DKK3.6bn invested by the partners in the next two years. The club approach leads to lower costs and better returns for the five investors, while providing economy of scale each seeks in order to benefit from large potential financing deals at European level across the commercial sector. AP Pen-sion’s commitment will amount to an overall DKK750m.

Throughout 2014, AP Pension continued its sustainable and innovative expansion into agri-culture, which began with the creation at the end of 2013 of a DKK600m niche fund specifically

targeting Danish agricultural land and buildings. With a return objective of 7%, Dansk Farmland aims to buy farms in Denmark and lease them on long-term contracts to the individual farmers. This creates a partnership between owner and tenant whereby AP Pension gains a high return for professionally maintained and run assets. The concept allows for a 10-year lease period at the end of which the farmers can opt to buy their share of the land or renew the lease as AP Pen-sion’s tenant. It’s a win-win situation all round.

AP Pension developed the initiative to counter the reluctance of banks to finance young farmers and thus support the rural

economy. Its plan is to add 10 farms a year. By September 2014, it had reached half its target for the year, with a total investment value of €40m. But the innovation is much more than financing just land, bricks and mortar. The investments include livestock, machinery and other business borrowing. The farmers pay AP Pension a rent of 5.2% of the amount invested in the land and 6.5% of the amount invested in the buildings, but they retain any business profits.

In 2014, AP Pension also invested in the waterfront area of Copenhagen that is undergoing considerable development by acquiring the resi-dential complex known as Harbour Park consist-ing of 97 residential apartments to be completed in July 2015. AP Pension sold a portfolio of Dan-ish residential properties for DKK133m, compris-ing four very well located high-quality residential properties.

“Exciting and fresh approach with ground-breaking investments in Danish farmland. AP Pension is not afraid to take on risk, treating this new niche with respect” – judge’s comment

AT A GLANCE

ɆɆ High allocation to real estate of over 11%

ɆɆ Innovative multi-faceted farmland financing concept

ɆɆ Active management style driven by both selling and buying

SHORTLISTED

ɆɆ DNB Life – NorwayɆɆ Etera Mutual Pension Insurance

Company – FinlandɆɆ Nordea Liv & Pension – DenmarkɆɆ PenSam – DenmarkɆɆ PKA – Denmark

Nordic CountriesAP Pension

AP Pension As at 31 December 2014

Country: DenmarkFounded: 1919



Clarion Partners has been a leading U.S. real estate investment manager for 33 years. Headquartered in New York, the fi rm has offi ces in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC, as well as a presence in Mexico. With $33 billion in total assets under management, Clarion Partners off ers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.

More information about the fi rm is available at www.clarionpartners.com.

ATLANTA BOSTON DALLAS LONDON LOS ANGELES NEW YORK SÃO PAULO SEATTLE WASHINGTON DC

CLARION PARTNERS IS A PROUD SPONSOR OF

IP REAL ESTATE


25REGIONAL AWARDS

The CAD238.8bn (€181.4bn) Canada Pension Plan Investment Board (CPPIB) continued to expand its real estate glob-

ally in 2014 and early 2015 with its core strategy to construct partnerships with key players in major global markets. This approach provides the economies of scale and alignment of interest for large projects and developments.

However, with pricing in the established com-mercial real estate markets now reaching record levels, driven by strong competition from other domestic and global investors and continuing very low cost of capital, CPPIB is exploring new geographies, structures and sectors and reviewing its existing exposure in a portfolio rebalancing exercise. This means CPPIB has become a seller as well as a buyer to take advantage of the market to optimise its real estate investments. Its pri-ority remains to maintain and build a diversified portfolio of high quality real estate that delivers attractive risk adjusted returns and growing value and cash flows over the long term.

The logistics sector has been an important component of the CPPIB real estate port-folio over the past 10 years and figures

prominently in its 2014 activity. The strategy of partnering with large-scale operators earlier in the cycle continues to bear fruit as it was able to scale up the relationships further. One key deal was an expansion of its partnership with GLP, the largest owner of logistics facilities in Brazil, as well as a prominent player and partner of CPPIB in both China and Japan.

Still with GLP, CPPIB invested a further $150m in a state-of-the-art, technically advanced award-winning earthquake-protected multi-sto-rey logistics facility in Greater Tokyo. Elsewhere in Asia, with Goodman, another key partner, the firm further expanded its holdings in China. This involved a $500m increase in its equity alloca-tion to their Goodman China Logistics Holding (GCLH) joint venture, with $400m by CPPIB and $100m by Goodman.

The office sector was another area of activity for CPPIB in the period under review. In the US, CPPIB acquired its first major office complex on the West Coast in a joint venture with Hudson

Properties, with the purchase of prime office assets in San Francisco for $219.2m. This is a 95,303sqm, 22-storey, class-A office building. It fills an important role in giving a greater West Coast weighting to CPPIB’s US office portfolio.

In Asia in early 2015, CPPIB joined with Longfor, an experienced developer in China for a major mixed-use development project

in Suzhou, Jiangsu Province. CPPIB commit-ted CAD234m in late December 2014 to jointly develop the Times Paradise Walk project in Suzhou, the fifth most affluent city in China with 10 million people in its region. The one-stop commercial project comprises residential, office, retail and hotel space covering a total gross floor area of 735,000m2.

In the UK, it consolidated its partnership with Hermes, the British Telecom Pension Scheme asset manager, by driving forward its London value-added office portfolio and setting up a development joint venture in other UK regions. The Hermes Central London Partnership is a 50:50 joint venture, further expanded in 2014 with the forward acquisition of the office and retail elements of the mixed-use South Bank Tower.

Retail continues to be the mainstay of the CPPIB real estate portfolio. Another key part-nership strengthened by CPPIB in 2014 was with Unibail Rodamco, Europe’s largest REIT and leading listed commercial shopping centre spe-cialist. The Franco-Dutch REIT bought the 45% stake in Germany’s leading shopping and leisure complex Centro from CPPIB’s former partner in the centre, Stadium.



Financial dataMarket value, €m: 181,418Value of real estate assets, €m: 18,662 (31 March 2014)

Real estate % of overall assets: 11.6% (31 March 2014)Real estate performance: 18%

“Extremely comprehensive entry. CPPIB is a very thoughtful investor, leveraging its size and scale to invest heavily in significant long-term partnerships, and developing its global platform” – judge’s comment

AT A GLANCE

ɆɆ Expansion of logistics holdings across Asia and Brazils

ɆɆ Portfolio rebalancing exercise to streamline portfolio

ɆɆ First US West Coast office complex acquisition

SHORTLISTED


ɆɆ Ivanhoé Cambridge – CanadaɆɆ Teacher Retirement System of

Texas – USɆɆ Texas Permanent School Fund – USɆɆ UPS Group Trust – US

North AmericaCanada Pension Plan Investment Board

HIGHER … YIELDS FOR OUR INVESTORS

FASTER … IN RECOGNIZING MARKET NICHES

STRONGER … COMMITMENT THROUGH CO-INVESTMENT

HIGHER, FASTER,

STRONGER

CORESTATE Capital is an experienced real estate investor and asset manager specialized in the creation and subsequent realiza-tion of opportunistic, value-added and core+ portfolios in Europe. Since our foundation in 2006, we have invested over EUR 3.5 bn on behalf of our investors with about EUR 1 bn in equity. While continually pursuing and managing various fund strategies, we maintain a special focus on club deals, catering to our institu-tional, high-net-worth and family of ce clientele. Concurring to highest standards, we design and manage AIFM certi ed invest-ment products within the European Union.

Our recent Joint Venture with Grupo Villar Mir enables us to now enter the Spanish market and to build a portfolio providing further attractive investment opportunities.

www.corestate-capital.ch

RZ_CORESTATE_MiPim_245x335.indd 1 30.03.15 11:03


27REGIONAL AWARDS

W ith total assets recently reaching €15bn, Fondazione ENPAM remains one of Italy’s biggest institutional

investors. The medical professionals’ scheme constitutes both the largest Italian first-pillar benefits fund and second-pillar industry-wide arrangement.

Following difficult years during the financial crisis, ENPAM emerged with a new charter and statute in 2014 that streamlines its governance structure and introduces greater transparency. Its investment strategy, real estate included, has also undergone some changes.

This is not to say that ENPAM’s existing investment structure was not working well. Along with the board approval in 2014 of its revised internal framework, its annual accounts were released and showed that the defined benefit fund that ENPAM runs among its pensions arrange-ments reported an 8.35% return for 2013.

