May 10, 2012
Real Estate Spotlight is the monthly newsletter published by Preqin packed full of vital information and data, all based on our latest research into the private equity real estate industry. Real Estate Spotlight combines information from our online products Real Estate Online and Real Estate Capital Sources.
Real Estate Spotlight
May 2012
Private Real Estate Fundraising: Signs of Improvement? Although fundraising remains considerably below the levels reached pre-crisis, there are some signs of momentum in the market. Investor appetite is picking up and the number of interim closes held is also increasing. Page 2
May 2012 Volume 6 - Issue 5
Central and Eastern Europe-Focused Fund Managers A look at the fund managers targeting this region, including aggregate capital raised, fundraising over time and the top five funds on the road.
FEATURED PUBLICATION: The 2011 Preqin Real Estate Investor Review
The 2011 Preqin Private Real Estate Investor Review
Page 5 Canada-Based Investors The investment preferences of real estate investors based in Canada.
ISBN: 978-1-907012-45-7
The 2011
Preqin Private Real Estate Investor Review
Page 6 PrEQIn Private Equity Quarterly Index
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Analysis of the recently launched PrEQIn Private Equity Quarterly Index, the first index covering the entirety of the private equity industry, which allows for comparison of private equity returns across the various strategies, including real estate, as well as performance compared to other asset classes. Page 7
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Fundraising A round-up of the latest fundraising statistics. Page 9 Industry News The latest from the European market, including the investors seeking to commit to funds focused on the region, and recent activity of those based in the area. Plus details of the most recent Europe-focused funds to close. Page 11 Conferences A look at the forthcoming industry conferences around the world. Page 12 You can download all the data in this month's Spotlight in Excel. Wherever you see this symbol, the data is available for free download on Excel. Just click on the symbol and your download will begin automatically. You are welcome to use the data in any presentations you are preparing, please cite Preqin as the source.
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Feature
Private Real Estate Fundraising: Signs of Improvement?
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Private Real Estate Fundraising: Signs of Improvement?
While private real estate fundraising still remains considerably below its pre-crisis levels, Farhaz Miah looks at indications of greater momentum in the fundraising market and signs of improved investor appetite for private real estate funds. Fig. 1: Annual Closed-End Private Real Estate Fundraising, 2003 - April 2012
400 350 300 250 200 150 100 50 0 91 15.8 40.8 76.8 165 106.3 52.4 47.6 53.6 33 11.7 234 176 138.9 143.1 151 293 353 304 No. Funds Raised 145 Aggregate Commitments ($bn)
Fig. 2: Quarterly Closed-End Private Real Estate Fundraising, Q1 2009 - Q1 2012
70 60 50 40 30 20 10
Q1 2009 Q2 2009
62 50 36 38 40 26 15.3 14.2 12.8 15.7 11.6 12.5 36 39 40 31 34 28 15.8 10.2 Aggregate Commitments ($bn) 40 No. Funds Raised
10.1
7.8
11.7 13 13.1
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
2003 2004 2005 2006 2007 2008 2009 2010 2011Jan - Apr 2012
Year of Final Close Source: Preqin Real Estate Online
Quarter of Final Close Source: Preqin Real Estate Online
A Challenging Private Real Estate Fundraising Market Since the financial crisis, private real estate has faced a difficult fundraising climate. Fund managers have struggled to secure commitments from investors reluctant to deploy capital due to the persistent economic volatility in the aftermath of the crisis. As can be observed in Fig. 1, annual fundraising was on an upward trajectory from 2003, culminating in a record $143.1bn raised by 304 funds in 2008. The effects of the financial crisis and the subsequent global economic downturn on total fundraising are evidenced by the slump in the number of funds closed and the aggregate capital raised in 2009. With investors scaling back equity commitments to private real estate, only 37% ($52.4bn) of the total aggregate commitments garnered in 2008 was raised by funds that closed in this turbulent year. This picture of volatility is confirmed by Fig. 2, which shows that the first three quarters of 2009 experienced quarter-on-quarter fundraising declines, although there was a spike in the number of funds closed in Q4 2009 to 62 funds raising an aggregate $12.8bn. Q1 2010 saw 26 funds close having raised $15.7bn, led by the close of Brookfield Asset Management's Real Estate Turnaround Consortium ($5.7bn), Morgan Stanley Real Estate Fund VII Global ($4.7bn) and Beacon Capital Strategic Partners VII ($2.5bn). Fundraising was slow in the last three quarters of the year, with only $7.8bn raised by the 50 funds that closed in Q4 2010. The 2011 figures for final closes remained low, with 145 funds, less than half the number of funds closed in 2008, raising $53.6bn, representing 37.5% of the total raised in 2008.
Increased Momentum As shown in Fig. 3, there has been a steady increase in the number of interim closes and aggregate capital raised for these interim closes from Q1 2009 to Q4 2011. Only 12 funds held an interim close in Q1 2009, raising just $2.5bn, with fundraising remaining weak throughout the rest of the year. The aggregate value of interim closes started to become more significant from Q2 2010 onwards, however, with a total of $4.8bn raised through interim closes made by 38 funds in that quarter. The steady increase in the number of interim fund closes and the capital raised for these closes continued into 2011, peaking at $9.9bn, which was raised by 45 funds in Q3 2011. This suggests that investor appetite for private real estate has been recovering, with more institutions committing capital to new funds. Further evidence that momentum has been gathering in the private real estate fundraising market is shown in Fig. 4. The proportion of funds in market to have held an interim close has increased steadily from 31% in April 2010 to 41% in April 2012. Fig. 5 demonstrates that the amount of capital raised by all funds that are in market as of April 2012 is over double the amount of capital which had been raised through interim closes by all funds that were in market as of April 2010. This gives further grounds for cautious optimism in the fundraising arena. As investors return to making fresh commitments to funds in market, a growing number of fund managers are able to hold that allimportant first close and start putting capital to work. As Fig. 6 shows, there is $29bn in dry powder available to funds which are still seeking © 2012 Preqin Ltd. www.preqin.com
2
Q1 2012
Q1 2011
Q2 2011
Q3 2011
Q4 2011
0
Feature
Private Real Estate Fundraising: Signs of Improvement?
