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EPRA Monthly Brief
May 2018
May was a strong month for sustainability in EPRA, as we co-hosted a breakfast briefing with FTI Consulting in Brussels, where a number of EU Commission speakers and market practitioners discussed the real estate’s role in delivering on EU energy targets set by the recently approved revision of the Energy Performance of Buildings Directive. In addition, the spring EPRA sustainability committee met in Cofinimmo’s building “The Gradient” where, among other topics, the attendees finalised the revision of the scoring methodology for the sustainability Best Practices Recommendations (sBPR) Awards, which now reflects the third edition of the EPRA Guidelines.

June will see a strong investor outreach programme when we meet with investors in the US and Asia. Our close partnership with Nareit means we are well represented in North America and I am particularly looking forward to our joint investor outreach trip to New York, Washington DC and Ohio after the REITweek as well as a reciprocal visit from Nareit to Europe in September after our Conference in Berlin. Following the trip in the US we move to our 10th Asia Week which you can read more about below.
 
In parallel, on June 12, we will host our first Frankfurt-based investor event of the year, where alstria office REIT, Landsec and Xior Student Housing will present to German investors.
 
Finally, as ever, I encourage you to register for this year’s Conference in Berlin and do not miss the deadline for the Outstanding Contribution to Society Awards and submit your application now!

Dominique Moerenhout, EPRA CEO
EPRA news

REIT regime developments in CEE

In 2017, the Hungarian government revised the unsatisfactory 2011 REIT regime by reducing the amount of capital needed to create a REIT as well as providing certain tax benefits. This has prompted some publicly traded companies to announce plans to convert to REITs, and some non-listed property companies to IPO. The change to the law provides further evidence that only best-in-class REIT regimes will be supported by the markets. EPRA welcomes these moves and will discuss further opportunities when we present at the Hungarian real estate conference on 6 June, along with the Minister of Economy.
 
In the meantime, the Polish Ministry of Finance presented the long-awaited consultation on their REIT regime, planned to enter into force in January 2019. The draft bill only includes a regime for residential property, although the definition of ‘residential’ has been widened in part due to successful advocacy from our partners; however the bill remains unsatisfactory in a number of key criteria when compared to other successful European regimes. We suspect that the Polish REIT regime will follow a similar course to the Spanish or Hungarian legislation, in that it will need to be improved to get traction in the market.

REITs take another step forward globally

China moved a step closer to launching a standard REIT regime, after the government said it would pilot a product to support the residential leasing market, kick starting a market that could potentially be worth USD 1.8 trillion, according to South China Morning Post. The Chinese market is definitely one to keep an eye on, as the market is evolving very quickly and, like many other sectors in China, could emerge as a future giant on the global listed real estate investment stage. EPRA has been advocating for a Chinese REIT regime since we opened the office in Asia in 2013. In mid-June, we will take several of our members for the 10th Asia Week to meet investors. The trip will also include an inaugural workshop organised in partnership with the China REITs Alliance in Beijing, promoting the European listed real estate sector.

Join the debate!

Do not miss the hottest debates in the European listed real estate sector at the EPRA Conference, where we will witness retail and office disruptors and traditional players face-off in a presidential-type setting. Discover the full programme and register now, and join us on 4-6 September in Berlin!

Thank you to our early sponsors Aroundtown, Hispania, Gecina, Dream Global, Unibail-Rodamco, Vonovia, PSP Swiss Property, JLL, Sirius Real Estate, Credit Suisse, EY, alstria office REIT, TLG IMMOBILIEN, Green Street Advisors, Cofinimmo, Befimmo and CA Immo for making this event possible.

GDPR and EPRA

EPRA is ready for the General Data Protection Regulation (GDPR) - we are reviewing our internal processes and we have a new data privacy policy to comply with the new standards imposed by the European Commission legislation. You can see the new terms, what data we collect, how long we keep it for, and why by accessing the policy on our website.  We value your privacy and as an organisation the data we retain is solely used to deliver our contractually binding services to our membership and to inform those who have expressed interest in receiving EPRA’s views about the sector. We wish to provide you only with the relevant content of your interest – you can review or update your e-mail preferences by e-mailing our Data Protection Officer here or you can unsubscribe via the link at the bottom.
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