The charter nonetheless seeks to address spe-cific investment management issues, making the prudent-person principle more explicit and set-ting new procedures on how ENPAM implements its investments. It also outlines clearly what types of assets ENPAM can invest in, giving the board less discretion in terms of asset allocation.

The work undertaken in recent years to strengthen ENPAM’s governance has involved a major effort to scale back

its exposure to risky assets. Under threat of large losses from derivatives such as CDOs and structured notes acquired in the pre-crisis years, the scheme began monitoring the portfolio more closely. The risk of significant losses from those past investments has now been eliminated. The fund recently launched an international search for a new investment adviser.

The changes included real estate. And although ENPAM continues to run both direct and indirect portfolios in its €6bn mandate, the new statute stipulates that any new real estate exposure will be gained indirectly through a mix of fund struc-tures and instruments. The result is an indirect portfolio worth over €3.6bn and a slightly smaller direct portfolio worth some €2.2bn.

ENPAM’s €6bn property allocation, equating to 40% at overall portfolio level, is significant for

a pension fund anywhere, but is extremely rare among Italian pension funds. To continue to handle such a large portfolio efficiently, ENPAM created a separated operating entity into which it transferred all its real estate. Known simply as ENPAM Real Estate, Fondazione ENPAM remains its sole shareholder, meaning it contin-ues to operate exclusively for its members.

This means ENPAM Real Estate is in effect an in-house company managing about 9,000 leases in cities across Italy, with the

majority in its two largest urban areas, Milan and Rome. This represents a total area encompassing some 1.5m square metres across the residential, commercial and hospitality sectors. To run such a large asset base split between direct and indi-rect arms, ENPAM Real Estate has a staff of 53, including 28 contracted out by ENPAM, such as engineers, architects, surveyors and administra-tive executives.

Recent deals include an investment of €137m in the Italian retail sector. ENPAM bought an 80% stake at a 7% yield in specialist Italian fund, Antirion, which holds three shopping centre com-plexes of French supermarket chain Auchan, in Mestre near Venice, Verona and Mesa in Brindisi. ENPAM said it felt reassured by the fact Auchan remains a co-owner and shares the pension fund’s long-term interests. In 2013 ENPAM bought the Siemens building in Rome from Deutsche Bank and in 2012 the AXA building in Milan and Telecom Italia headquarters in Rome.

“Looks solid, with investment into retail at an attractive yield, supported by a sizeable team able to monitor and manage the associated risks as well as buying and selling landmark estates” – judge’s comment

AT A GLANCE

ɆɆ Highly significant 40% real estate exposure

ɆɆ Formation of separate property subsidiary employing 53

ɆɆ New investment strategy allows for indirect acquisitions only

SHORTLISTED

ɆɆ Frjálsi Pension Fund – IcelandɆɆ Inarcassa – Italy

Other Countries & RegionsFondazione ENPAM

Fondazione ENPAM As at 31 December 2014

Country: ItalyFounded: 1950


Real estate % of overall assets: 40%

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29REGIONAL AWARDS

Created by an Act of Parliament, The Crown Estate owns and manages a €12bn portfolio on behalf of the Queen. By

value, 54% of its assets are concentrated in Lon-don’s West End but in recent years it has invested heavily in dominant retail assets outside London, such that its regional portfolio now accounts for 21% of its overall asset base. The Crown Estate is the largest owner of tenanted farms in the UK, with a portfolio worth €1.7bn, and it owns almost all the seabed around the UK, worth some €1.2bn, where it has invested heavily in offshore renewable energy.

Although the Crown Estate’s commercial mandate is to optimise returns from its assets, its overriding vision is to be a progressive commercial business creating significant value beyond financial return. It works with partners and stakeholders to grow its business, while constantly delivering sustainable long-term returns and striving for a positive impact throughout its total UK holdings.

Recently, the Crown Estate has focused on development and asset management in core sec-tors where its specialist skills and critical mass provide a competitive advantage. It has continued to focus investment on: • London’s West End, where it is implementing a €1.8bn regeneration programme • Prime regional retail, including the construc-tion of a €2.6bn regional portfolio of which 85% of its assets are prime regional retail and leisure complexes• Renewable energy by investing alongside energy developers to grow the renewables industry • Rural areas by enhancing capital values through the provision of strategic land for housing developments.

Over the last 10 years, the Crown Estate has evolved into a dynamic and active 21st century asset manager and developer. By

law it cannot borrow money or access new equity, therefore its investment strategy has sought to provide a flow of working capital for reinvest-ment into its core businesses, through increased use of partnerships and an emphasis on recycling capital. Therefore through a higher level of capital investment and development activity, since 2011, third-party funds under management at the Crown

Estate have risen from a starting point of zero to €1.75bn.

The Crown Estate’s assets are concentrated in London’s West End, with principal holdings in Regent Street and St James’s. Its regional retail portfolio is another area of strategic significance, now accounting for 30% of the commercial port-folio. Capital market activity, the strategic use of partnerships, and a focus on key sectors underpin its performance in 2014, such that: • It achieved record financial results;• It registered market outperformance, with the organisation growing the value of its property portfolio to £10.2bn; • It struck landmark property deals to form stra-tegic partnerships with Ginkgo Tree, Norges Bank Investment Management and TIAA Henderson Real Estate;• It opened flagship developments, including 10 New Burlington Street on Regent Street;• It reported strong performances in both the office and retail sectors.

W ith its urban commercial portfolio being at the heart of its success, the Crown Estate saw further growth.

This is summed up by: • A market-beating total return of 25.6%, against the IPD Universe of 18.3%• Capital growth of 17.2% on standing investments, rising to 21.1% after transactional and development activity. Compared with the benchmark of 12.3%, this represents added value of £500m• Three-year total return at 16.2% against the 9.4% benchmark, putting the portfolio in the third percentile of the 207 funds in the IPD Universe• Third party assets in joint ventures up 86%, from £750m to £1.4bn• Gross revenue up 10%, from £229m to £252m• The 75:25 Regent Street Partnership with NBIM, under The Crown Estate’s management, growing in value by 50% to in excess of £3.5bn.

“The Crown Estate has a commercial mandate to optimise returns and an overriding vision to be a progressive commercial business creating significant value beyond financial returns” – judge’s comment

AT A GLANCE

ɆɆ Extensive investments in renewable energy sources

ɆɆ Ongoing €1.8bn regeneration scheme in London’s West End

ɆɆ High overall performance of 20% in 2014

SHORTLISTED

ɆɆ NEST Corporation – UKɆɆ Pension Protection Fund – UKɆɆ Santander UK Group Pension

Scheme – UK

UK & IrelandThe Crown Estate

The Crown Estate As at 31 December 2014



Real estate % of overall assets: 95%Real estate performance: 20%

This advertisement is directed at Professional Clients in Continental Europe, Dubai and in the UK and Qualified Investors in Switzerland. It is not intended for and should not be distributed to, or relied upon by, the public or retail investors.The information contained in this ad is selective. As with all investments, there are associated inherent risks. The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested. IRE invests in property and land. This can be difficult to sell, so the investors may not be able to sell such investments when they want to. The value of property is generally a matter of an independent valuer’s opinion. Where IRE has expressed views and opinions, these may change. The asset management services mentioned in this ad may not be authorised in all jurisdictions and may not be available to all investors in a jurisdiction. This ad is not an invitation to subscribe for shares in a fund nor is it to be construed as an offer to buy or sell any financial instruments. Nor does it constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to market such offer or solicitation. The distribution of this communication may be restricted by law or regulation in certain jurisdictions. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. Telephone calls may be recorded.Issued in: Austria by Invesco Asset Management Österreich GmbH, Rotenturmstraße 16-18, A-1010 Wien. Dubai by Invesco Asset Management Limited, PO Box 506599, DIFC Precinct Building No. 4, Level 3, Office 305, Dubai, United Arab Emirates. Regulated by the Dubai Financial Services Authority; UK by Invesco Asset Management Limited, 43-45 Portman Square, London, W1H 6LY, which is authorised and regulated by the Financial Conduct Authority; Germany by Invesco Asset Management GmbH, An der Welle 5, D-60322 Frankfurt am Main, which is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht in Germany and by IRE, Sendlingerstrasse 12, D-80331 Munich, Germany; and in Switzerland by Invesco Asset Management (Schweiz) AG, Talacker 34, CH – 8001 Zürich.

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Source: Invesco Real Estate as of 31 December 2014 1 Institutional Real Estate, Inc. Global Investment Managers 2013 Special Report.

