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EPRA Monthly Brief
March 2019
Earlier this month, we received some encouraging news on the Solvency II regulations. A recent amendment by the European Commission to the existing rules has proposed to lower the capital requirements for insurers, making it more attractive for them to invest in long-term equities, including listed real estate. You can read about this move in more detail below.

Spring is the time of EPRA’s committee meetings. Following our regulatory & taxation committee earlier this month, the investor outreach committee will take place in Milan, and then a few days later the reporting & accounting committee meets in London. The latter will also hold their annual summit, this year in partnership with Bloomberg Intelligence, in their iconic offices in the City. With more than 300 participants and a full-day programme including a keynote speech by a recent member of the Bank of England, panels of leading CEOs and CFOs will discuss the future of retail, industrial and office in the wake of the tech revolution. I look forward to meeting many of you there.

One of our other upcoming events that you should book in your agendas is our second Corporate Access Day on the 26th of June at the Chelsea football stadium; with 22 listed companies attending, it is a great opportunity for investors to join one-on-one or group meetings. Registration will open over the course of April and we advise you to book early. You can read more about our first large-scale event in the March edition of the EPRA Industry Magazine.

Finally, following the recent promotion of Poland to Developed status in the FTSE EPRA Nareit Index, I am pleased to welcome our first Polish member Polski Holding Nieruchomości.

 
Dominique Moerenhout, EPRA CEO
EPRA news

Investment eased under Solvency II

The European Commission adopted new rules to help insurers provide better capital financing by decreasing the capital requirements for long-term equity investment. EPRA welcomed the latest amendment as it could have a significant impact on the listed real estate sector, its investors and prospective investors for whom high capital requirements are a major barrier to increased investment. The Solvency II regulation suggests so far that listed real estate assets should be treated the same as short-term equity holdings, which is a common but grossly misplaced representation of the long-term investment opportunity the listed real estate sector presents. “We appreciate the Commission’s recognition that equity capital charges are currently too high for insurers taking a long-term approach to investment,” commented EPRA CEO Dominique Moerenhout. EPRA cautioned however about how this proposal will work in practice. “There are a number of residual issues in the regulation which warrant quick and serious consideration. The lack of flexibility over the five-year holding period and the segregation of portfolios, for example, should be addressed as a matter of urgency in order to safeguard investors.” Read more in Property Week.

Webinar: trends and coming changes in Emerging markets

Emerging markets were significantly disrupted in 2018. However, not all countries experienced the same trend. Join subject matter experts from FTSE Russell and EPRA for a closer look at volumes and performance figures of the main emerging listed real estate markets, as well as insights into the key drivers and changes observed during the second half of 2018. This webinar will present a short explanation of the main effects of the reclassification in the FTSE EPRA Nareit Global Index series of Saudi Arabia and China A-Shares to Emerging markets. Download EPRA’s market research report “Emerging Markets H2 2018”.

Sustainability library

Gain quick and easy access to all publications relevant to EPRA's evolving sustainability work, including reports, surveys, presentations, videos and infographics. In addition, the ESG database containing all of the historic sustainability Best Practices Recommendations data going back to 2011 will be launched in beta vresion in the coming months. This will be a great resource for investors to benchmark the sector and further transparency and comparability. Visit EPRA’s sustainability library and discover the ESG Database infographic.

Celebrate EPRA’s 20th anniversary at the Conference in Madrid!

We will be soon opening registration for the anniversary edition of the EPRA Conference and look forward to meeting you all again, this time in Madrid. We will explore how socio-economic and political disruption in Europe affects the way we manage and run our businesses. We have several keynote speakers booked for the morning of the main day, among which Yanis Varoufakis and Stephanie Flanders. In the afternoon we will have a session focusing on technology with Anthony Slumbers, followed by future city design and public versus private real estate panels. The event will be complemented by some great property tours in Madrid and of course our Day 3 Investors’ day. We would like to thank our early sponsors NEPI Rockcastle, PSP Swiss Property, Credit Suisse, Unibail-Rodamco-Westfield, Dream Global REIT, alstria office REIT, Cofinimmo, Castellum and Green Street Advisors for making this event possible.
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