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CROSS-BORDER REAL ESTATE

Tobias Huzarski (KKR Kohlberg Kravis Roberts), Frank Müller (Corpus Sireo), David Poremba (Eastdil Secured) and Dr Jens Ortmanns (McDermott) hosted MuMAC’s first real estate panel and discussed current trends in the European real estate private equity market.

As panel head, Dr Ortmanns started the discussion by high­lighting the diversity of real estate as an asset class and the broad range of market participants in Europe, including pri­vate equity funds, hedge funds, pension funds, insurers, and other national and international institutional investors (re­cently including many Asian buyers), as well as family offic­es, developers and high-net-worth individuals. Mr Huzarski initiated a lively discussion about the role real estate plays for private equity funds as part of their overall investment strategy and portfolio allocation. The panel agreed that real estate can still be considered a safe haven and a hedge against other more volatile asset classes in the investment landscape. Senior debt funding generally is available at all-time-low in­terest rates, and the pricing of real estate deals is high but still interesting, particularly when it comes to opportunistic and value-add investments.

Mr Müller continued the discussion by giving some back­ground on Swiss Life’s real estate investment strategy across Europe with a particular focus on Germany and France. Cor­pus Sireo acts as Swiss Life’s German platform for real estate investments, asset management and real estate services. The panel agreed that Germany, followed by France and the Unit­ed Kingdom, currently is the most relevant market for real estate investments in Europe. Dr Ortmanns quoted PwC’s re­cent “Emerging Trends in Real Estate” survey, which placed Berlin, Munich and Frankfurt among the 10 most active real estate markets in Europe.

Mr Poremba provided an overview of equity and debt sourc­es in the current market environment, and further explained the different investment types ranging from core, core plus, and value add to opportunistic. Mr Müller contributed a re­view of the most relevant asset classes, including residential, office and retail, as well as special asset classes such as logistic, hotels, health care, data centre and others.

Regardless of specific investment strategies and asset alloca­tions, all panellists emphasised that geopolitical implications will play a significant role for investments in the real estate sector going forward.

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Callum Mitchell-Thomson, head of investment banking for Germany, Austria and Switzerland for J.P. Morgan, led the MuMAC audience through the expected consequenc­es of Britain’s exit from the European Union (Brexit). Mr Mitchell-Thomson pointed out that whilst the immediate reactions to the vote were quite dramatic, within a week they had quieted substantially. Similarly, at first it appeared that the outlook for economic growth in 2017 for the Europe­an Union, the United States and, in particular, the United Kingdom itself would be worsened materially. Within three months of the referendum, however, the equity capital mar­kets had recovered. On average, cross-border M&A makes up 30 per cent of the overall M&A market. Within Europe, the United Kingdom historically has represented 30...
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Raed Fakhri, vice president of investments at Bahrain Mumtalakat Holding Company (Mumtalakat), presented the company’s investment strategy and showcased some of its re­cent international investments. Mumtalakat, the investment arm of the Kingdom of Bahrain, is focused on growing and diversifying its portfolio through commercially sound and sustainable investments across multiple industries and geog­raphies. Its key sectors of focus are logistics, technology, me­dia and telecommunications; real estate and tourism; health care; consumer; industrials and manufacturing; and financial and general services. In the past two years, Mumtalakat completed nine interna­tional investments, including the acquisition of a stake in PRO Unlimited, a leading provider of software and services in the United S...
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ACTIVIST SHAREHOLDERS: EXPERIENCES IN THE UNITED STATES AND EUROPE

Bilal Sayyed, McDermott Will & Emery, moderated a thrilling panel of acitivist shareholders from three juristdictions: Roy Katzovic of Saddle Point Group, United States, Till Hufnagel, Petrus Advisers, London and Dr Olaf Marx of MCGM, Munich. They were joined by A&M Managing Director Germany, Thomas Kolaya. Mr Kolaya advises companys how to avoid to become a target of activist shareholders. The panel was a fabulous finale of the conference.

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LIFE SCIENCES, HEALTH AND PRIVATE EQUITY: LICENSING AND STRUCTURED M&A TRANSACTIONS
Christoph Brandenberger (Healthios Capital Markets), Dr Irina Staatz-Granzer (Staatz BD & Strategy), Dr Sven Oleownik (Gimv Germany), Dr Erich Tauber (Themis Bioscience), Charlie Troup (Duke Street) and Kristian A. Werling (McDermott) discussed licensing and structured M&A transactions. Emmanuelle Trombe (McDermott) mod­erated the panel, which focused in particular on the conver­gence of M&A and licensing, structured transactions in pri­vately held companies versus public M&A, and litigation risks related to due diligence obligations. In discussing the convergence of collaboration/licensing and M&A, the panel pointed out that an increasing number of collaborations between start-ups and industrials include an equity component. Alternatively, such collaborations, with or ...
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