Real_Estate_Advert UPDATE 01.15.indd 1 20/02/2015 09:25


31THEMED AWARDS

Ivanhoé Cambridge is the main real estate subsidiary of the Caisse de dépôt et placement du Québec (CDC Quebec), one of Canada’s

leading institutional investors, managing the investment portfolios of the Quebec Pension Plan, Quebec province’s compulsory public insurance plan. At 31 December 2014, CDC Quebec had CAD226bn (€161bn) in net assets. Ivanhoé Cam-bridge controls a significant portion of this, with some CAD42bn spread globally across Canada, the United States, Europe, Brazil and Asia.

Ivanhoé Cambridge’s portfolio consists mainly of shopping centres, office assets and multi-resi-dential properties. It invests prudently and profit-ably in real estate for the long term and its goal is to leverage its entrepreneurship and operational excellence to provide stakeholders with top-quartile, risk-adjusted returns. The cornerstone of Ivanhoé Cambridge’s investment strategy centres on three basic elements: • Concentrating its portfolio on a limited number of regions through five business platforms• Building and maintaining strategic relationships with key partners• Focusing on the most promising sectors in its core markets and a select number of high-growth cities and products.

For Ivanhoé Cambridge, development is an effective means to create value in the markets it knows well and add high quality assets to its portfolio. This applies equally to new builds and renovations. Ivanhoé Cambridge also occasionally enters into strategic partnerships with compa-nies that are well established in target markets and offer a high level of expertise in given areas of activity. This helps maximise the number and quality of business opportunities in its core markets.

Creating investment platforms is another inno-vative approach to gain access to a wider range of quality investment opportunities, develop a large network of exceptional contacts and gain in-depth knowledge of specific markets. In addition, invest-ment platforms strengthen Ivanhoé Cambridge’s ability to participate in sizeable, complex transac-tions, helping to generate a critical mass of assets in target markets.

This strategy is particularly useful in areas such as the office sector in the US, shopping centres in

Brazil and the residential market in the UK. The development of clearly defined business plans for each property and platform enables the firm to maximise its performance and value. In addition, all aspects of its assets are taken into consideration and the performance of the managers it employs is rigorously and constantly monitored. Although the majority of its portfolio consists of shopping centres, it also owns office buildings and multi-res-idential properties, either alone or in partnership. Ivanhoé Cambridge also has indirect investments through a limited number of carefully selected real estate investment funds.

Last year, Ivanhoé Cambridge was a net seller, disposing of around CAD9bn, while acquiring just under CAD4bn. Focusing

on core, core-plus and value added assets, the disposals largely comprised half its secondary and tertiary shopping malls. The divestment strategy last year reflects high values in the market, some portfolio repositioning and preparing for the future. Globally, the firm was more rigorous in implementing its business plan in 2014 than ever before. Other than being an important institu-tional investor, it is also a keen developer and manager of real estate. Although the management is limited to Canada, developing and managing is an intrinsic part of its corporate identity and philosophy and it has worked on developments around the world based on decades of experience in both the retail and office sectors. Moreover, when seeking partners for different global regions and entering new markets, Ivanhoé Cambridge mobilises its experts in operations and develop-ment which greatly contribute to fostering strong relationships based on the mutual belief it shares with its partners in the quality of its projects.

“Use of scale to benefit from market cycles and local partners in an innovative approach to acquisitions, and a strategy to cash in on a liquid market by selling when the markets were prime” – judge’s comment

AT A GLANCE

ɆɆ Disposal of half of secondary and tertiary retail assets

ɆɆ Strategy to build high quality partnerships and joint ventures

ɆɆ Extensive development policy in place

SHORTLISTED

ɆɆ Bouwinvest REIM – NetherlandsɆɆ Canada Pension Plan Investment

Board – CanadaɆɆ The Crown Estate – UKɆɆ Etera Mutual Pension Insurance

Company – FinlandɆɆ Industriens Pension – DenmarkɆɆ Rabobank Pensioenfonds

– NetherlandsɆɆ Texas Permanent School Fund – US

Core StrategyIvanhoé Cambridge

Ivanhoé Cambridge As at 31 December 2014


Financial dataMarket value, €m: 161,000 (CDC Quebec)Value of real estate assets, €m: 30,700 (Ivanhoé Cambridge)

Real estate % of overall CDC Quebec assets: 19%Real estate performance: 10%

Fluent in real estateThere is no substitute for local expertise and insight when searching for the best real estate investments. It is this knowledge and experience that has built AEW Europe’s reputation as one of the leading real estate investment managers in Europe. AEW Europe continues to expand its European platform with more than 280 people managing real estate across Europe.

www.aeweurope.com


33THEMED AWARDS

The €62bn Bayerische Versorgungskam-mer’s (BVK’s) real assets debt strategy has gathered pace from 2012, as banks

continued to tighten their lending in Europe and the loans market for infrastructure and real estate projects dried up. This presented BVK with investment potential and led to the creation of its own Luxembourg-based SICAV fund for infra-structure loans – an asset class with specific risk advantages. Firstly, it comes with a high absolute spread of approximately 175 basis points for rat-ings from A to BBB. Although the default rate for senior infrastructure loans of 4.4% is just below that of 4.8% for BBB-rated investment-grade corporate bonds, the recovery rates are substan-tially higher, at an average of 76%. This adds up to significant additional yield at lower risk. Further-more, working closely with banks on many deals ensures an alignment of interest for all parties.

W ithin the framework of its overall portfolio strategy, BVK largely focuses on projects carrying con-

siderably lower risk than projects with volume or price risks. Moreover, BVK prefers that its loans do not deviate from bank tranches as this would greatly restrict the number of available appropriate loans it can take on. This means BVK can acquire both amortising and bullet loans in its infrastructure vehicle. Up to a third of the portfolio is invested in floating loans to benefit from rising interest rates, and to take advantage of attractive opportunities in secondary loans markets.

BVK’s secondary market loans are based exclu-sively on floating interest rates, mimicking the traditional bank lending approach in this area. Overall, BVK’s optimum investment in infra-structure financing would be €1bn in the next few years, with an investment volume per project between €20m and €250m. Examples of deals in the past few months include financing the construction of a new prison in the Netherlands, worth €20m, and a loan for €60m to refinance the development of an onshore wind farm in Germany.

BVK’s real estate debt builds on its real estate equity strategy in residential and commercial properties that is has actively pursued for dec-

ades. This has helped BVK build up its property valuation and expertise and its real estate portfolio currently accounts for 11.4% of total assets. It therefore confidently moved into the large volume real estate loans business at the end of 2011 when it financed the €180m refurbish-ment of the Silver Tower in Frankfurt, formerly the headquarters of Dresdner Bank. To fully incorporate real estate debt, BVK took on three specialists who have worked at mortgage lend-ing banks. This means that BVK covers all the key components in the value chain in the loans business internally. This comprises origination, structuring, due diligence and the actual invest-ment and gives BVK the market presence a bank usually enjoys.

The debt team works closely with BVK’s equity division to benefit from its due diligence team and their assessments of

market value, the macro and micro-economic situations, rental positions and both the strength and weakness of any property BVK seeks to finance. Furthermore, this contributes to how BVK structures loans and their spreads. BVK’s own property management department provides technical due diligence of the buildings them-selves. The loan and collateral contracts are drafted by the debt team in collaboration with the legal department and consultants. BVK’s real estate financing, with a target value of at least €500m, currently focuses on core commercial and residential portfolios.

“A well articulated strategy, clearly explained due diligence process and innovative joint venture structure with banks for infrastructure lending” – judge’s comment

AT A GLANCE

ɆɆ Creation of Luxembourg infrastructure debt fund

ɆɆ Development of specialist loans team

ɆɆ Extension of real estate portfolio with large scale property financing

SHORTLISTED

ɆɆ APK Pensionskasse – AustriaɆɆ Canada Pension Plan Investment

Board – CanadaɆɆ PenSam – Denmark

Debt StrategyBayerische Versorgungskammer

Bayerische Versorgungskammer As at 31 December 2014

Country: GermanyFounded: 1997



Grosvenor Fund Management

—

For more information on investment opportunities with Grosvenor Fund

Management contact us on

Telephone: + 44 (0) 207 312 [email protected]

www.grosvenor.com

Grosvenor Fund Management aims to create value for investors, shareholders and staff

by creating compelling investment strategies that are expertly implemented by our local teams based in 11 offices around the world. Building on our recognised skills and track record, we focus on urban property, often mixed-use and with a retail focus, in cities and locations whose vibrancy will endure.


35

The €12bn Crown Estate, the profits of which go to the UK Treasury, once again reported record results. It displayed a streamlined

and highly successful direct investment approach to ensuring the growth of its asset base within a com-mercially structured business model.

