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EPRA Monthly Brief
January 2019

 
Our annual Insight events maintain the track-record of being an industry highlight, as over 500 professionals from our sector came together in London and Brussels at the beginning of the year to hear industry leaders discuss the market outlook for the year ahead. This was particularly pleasing as we were in Brussels for the first time and attracted a large crowd, which you may read more about in this Le Soir article.

Eight years after we launched the sBPR, we are now further advancing our work on Environmental, Social and Governance (ESG) by launching a database on ESG performance metrics for all the EPRA members and constituents of the FTSE EPRA Nareit Developed Europe Index series that have won an EPRA sBPR award. The database will soon be published, and we will communicate more information to you on this shortly.   


Another positive start for the year was the announcement that Portugal will be introducing a REIT regime, effective as of 1 February 2019, called the SIGI. The coming months will no doubt prove to be just as significant with the European election due to take place in May and an increased focus on the Solvency II rules for institutional investors. Ahead of the election, EPRA will be promoting our EU manifesto and continue to advocate for amending the rules in order to give equal capital weighting to listed and direct property investments.

I am very pleased to announce that this year also marks the 20th anniversary of EPRA. Whilst it is a time to reflect on the sector’s achievements, it is also an opportunity to look to the future.  The first EPRA Conference was held in Spain and it is therefore entirely fitting that this is where we return for this year’s EPRA Conference, which will be held in Madrid 10-12 September. This year’s theme will focus again on disruption but from a political and socioeconomic perspective and its impact on European real estate. We have already contracted two speakers, namely Bloomberg Senior Executive Editor Stephanie Flanders and Yanis Varoufakis, former Greek Minister of Finance during the Eurozone crisis.
 

Dominique Moerenhout, EPRA CEO

 
EPRA news
The alternative investment landscape and public real estate in pension funds
On January 23, the CAIA Association hosted in cooperation with EPRA and Preqin a CAIA Virtual Chapter Educational Webinar, which mainly focused on the landscape of the alternative investment industry and the role of listed real estate in the asset allocation process for institutional investors. EPRA presented a brief explanation of the CEM Benchmarking research study on the asset allocation of the European pension funds. Additionally, EPRA also provided commentary on performance and cost efficiency of eight different asset classes, including real estate. More than 300 people registered for either attendance and/or for receiving additional  information in relation to it. The full audio recording of the webinar is available HERE.
EPRA REIT leaflet
In December last year EPRA produced an informative REIT leaflet that details the function, purpose and many benefits of REIT regimes. In addition, the leaflet highlights the positive impact REITs have brought to the growth of the EU economy and features a check-list of the ideal REIT regime. To access the leaflet, please click HERE.
 
Investor Outreach in Asia and Europe 
Following another successful Asia week in December, EPRA’s investor outreach team is keeping up the momentum and will be attending and presenting at the Nomura Global Real Estate Forum in Tokyo at the end of February as well as holding 35 investor meetings across Asia.

In Europe, investor outreach benefited from the EPRA Insight events to organise a series of meetings with investors in London and Brussels. The cautious sentiment in the United Kingdom appears to be driven by political uncertainty and a lack of valuation points. In Belgium there was a more positive outlook although this was, again, tempered by potential political impact. There are several investor outreach trips organised for the coming months including to Zurich and Helsinki. The investor outreach team is presently planning for the year ahead and the next EPRA Real Estate Digest event will take place this March in London. Full details will be available on the EPRA website in the coming days.
On February 28 UNEP FI will be organising a webinar that provides an overview of their recently published Positive Impact Real Estate Investment Framework. The framework is part of a suite that addresses the SDG financial gap and that shifts the financial reporting to include environmental, social and economic impacts in investment activities.

Two timeslots are available: for Asia Pacific and US & Canada west coast attendees; and for Europe, Africa, and rest of North America. Please use the registration links below.
  1. Asia Pacific and US & Canada. Click HERE to register
  2. Europe, Africa and rest of North America. Click HERE to register
Bloomberg Intelligence and EPRA 2019 Real Estate Summit 
Registration is now open for the Bloomberg Intelligence and EPRA 2019 Real Estate Forum, previously known as the EPRA Reporting and Accounting Workshop.  The summit will take place in Bloomberg’s London Headquarters, a recent award recipient of the Stirling Prize by the Royal Institute of British Architects, on April 4 from 8 am to 6 pm. For more information, please click HERE.

To register to the event, please click HERE.

 
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