To best understand its activity in 2014, the Crown Estate separates its main achievements into three main categories: landmark deals; development pipeline; and asset management and place-making.

As far as landmark deals are concerned, it highlights five major transactions: • The Pollen Estate. The institution’s relation-ship with Norges Bank Investment Management was further consolidated with the purchase of the Church Commissioners for England’s 64.2% holding in the Pollen Estate for £381m. The estate includes key buildings on London’s West End’s Savile Row and Cork Street. • Fosse Park. This is a landmark new 50:50 part-nership with Ginkgo Tree Investment to purchase the Fosse Shopping Park in Leicester for £345.5m, bringing major foreign investment into a significant joint venture for this sector. The acquisition was the largest in the Crown Estate’s history.• Assumption of the management of the £275m Princesshay Shopping Centre in Exeter following TIAA Henderson Real Estate’s purchase of 50% of the complex, adding £137.5m to the Crown Estate’s funds under management. • Shopping park portfolio. The Crown Estate com-pleted the funding of the 105,000 square feet Milton Keynes Leisure Park and is now funding the 155,000 square feet Banbury Shopping Park in partnership with LXB Retail Properties Plc.• The sale of non-core assets in good market condi-tions, such as the Four Seasons Hotel on Park Lane in the heart of London’s Mayfair and the Leaming-ton Spa retail park at a market-setting yield of 4.4%.

On the developments side, several projects were completed while others were begun. Among the completed developments were: • 10 New Burlington Street in London’s West End. This was finished with pre-lets for 130,000 square feet at market-leading rents which constitute the highest ever achieved on London’s Regent Street and a development profit for the Regent Street Partner-ship of 56%.

• No. 1 Regent Street. The redevelopment of the grade II listed building, formerly known as Brit-ish Columbia House, is now providing over 21,000 square feet of new open-plan office space behind restored façades.

Those seeing the light of day include: • St James’s Market, where construction got under way on 210,000 square feet of prime office space, alongside a new public square and 50,000 square feet of retail and restaurant space. • Quadrant 2. This is the first speculative refurbish-ment designed to achieve a BREEAM outstanding rating under current guidelines.• 1 New Burlington Place. This will provide 110,000 square feet of offices, retail and residential space• Planning permission was also granted to rede-velop the 800,000 square foot Westgate Shop-ping Centre in Oxford in partnership with Land Securities.

Turning to the asset management and place-making side, the Crown Estate’s active management of its assets was com-

bined with place-making to drive capital values and rental growth. The strong returns reflect the Crown Estate’s success in developing world-renowned, mixed-use destinations and include across various sectors: • The structural undersupply in London’s West End office market, matched by high quality space and securing 140,000 square feet of lettings at new developments. • For the retail sector, London West End voids remained at 0%, with new flagship lettings to iconic brands like J Crew, Osprey, Michael Kors and Hunter. • In the public realm, the Crown Estate continued to invest to facilitate pedestrian access in key areas in London’s West End, including iconic routes along streets such as Regent Street, Pall Mall and Piccadilly.

“The Crown Estate takes an advanced approach, combining partnerships, sustainability and place-making. The ultimate direct investor – stellar assets, good development pipeline and excellent returns” – judge’s comment

AT A GLANCE

ɆɆ Largest deal in its history with purchase of Fosse Shopping Park for £345.5m

ɆɆ Completion of 10 New Burlington Street with highest ever rents on Regent Street

ɆɆ Permission granted to redevelop the 800,000 square foot Oxford shopping centre

SHORTLISTED

ɆɆ Canada Pension Plan Investment Board – Canada


ɆɆ Ivanhoé Cambridge – CanadaɆɆ PenSam – DenmarkɆɆ PFA Pension – DenmarkɆɆ Santander UK Group Pension

Scheme – UK

Direct StrategyThe Crown Estate

THEMED AWARDS





Rockspring’s growth to become one of Europe’s leading property investment managers has been fuelled by our consistent ability to find fresh new ways to create value for our clients.

Fully independent and 100% owned by our partners and employees, we now have over €7.9 billion in funds under management across Europe for third-party clients in the form of tax-efficient investment funds and single-client accounts.

www.rockspringpim.com

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37

W ith a target allocation of 10%, the $25.5bn (€18.5bn) Employees Retirement System of Texas (ERS)

currently has some 7% invested in real estate as a diversifier within a total return approach. The property portfolio is divided into two parts: one containing 70% that is allocated to non-listed pri-vate real estate, with the remaining 30% invested in global listed property vehicles.

The scheme is targeting an allocation of $475m (€500m) for real estate investment in the current financial year, with non-core real estate the main focus. Key to its plans is Europe, where ERS will look to benefit from the current Eurozone difficulties impacting many financial institutions, providing risk-adjusted opportuni-ties similar to those available in the US in recent years for institutional investors with long-term perspectives. Relative to other similar investment strategies, ERS prefers to see a higher proportion of the return derived from income, rather than capital appreciation as a means of risk mitigation.

Strategically, ERS has a home bias, with a focus on its domestic US market for its real estate. A 30% international allocation adds flexibility and diversification to the portfolio. It first began investing in listed real estate in the early 2000s creating a dedicated REIT portfolio in 2005. The board approved private real estate investments in 2008 with a 6% allocation at that point. However, the first commitment to a fund was not made until early 2010.

It increased its exposure first through US open-ended core funds, before adding value-added and opportunistic debt and equity

funds. It quickly shifted its focus once it realised that the real estate market had bottomed and that existing open-ended core funds offered very attractive valuations relative to the few private market transactions that occurred at that time. Investing in open-ended core funds completely mitigated the J-curve effect as the investments were written up in value thanks to the rebound in the economy and property markets.

More recent activity has seen ERS further diversify in the US by committing to a student housing fund and a medical offices fund. The two investments offer compelling diversification ele-

ments to the portfolio and tap into the dynamic demographic story playing out in its home mar-ket. They also constitute a natural progression of the portfolio to target select niche strategies.

For its global real estate investments, particu-larly Europe, ERS implements what it labels a ‘hub-and-spoke’ strategy to gain access to both specialist and large real estate markets and sec-tors with investments in a variety of real estate funds. The hub currently involves mainly a fund of fund structure that ERS created in conjunc-tion with Aberdeen in Europe to target niche or specialist real estate managers across sectors, countries or possibly even cities. This fund closed in October 2011 and is still deploying capital.

ERS has invested in pan-European funds with larger organisations easier to under-write from its home base of Austin, Texas.

In addition to the M&G mezzanine debt fund, ERS invested with Prologis European Fund II, a core industrial open-ended fund as well as Orion Fund IV, an opportunistic fund. These two funds closed in 2013 and ERS will continue to build on this capacity by seeking direct partnerships in Europe again as opportunities in the markets present themselves.

Elsewhere, ERS is planning to invest $1.17bn in infrastructure in the next five years, of which $300m is to be committed between September 2014 and September 2015. Investing capital in tranches will enable Texas ERS to reach its 3% target allocation to private infrastructure. Investing in a range of risk return strategies in the US and Europe, Texas ERS intends to create a portfolio that is diversified by risk, strategy, geography and manager.

“Clear investment rationale and strategy based on an interesting ‘hub and spoke’ model and an effective mix of traditional and innovative assets” – judge’s comment

AT A GLANCE

ɆɆ Hub-and-spoke model for overseas investments

ɆɆ Five-year large-scale infrastructure investment plan

ɆɆ Opportunistic style to benefit from distressed Eurozone assets

SHORTLISTED

ɆɆ Pension Protection Fund – UKɆɆ PFA Pension – DenmarkɆɆ Teachers Retirement System of

Texas – USɆɆ Texas Permanent School Fund – US

Indirect StrategyEmployees Retirement System of Texas

THEMED AWARDS

Employees Retirement System of Texas As at 31 December 2014

Country: USFounded: 1947


Real estate % of overall assets: 9% (10.6% including infrastructure)

Real estate on my mind

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39

The €23bn PensionDanmark has built a reputation as a leader among Europe’s pension schemes in both its strategy and

practical expansion of infrastructure. Its foray into offshore windfarms in 2010 is at the heart of its award-winning approach – itself an exten-sion of the strategy the scheme devised when it shifted to a life-cycle product based on a mark-to-market basis that remains a key factor in the fund’s overall recent success. The reform grants PensionDanmark the freedom to construct a diversified and more risky investment strategy, while withstanding significant fluctuations in the asset returns.

The organisation has designed its investment strategy based on a desire to achieve an all-weather portfolio that will do well in a wide range of environments. PensionDanmark is willing to accept a lower return in momentum-driven markets to achieve higher stability in its overall returns. It achieves this in different ways, with particular focus on real assets and other non-traditional alternative investment classes.

PensionDanmark invests in assets with a stable, attractive return and remains at the forefront of investing in alternatives,

with its 9% infrastructure exposure playing an increasingly important role. This targets mainly renewable energy sources and includes sophis-ticated infrastructure loans and financing. To harness its increasing skills and experience in the sector, PensionDanmark recently created a specialist niche fund, Copenhagen Infrastructure Partners (CIP), in which it remains the sole investor.

This has contributed to the scheme remaining an industry leader in the increasingly significant real asset by building on successes in the past 12 months, with further diversification of its infrastructure portfolio based on finding strong industrial partners to take on the operation and maintenance of physical assets. Several examples demonstrate its successful growth in this area.

A €384m investment in a new offshore grid connection for North Sea wind farms saw Pen-sionDanmark take a stake through its subsidiary, CIP. Its partner in the venture is Dutch group Tennet; the agreement is to invest in the DolWin3

offshore grid connection with a total electricity output of 900MW that will supply power to areas of Germany’s North Sea coast. The project is expected to be up and running by 2017. Tennet will provide the lion’s share of the construction costs at €1.9bn, while Pension Danmark’s commit-ment amounts to €384m.

A lso in the Netherlands, €171m was invested by PensionDanmark in an offshore pipeline that carries natural gas

from fields in the North Sea for treatment in the Netherlands. The network, operated by GDF Suez and including two offshore platforms, consists of approximately 470km of pipelines with a daily gas capacity of around 42m cubic metres. The pipes carry gas from the Dutch North Sea to a treat-ment terminal on the north coast of the Nether-lands, from where it is distributed through the Dutch gas network.

PensionDanmark’s foray into bio-mass power plants saw it enter a partnership with Danish power plant development and construction specialist BWSC. PensionDanmark began work building its first plant in Lincolnshire in the UK in 2013. It further consolidated this joint venture with a commitment to a second bio-mass plant in Snetterton in the UK in late 2014. Again, PensionDanmark is lead financier, contribut-ing €187.6bn to BWSC’s €26.8m with BWSC in charge of constructing, operating and maintain-ing the facility throughout a 15-year period. It is expected to be fully operational by spring 2017 with a capacity of 44.2MW, equivalent to the average energy use of 82,000 local households.

“A role model for others to follow. PensionDanmark is a well diversified and active investor, with a meaningful 10% infrastructure target based on a stable, disciplined and well executed strategy” – judge’s comment

AT A GLANCE

ɆɆ Creation of niche infrastructure investment fund

ɆɆ Acquisition of North Sea electricity and gas pipeline assets

ɆɆ Consolidation and expansion of UK bio-mass power plants

SHORTLISTED

ɆɆ Bayerische Versorgungskammer – Germany

ɆɆ Inarcassa – ItalyɆɆ Industriens Pension – DenmarkɆɆ PKA – Denmark

Infrastructure StrategyPensionDanmark

THEMED AWARDS

PensionDanmark As at 31 December 2014


Financial dataMarket value, €m: 22,946Value of infrastructure assets, €m: 2,044

Real estate % of overall assets: 6% (15% including infrastructure)Real estate performance: 5.6% (7.1% for infrastructure)

WWW.GTISPARTNERS.COM

It’s a question we ask ourselves every day. What opportunities do we see with the potential to generate the most attractive risk-adjusted returns for our investor-partners?

Our research is a tool to look beyond the obvious. It can highlight investment options that others may not see. We look for entrepreneurial ideas and developing trends to help us stay ahead of the curve, both in concept and execution.

But most importantly, we work hard to build our investor-partners’ trust. They expect integrity, transparency and the highest standards of fi duciary care. At GTIS, we strive to deliver on all three every day.

BEYOND THE LEADING EDGE


41

During 2014, Canada Pension Plan Investment Board (CPPIB) continued to expand its global reach and enhance

its strategy to build a diversified, global portfolio with the establishment of a dedicated local team to focus on opportunities in the Latin American region. This featured the opening of an office in the Faria Lima financial district in Brazil’s largest city, São Paulo, The move means CPPIB now operates out of five major global financial centres, alongside Hong Kong, London, New York and Toronto.

The rationale behind opening an office in Brazil is CPPIB’s belief that Latin America is expected to be a leading source of global growth in the decades ahead. CPPIB already has sig-nificant investments in the region, with nearly CAD5bn invested in real estate, public and private equity and infrastructure investments. Its portfolio contains assets in Brazil going back to 2009. The new office will build on this by sup-porting CPPIB’s efforts to gain access to the best real assets investment opportunities in the region and forge important relationships with local part-ners. An on-the-ground presence in key markets with strong local talent provides valuable insights and business connections, while enhancing CPPIB’s ability to effectively source and manage complex, sizeable investment opportunities.

A significant expansion of CPPIB’s real estate portfolio in Brazil followed with equity commitments to logistics and retail

assets totalling around CAD445m (€339m) in the autumn of 2014. CPPIB’s real estate portfolio in Brazil now includes interests in more than 100 logistics, retail, office and residential properties totalling more than five million square metres, including development assets. Value-wise, including the latest deals in the logistics and retail sectors, the scheme’s Brazilian assets now total more than CAD2bn, representing one of the country’s largest institutional investor real estate programmes.

On the logistics front, CPPIB formed a joint venture with Global Logistic Properties (GLP) to invest in a high quality portfolio of properties. CPPIB’s allocation totals CAD226m in equity for a 30% ownership stake in the joint venture. The

portfolio comprises 32 modern logistics assets totalling around 960,000 square metres, mainly in São Paulo and Rio de Janeiro.

CPPIB then committed an additional CAD103m of equity to GLP Brazil Development Partners I, an existing joint venture owned 40% by GLP, 39.6% by CPPIB and 20.4% by the Government of Singapore Investment Corpora-tion (GIC). The additional capital will be used to acquire a strategically positioned land parcel in Rio de Janeiro of 350,000 square metres of buildable area. Originally formed in 2012, the joint venture focuses on logistics developments in Brazil.

Finally, it committed CAD71m of equity to acquire a 25% interest in a new logistics devel-opment project alongside Cyrela Commercial Properties, a longstanding partner of CPPIB in Brazil since the fund first entered Brazil in 2009. The development will comprise over 250,000 square metres of leasable area and is located in the outskirts of São Paulo.

Retail-wise, CPPIB acquired a 33.3% interest in Santana Parque Shopping for CAD45m. Aliansce Shopping Centers,

an existing partner and one of Brazil’s leading shopping centre developers, also owns a 33.3% interest. Located in São Paulo, Santana Parque is a regional shopping centre comprising 26,532 square metres of gross leasable area. The deal builds on the 27.6% interest CPPIB acquired in Aliansce Shopping Centers in 2013.

Beyond Brazil, in 2014, CPPIB acquired a 23.6% equity stake in Transportadora de Gas del Perú (TaP), the largest transporter of natural gas and natural gas liquids in Peru. The transac-tion included the 100% acquisition of Compañía Operadora de Gas del Amazonas, which operates TgP. CPPIB paid a total of $607m for the stakes.

“A serious long-term investor in Latin America that opened an office in São Paulo in 2014 to gain insight and business connections as well as source and manage complex investment opportunities in the region” – judge’s comment

AT A GLANCE

ɆɆ Opening of regional Latin America office in São Paulo

ɆɆ Investments in Brazil worth over CAD2bn

ɆɆ Large-scale retail, logistics and energy infrastructure expansion in 2014

SHORTLISTED

ɆɆ Ivanhoé Cambridge – CanadaɆɆ PGGM – Netherlands

Investment in Latin AmericaCanada Pension Plan Investment Board

THEMED AWARDS



Financial dataMarket value, €m: 181,679Value of real estate assets, €m: 18,662 (31 March 2014)

Real estate % of overall assets: 11.6% (31 March 2014)Real estate performance: 18%

The Ryder Cup logo is a trademark owned by The Professional Golfers’ Association of America and Ryder Cup Europe. Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL. Standard Life Investments Limited is authorised and regulated by the Financial Conduct Authority. Calls may be monitored and/or recorded to protect both you and us and help with our training. www.standardlifeinvestments.com © 2015 Standard Life, images reproduced under licence.

P o t e n t i a l . D e l i v e r e d .

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The value of an investment can fall as well as rise and is not guaranteed. You may get back less than you put in. Past performance is not a guide to future performance.

Equities . Fixed Income . Real Estate . Multi-asset . Private Equity

Identifying and converting potential can be challenging, especially in volatile markets. It requires conviction, discipline and a focus on the long-term. At Standard Life Investments, we understand the value of potential. With expertise across a wide range of asset classes, backed by our distinctive Focus on Change investment philosophy, we constantly think ahead and strive to anticipate change before it happens.


43

Spun off from the Dutch industry-wide healthcare scheme PFZW in 2008 as its asset manager, PGGM has since grown and

expanded to provide pensions management and asset management services. The organisation manages pension assets worth around €188.7bn for different pension funds, with PFZW its biggest client. It is structured as a non-listed co-operative regrouping employers and employees in the health and social sectors in the Netherlands. PGGM now operates a multi-divisional entity that covers four key areas as part of its asset management: • Advice • Fiduciary • Implementation • Risk management.

On behalf of its clients, PGGM Investments manages several real estate investment port-folios structured around listed real estate and private real estate. PGGM runs a sophisticated and industry-leading global listed real estate strategy. This now takes the form of a distinct investment vehicle, the PGGM Listed Real Estate Fund, and boasts a strong track record of seven years. The specialist fund was the first of its kind to run a global portfolio from one location in an integrated team. Its structure enables PGGM to act as an active owner of investments. There are numerous recent examples of these, including its involvement with the well-publicised governance situation at German residential company GSW and the US triple-net company ARCP.

PGGM implements a comprehensive and detailed analysis process when selecting its investments. This extends to evaluating

the quality of the real estate as well as the strat-egy. For PGGM, there are two main considera-tions. Firstly, it believes in companies that have a compelling strategy in terms of the contribution they deliver in adding value to their real estate. Secondly, it assesses the contribution to society that these companies demonstrate.

Testimony to this can be found in its commit-ment to investing in best-in-class companies in terms of their sustainability. This ensures PGGM Listed Real Estate continually offers its clients exposure to real estate investments in an efficient

and responsible manner, delivering above-benchmark returns on a risk adjusted basis in the long term. By taking a unique global view through its proprietary investment framework, PGGM seeks to exploit the benefits of liquidity as global real estate cycles diverge and valuation disloca-tions emerge. Since it first set up its mandate, PGGM’s listed team has generated an annualised outperformance level of 1.5%. While delivering strong investment performance in both absolute and relative terms, PGGM strives to keep costs low, conscious of its responsibility as an investor of pension assets.

Maintaining an active role and close relationship with the companies it invests in as part of its listed real

estate exposure is key to PGGM’s listed team monitoring its investments closely. It is fully aware of the real estate portfolios it has holdings in and the management of their operating compa-nies. Having direct access to senior management to discuss relevant topics continuously enables PGGM to contribute to improvement in both the operational and ESG performance of the company.

PGGM protects the interests of both its clients and the industry at large by demanding account-ability and strong governance of the companies it invests in, even if this means that it has to take major steps such as initiating the removal of board members or forego investment. Fur-thermore, it continuously strives to lower the environmental footprint of its real estate portfo-lio. Listed real estate companies own the largest proportion of green buildings in the market and continue to act as catalysts in reducing energy consumption and CO2 emissions. PGGM uses its influence as an active shareholder.

“Excellent and consistent strategy with proven outperformance as well as global reach and a hands-on approach” – judge’s comment

AT A GLANCE

ɆɆ Integrated centrally-managed global listed vehicle

ɆɆ Comprehensive analysis process ɆɆ Extensive engagement policy and

ESG bias

SHORTLISTED

ɆɆ Bouwinvest REIM – Netherlands ɆɆ Employees Retirement System of

Texas – US ɆɆ Ivanhoé Cambridge – CanadaɆɆ NEST Corporation – UK

Listed StrategyPGGM

THEMED AWARDS

PGGM As at 31 December 2014

Country: NetherlandsFounded: 2008


Real estate % of overall assets: 5.84%Real estate performance: 18%

For more than two decades, Morgan Stanley Real Estate Investing (MSREI) has been one of the most active global real estate investors, acquiring over $188 billion of assets in 36 countries.1 With 16 offices across 12 countries worldwide, MSREI leverages the relationships, expertise and perspective of Morgan Stanley to provide our clients with access to real estate globally.

To find out more, visit www.morganstanley.com/realestate.

GLOBAL PERSPECTIVE, ACCESS AND EXPERTISE IN REAL ESTATE INVESTING.

1 As of December 31, 2013© 2014 Morgan Stanley CRC878113 03/15New York, USA

29310118 Real Estate 8.5x11 Americas_1.indd Cyan Magenta Yellow Black

72147

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45

The Texas Permanent School Fund (PSF) was established in 1854 with a $2m grant by the then Texas government. It has

since grown to become a significant sovereign wealth fund, with total assets of $37.7bn (€35bn). The PSF fulfils its objectives by distributing funds to pay a portion of educational costs in each school district across the state and by providing guarantees of bonds of school local districts.

Real estate first featured in 2006 when a broad diversification programme was approved, provid-ing 40% of total assets to be transitioned into alternative classes, including a then 6% targeted allocation to real estate, increased to 12% in 2012. Since closing its first investment in March 2010, PSF has executed $2bn in commitments across 27 funds and three co-investments with a net value of $1.5bn, representing 5% of its overall assets. In October 2014 it segmented the portfolio into separate core and non-core components, with distinct benchmarks for each. It has included an opportunistic element since the US emerged from the global financial crisis to benefit from the uncertain macro environment and historically low asset valuations.

The PSF’s opportunistic investment programme is characterised by manag-ers with strong emphasis on downside

protection. Additionally, the PSF focuses on man-agers with a strong track record of value crea-tion through active asset management and the prudent use of leverage. Furthermore, given the volatility associated with opportunistic investing, it seeks managers that are consistently successful through cycles to mitigate risk, provide downside protection and, ultimately, better relative perfor-mance. The programme comprises a combination of diversified managers based on multiple styles or geographies and thematic or sector focused investors.

Opportunistic investments represented the smallest allocation, at 20%, of PSF’s real estate programme during its initial deployment in 2010 and 2011, with three investments, including a large global manager and two managers investing in both the US and Europe. The opportunistic strategy reflected the distressed nature of the

market as managers were able to achieve targeted returns with average leverage across the oppor-tunistic portfolio in the low 40% range, compared to 55% in the value portfolio.

PSF shifted to significantly overweight oppor-tunistic during 2012 and 2013, with approximately half of commitments going to opportunistic strategies. In 2012 investments included its first dedicated investment outside the US in a Nordic manager with an excellent track record in a region that held up well during the crisis and continued to have strong macro fundamentals in 2012.

In 2013, it continued to expand tactically, as European banks began to delever, investing in three opportunistic pan-European manag-

ers, all of which had strong teams across multiple jurisdictions and all of which had excellent track records of adding value through in-house asset management. Additional tactical opportunistic investments included a special situations debt originator focused on the north eastern US and a fund capitalising on the significant decline in US single-family housing. Then PSF initiated its co-investment programme in July 2013 with an investment in the redevelopment of a Brooklyn office park.

As PSF had by now built sizable exposure to the US recovery, in 2014 the fund executed only one US-focused investment and turned its sights overseas, executing two investments with pan-Asian managers to benefit from strong growth prospects across the region. Finally, in the fourth quarter of 2014, it implemented two additional co-investments. The first was a residential redevelopment in London, which is already significantly outperforming its business plan. The second was a core-plus office building in Midtown Manhattan, which is expected to contribute positively to the core segment performance by mid-2015.

“An extremely thoughtful and articulate strategy that considers market conditions and the relative merits of over and underweighting core. A great example of how all institutions should approach their real estate allocations” – judge’s comment

AT A GLANCE

ɆɆ Significant expansion of opportunistic portfolio since 2012

ɆɆ Development of co-investments in major cities such as London and New York

ɆɆ Investments in Asia to benefit from regional growth propects

SHORTLISTED

ɆɆ Frjálsi Pension Fund – IcelandɆɆ Ivanhoé Cambridge – CanadaɆɆ Teachers Retirement System of

Texas – US

Opportunistic StrategyTexas Permanent School Fund

THEMED AWARDS

Texas Permanent School Fund As at 31 December 2014

Country: USFounded: 1854


Real estate % of overall assets: 5%Real estate performance: 13.3%

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47

The €15.4bn Danish scheme PenSam has been active in changing the way it con-structs its €1bn real estate portfolio. It

started out as a traditional approach, harvesting global risk premia in real estate. But over time, it has come to understand that real estate is not suited to a passive indexed investment style, as it has an inherent complexity and illiquidity that has to be handled by active managers who under-stand the specific opportunities on a case-by-case basis for each investment.

This has resulted in a gradual evolution from 2005 to the present day that encompasses three major shifts in tactics. The first, between 2005 and 2007, concerns the risk premium harvest approach. The originally focus was on develop-ing a core satellite approach. PenSam invested in funds that invested in core properties, sup-plemented by funds focused on value added and opportunistic investments. The philosophy was that, as a long-term investor, PenSam should invest in buy to hold properties and not sell as a result of cost and illiquidity. The strategy called for 85% of the international investments to be in core to core-plus.

Then, from 2009–11, PenSam relied on tactical opportunities, exploiting the vola-tility in various countries offering cheap

investment potential. Since 2011, the emphasis has been on pure alpha, which is based on a value chain concept on each property investment. But the financial crisis changed PenSam’s philosophy. Having divested much of its real estate between 2008 and 2009. PenSam realised that it could pursue a profitable trading strategy in real estate. With the nature of the markets completely changed by the crisis, with price volatility a key factor, PenSam identified many cheaper than expected investment opportunities. Thus the buy-and-hold approach became a tactical strategy with the aim to double the amount invested in real estate with a five-year exit policy to capture the rise in value of the property markets.

But a knock-on effect of the financial crisis was the banks being forced to deleverage, leading to real estate financing in Denmark completely drying up, which caused both the ongoing and any new profitable real estate projects to come

to a complete standstill. PenSam was at the forefront of those that identified this trend and wasted no time developing a new model for real estate investments taking the entire value chain into consideration. This is based on a pure alpha strategy that PenSam calls Blue Ocean.

Blue Ocean enables PenSam – and other institutional investors that understand its principle – to take an inherently more

active and engaged role in all aspects of real estate development, not just as a financier. The first phase – Blue Ocean One – was simple in design: the scheme invested in existing projects, footing the bill to complete them. Blue Ocean Two – the second phase – was more complex and takes the notion of institutional direct real estate management to a new level, bringing the combined skills and experience of debt and real estate to produce more efficient investments and therefore higher returns.

The current phase, Blue Ocean Three, adds further control for the investor, with PenSam taking the lead across all stages and elements of a development. Instead of traditionally relying on developers to approach them with their plans and seek funding, PenSam actively sources and creates the investment and then approaches developers. This is to recruit them to take on the development side of a project PenSam has initiated or identified as profitable for all par-ties concerned, removing the need to create an internal construction team, while maintaining operational control.

“One of the most intelligent and clever strategies I have ever seen. I read it over and over and it is a clear winner, despite some bigger funds taking part” – judge’s comment

AT A GLANCE

ɆɆ Constant evolution to benefit from changing nature of markets

ɆɆ Tactical period introduced opportunistic style after global crisis

ɆɆ Development of Blue Ocean model enhancing overall asset control

SHORTLISTED


ɆɆ The Crown Estate – UKɆɆ Etera Mutual Pension Insurance

Company – FinlandɆɆ Healthcare of Ontario Pension Plan

– CanadaɆɆ Nordea Liv & Pension – NorwayɆɆ Texas Permanent School Fund – US

PortfolioPenSam

THEMED AWARDS

PenSam As at 31 December 2014



Real estate % of overall assets: 7%Real estate performance: 14.3%

is an independent, partner owned, real estate focused principal investing, lending and advisory firm that seeks to create long term value for its investors and provide strategic advice to its clients.

GreenOak has offices in London, New York, Tokyo, Munich, Los Angeles, Madrid and Seoul with dedicated teams pursuing discrete strategies in target regions.

greenoakrealestate.com


49

A s a major real estate investor and manager, The Crown Estate has developed a compre-hensive and extensive approach to ensure

its sustainable and environmentally supportive credentials are industry leading and effective. Its commitment is to nurture and grow its business, taking a long-term view of its total contribution with the aim of making an overall positive impact in every area of its business. To achieve this, it has introduced the following philosophy:• Integration: that there is no separate sustainability strategy• Embedding: business groups take direct responsi-bility for developing sustainable business objectives and targets • Responsibility: individual employees are empow-ered to innovate.

It has identified four significant material issues:• The effect of climate change • Maintaining effective stewardship • Successful place-making and creating amenity value • Availability of natural resources.

To ensure it can effectively implement its approach, The Crown Estate has set a number of corporate sustainability targets, including: • 50% carbon emissions intensity (kgCO2/m2) improvement by 2022 • Zero operational waste to landfill by 2016 • Reuse or recycle 90% of non-hazardous waste from all new builds and major refurbishment projects • Total waste generated on all development projects over £100,000 should not exceed 6.5t/100m2

• Minimum of 15% recycled materials should be used in projects over £300,000 in value (ongoing)• Continue to place at least 60 unemployed London residents a year into employment in the West End• Achieve a BREEAM ‘excellent’ rating on all com-pleted new builds and major refurbishment projects.

“Philosophy is clearly articulated and supported by measurable objectives across the corporate social responsibility spectrum” – judge’s comment

AT A GLANCE

ɆɆ Comprehensive stringent multi-point sustainable code for all assets

ɆɆ Supports local communities, creating jobs and educational facilities

ɆɆ Extensive place-making strategy to enhance local amenities and area

AT A GLANCE

ɆɆ 12-point score card system to monitor ESG in its real estate

ɆɆ Innovative communications policyɆɆ Extensive outperformance of

energy and water usage reductions targets

SHORTLISTED

ɆɆ ATP Real Estate – DenmarkɆɆ Bouwinvest REIM – NetherlandsɆɆ Ivanhoé Cambridge – Canada

Sustainable StrategyThe Crown Estate

THEMED AWARDS

“A cogent and well articulated summary of its strategy, outlining clearly defined benchmarks, key performance indicators, reporting, monitoring and an impressive communication policy” – judge’s comment

A s a long-term investor, the €44.2bn Health-care of Ontario Pension Plan’s (HOOPP’s) real estate portfolio team has established a

sustainability strategy to protect and enhance asset value by investing in and developing efficient and high-quality buildings that contribute to their local communities. Its strategy covers environmental, social and governance (ESG) aspects across the entire real estate investment lifecycle, from acquisi-tion and development to ongoing portfolio opera-tions and capital planning.

The strategy is built on best practice and investor commitments articulated in UN PRI and is based on an overall framework for sustainability integration in the ongoing operations of its real estate portfolio, focusing on 12 ESG-related performance indicators constituting a score card that include energy and water consumption, green procurement, tenant engagement and satisfaction, renewable energy generation and health and safety compliance. A comprehensive performance tracking and report-ing system monitors performance and the progress

of portfolio, asset and property managers toward their target. This is complemented by an innova-tive communications policy, ensuring HOOPP and its business partners remain abreast of any developments and innovations.

In 2014, HOOPP generated a total return of 9.8%, surpassing the IPD Investment Property Databank benchmark by 304 basis points. In Canada, HOOPP is recognised as an industry leader in developing ‘healthy’ buildings, attracting top names as tenants including Pepsi, Siemens, DHL and TELUS. All HOOPP office developments meet LEED Gold status. It had also achieved 40% of its 2016 energy reduction target, 100% of its 2017 water reduction target and 38% of its 2017 waste diversion target at the end of 2013.

Healthcare of Ontario Pension Plan





Healthcare of Ontario Pension Plan As at 31 December 2014




TOUR PACIFIC, PARIS

I_ECM_0415.040_Full_page_BM_R1_OL.indd 1 4/23/15 5:43 PM


51

Santander UK Group Pension Scheme’s £9.5bn (€13.2) Common Fund holds the investments of one of the 30 largest pension

arrangements in the UK, providing benefits to over 60,000 current and former employees.

Its real assets portfolio was kick-started by the acquisition of a £400m commercial property portfolio from the UK government’s sale of former Royal Mail Pension Plan assets, followed by devel-oping a liability-hedging portfolio of property with explicitly inflation-linked rent increases, such as the Manchester Arena and The Brewery, an events venue in London.

Following a further review of investment strategy, the allocation to real assets and other illiquids was increased to 30%

in 2014. The pension fund made the following investments: • Castle Quarter Arcades in Cardiff, which links the Millennium Stadium through the central shopping and entertainment districts to Cardiff Castle. • Development of new student housing at East-side Locks in the UK’s second city, Birmingham, to replace the relatively new facilities that will be demolished as a consequence of High Speed 2, a proposed high speed rail line. • Speculative development of an industrial park in Sutton in suburban south London. • Pre-let development of a headquarters building close to Gatwick Airport. • The Woolwich Arsenal Estate, which is a rebrand and redevelopment of Woolwich High Street in southeast London.• Eagle Buildings, Manchester, which is the initial anchor of a plan to acquire and restore the city’s historic luxury brand shopping street concurrent with new office developments in the city centre. • Sterling Industrial Estates, which is a now branded portfolio of industrial sites across the UK to supply the increasing flow of online shopping. • Stonegate’s Inns – this is a carve-out of the pri-vate equity-backed brewer’s multi-branded tenanted UK estate.

Most of the real asset acquisitions are off- market or corporate originated. Transactions of interest typically feature distressed situations, deals featuring underlying properties that are priced below their intrinsic value and deemed non-

core by their current owners. The pension fund has a clear and detailed

business plan and exit strategy for each asset acquired. Since it acquired the Arena in Man-chester, the fund has introduced an electric go-kart track in the basement, planned the introduction of a new mezzanine food and beverage court in the entrance and evolved plans for increasing the car park capacity. It has also introduced hotel accommodation above while adding state-of-the-art advertising walls around the exterior and renegotiating new naming rights. This combined to produce a 24.6% return in 2014.

In mid-2014, the Santander scheme pieced together a multi-vendor project to buy Woolwich High Street in south London as

part of a rebranding strategy to benefit from the area’s regeneration and new Crossrail station – part of the new suburban rail network in London. Since the initial acquisition it has introduced bolt-on acquisitions to enhance the access and use of the initial units and worked closely with the local authority to introduce housing. Likewise the scheme is funding new developments along the proposed route for the High Speed 2 rail network, such as developing a new student housing scheme with guaranteed take-up from the university in the knowledge that the new rail route will run directly adjacent to the front door of the existing accommodation.

The Santander scheme only invests on the basis of thorough due diligence and applies strict risk controls through sensitivity analysis. If it cannot predict it will get 100% of its money back, in the toughest and most challenging scenario, it will not buy the asset.

“A very well-conceived strategy that is innovative and focused on the right deals to fit its size and objectives with an active style and approach” – judge’s comment

AT A GLANCE

ɆɆ High 30% overall real assets allocation

ɆɆ Thorough due diligence to uncover value added potential

ɆɆ Innovative with consideration of direct opportunities and alternative sectors

SHORTLISTED



ɆɆ Ivanhoé Cambridge – CanadaɆɆ Nordea Liv & Pension – Denmark

Value-Added StrategySantander UK Group Pension Scheme

THEMED AWARDS

Santander UK Group Pension Scheme As at 31 December 2014



Real estate % of overall assets: 30% (to all real assets)

IP REAL ESTATE MAY 2015

SPONSORS DIRECTORY

AEW Europe Schalk Visser, Head of Investor Relations+44 (0)20 7016 [email protected] 33 Jermyn Street, London SW1Y 6DN, UK

AXA Real EstateJocelyne Tamssom, Head of Communications+33 1 44 45 97 [email protected]œur Défense – Tour B – La Défense 4; 100, Esplanade du Général de Gaulle, 92932 Paris La Défense Cedex, France

CBRE Global InvestorsYme Bouma, Director Investor Services+31 20 202 [email protected] Boulevard 281, 1118 BH Schiphol, Netherlands

Clarion PartnersJeroen Verheijden, Senior Vice President+44 (0)20 4470 [email protected] Heddon Street, London W1B 4BD, UK

CORESTATE Capital AGSascha Wilhelm, Chief Operating Officer+41 41 727 86 [email protected] 135, 6300 Zug, Switzerland

Greenoak Real Estate Advisors LLPManja Stueck, Principal+44 (0)20 7866 [email protected] Sloane Terrace, London SW1X 9DQ, UK

Grosvenor Fund ManagementJames Raynor, Chief Executive Officer+44 (0)20 7312 7011 [email protected] Grosvenor Street, London W1K 3JP, UK

GTIS PartnersDietrich Heidtmann, Managing Director – Head of International Capital Markets+33 1 70 37 58 [email protected], Place Vendome, 75001 Paris, France

Invesco Real Estate Andrew Hills, Director – Client Portfolio Management+44 (0)20 7543 [email protected]–45 Portman Square, London W1H 6LY, UK

KGAL Capital GmbH & Co. KGJon Dyar Boles, CFA, Head of Institutional Business International +49 89 [email protected] Strasse 15, 82031 Gruenwald, Germany

La FrançaisePhilippe Lecomte, CEO La Française AM International+33 (0)1 43 12 01 [email protected] boulevard Haussmann, 75008 Paris, France

LaSalle Investment ManagementAnne Lucking, Client Executive, UK, Nordics and Ireland+44 (0)20 7852 [email protected] Curzon Street, London W1H 5HD, UK

52

M&G Real EstateLucy Williams, Director: Institutional Business, Real Estate UK & Europe+44 20 7548 [email protected] Trade Center, Zuidplein 36, 1077 XV Amsterdam, Netherlands

Morgan Stanley Real Estate InvestingGareth Dittmer, Executive Director+44 (0)20 7677 [email protected] Bank Street, London E14 4AD, UK

PATRIZIA Immobilien AGRikke Lykke, Head of Nordic Region+45 [email protected]. Annæ Passage | Bredgade 25 F, 5, 1260 Copenhagen C, Denmark

Rockspring PIMKathryn Dixon, Global Head of Investor Relations+44 (0)20 7761 [email protected] Sloane Street, London SW1X 9QF, UK

Standard Life Investments Mark Meiklejon, Investment Director – Real Estate +44 (0)131 245 [email protected] George Street, Edinburgh EH2 2LL, UK

Syntrus Achmea Real Estate & Finance Jaap van der Bijl, Director Investor Relations+31653215834jaap.van.der.bijl@achmeavastgoed.nlGatwickstraat 1 | Postbus 59347, 1040 KH Amsterdam, Netherlands

TIAA Henderson Real EstateLaura Barstow, Director, Client Capital Group+44 (0)20 3727 [email protected] 201 Bishopsgate, London EC2M 3BN, UK

Tishman SpeyerGabi Stein, Managing Director+44 (0)20 7333 [email protected] Aldwych, London WC2B 4AE, UK

Tristan CapitalMonica O’Neill, Head of Marketing & Client Relations+44 (0)20 3463 [email protected] Square House, 8th floor, Berkeley Square, London W1J 6DB, UK

Union Investment Institutional Property GmbHChristoph Schumacher, Managing Director+49 [email protected] 70/EMPORIO, D-20355 Hamburg, Germany

Wealth Management Capital Holding GmbHDirk Fabianke, Head of Professional Sales +49 89 678 205 [email protected] Am Eisbach 3, 80538 Munich, Germany

Investors home in on UK PRS

See you in Amsterdam

Thursday, 12 May 2016


We look forward to seeing you in AmsterdamThursday, 12 May 2016

Cover-M-J 2015.indd 5 07/05/2015 18:05

PLATINUM BEST GLOBAL REAL ESTATE INVESTORCanada Pension Plan Investment Board OUTSTANDING INDUSTRYCONTRIBUTIONPatrick Kanters

GOLDBEST LARGE REAL ESTATE INVESTORCanada Pension Plan Investment Board

BEST MEDIUM REAL ESTATE INVESTORPension Protection Fund

BEST SMALL REAL ESTATE INVESTORAPK Pensionskasse

BEST INVESTMENT CONSULTANCYFinance Ideas

ASIA PACIFICNational Pension ServiceAUSTRIA/GERMANY/SWITZERLANDÄrzteversorgung Westfalen-LippeBENELUX/FRANCEPGGMNORDIC COUNTRIESAP PensionNORTH AMERICACanada Pension Plan Investment BoardOTHER COUNTRIES & REGIONSFondazione ENPAMUK/IRELANDThe Crown Estate

CORE STRATEGYIvanhoé CambridgeDEBT STRATEGYBayerische VersorgungskammerDIRECT STRATEGYThe Crown EstateINDIRECT STRATEGYEmployees Retirement System of TexasINFRASTRUCTURE STRATEGYPensionDanmarkINVESTMENT IN LATIN AMERICACanada Pension Plan Investment BoardLISTED STRATEGYPGGMOPPORTUNISTIC STRATEGYTexas Permanent School FundPORTFOLIOPenSamSUSTAINABLE STRATEGYThe Crown Estate/Healthcare of Ontario Pension PlanVALUE-ADDED STRATEGYSantander UK Group Pension Scheme

SILVER


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