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Fig. 3: Interim Closes Held by Closed-End Private Real Estate Funds, Q1 2009 - Q1 2012
70 52 45 38 34 28 19 12 2.5 5 2.4 12 1.2 2.6 1.8 4.8 4.3 6.4 6.1 21 7.5 9.9 8.8 7.9
Fig. 4: Proportion of Closed-End Private Real Estate Funds in Market to Have Held an Interim Close, April 2010 - April 2012
45%
Proportion of Funds in Market
60 50 40 30 20 10 0
56 45
58
40% 35% 30% 25% 20% 15% 10% 5% 0% Apr-10 31%
41% 38%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 No. of Interim Closes Aggregate Value of Interim Closes ($bn)
Apr-11
Apr-12
Source: Preqin Real Estate Online
Source: Preqin Real Estate Online
capital from investors, representing a sizeable 18% of the $161bn total dry powder available, showing the significance of capital raised for interim closes. Outlook Since the financial crisis, aggregate fundraising levels have remained subdued. Fund managers have experienced difficulty in raising capital from cautious investors that have been hit by declining asset values. There have been firms that have achieved considerable success, with some large and renowned fund managers achieving notable fund closes, while other funds with a niche, nimble and flexible approach have also been successful. For many other firms, however, fundraising has remained an extremely challenging prospect. The increase in the number of funds holding interim closes, and the amount of capital raised through interim closes, suggests a renewed, albeit cautious, investor appetite for private real estate. Increasing numbers of firms have been able to raise sufficient capital to hold interim closes and begin to put their capital to work. With a record number of funds on the road, and many investors still not planning new commitments, fundraising will continue to remain challenging for the rest of the year. There are signs of more momentum in the fundraising market, however, and with the majority of investors below their strategic target allocations to real estate, there is a significant amount of capital which could enter the asset class. Fund managers will have to work hard to stand out from the crowd, but for those able to do so, there are investors actively considering new opportunities and looking to invest in private real estate funds.
Fig. 5: Aggregate Capital Raised by Closed-End Private Real Estate Funds in Market to Have Held Interim Closes, April 2010 - April 2012
35 33.2
Aggregate Capital Raised ($bn)
30 25 20 15 10 5 0 14.9 20.3
Apr-10
Apr-11
Apr-12
Source: Preqin Real Estate Online
Fig. 6: Private Real Estate Dry Powder: Funds Closed vs Funds in Market
140 120 132
Dry Powder ($bn)
100 80 60 40 20 0 29
Data Source
Preqin Real Estate Online - the industry's leading source of data and intelligence on the real estate sector Not yet a subscriber? To see how Real Estate Online can help you, please visit www.preqin.com/reo
Funds to Have Held Final Close
Funds to Have Held Interim Close
Source: Preqin Real Estate Online
3
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2012 Preqin Global Alternatives Reports
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The 2012 Preqin Global Alternatives Reports are the most comprehensive reviews of the alternatives investment industry ever undertaken, and are a must have for anyone seeking to understand the latest developments in the private equity, real estate and infrastructure markets.
Key content includes: · · · · Interviews and articles from the most important people in the industry today; Detailed analysis on every aspect of the industry with a review of 2011, and predictions for the coming year; Comprehensive source of stats - including fundraising, performance, deals, GPs, secondaries,fundterms,investors,placementagents,advisors,lawfirms; Numerous reference guides for different aspects of the industry - Who is the biggest? Where are the centres of activity? How much has been raised? Where is the capital going? Who is investing? What are the biggest deals? What is the outlook for the industry?
ISBN: 978-1-907012-17-4 $175 / £95 / 115 www.preqin.com
2012 Preqin Global Infrastructure Report
2012 Preqin Global Private Equity Report
2012 Preqin Global Real Estate Report
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Fund Managers
Central and Eastern Europe-Focused Managers
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Central and Eastern Europe-Focused Managers
Carla Henry looks at fund managers targeting Central & Eastern Europe Fig 1: Key Facts - Central and Eastern Europe-Focused Funds
Number of Central and Eastern Europe-Focused Funds Closed, 2005 - 2012 Aggregate Capital Raised ($bn) Number of Funds Raising Aggregate Capital Targeted ($bn) 74 12.1 17 4.9
Fig. 2: Property Type Focus of Central and Eastern EuropeFocused Funds on the Road
14 12 10 8 13
No. Funds Raising Aggregate Target ($bn)
Subscriber Quicklink:
Subscribers to Preqin's Real Estate Online can click here to access detailed profiles for 174 real estate fund managers that invest in Central and Eastern Europe. Not yet a subscriber? To see how Real Estate Online can help you, please visit www.preqin.com/reo
6 4 2 0 3.3 4 1.5
Diversified
Sector-Focused
Source: Preqin Real Estate Online
Fig. 3: Primary Location Focus of Central and Eastern EuropeFocused Funds on the Road
6 5 4 3 2 1 0 0.9 2.0 2 0.9 0.9 1 0.2 Central and Eastern Europe Russia Turkey Poland Ukraine Aggregate Target ($bn) 3 5 5
Fig. 4: Annual Central and Eastern Europe-Focused Closed-End Private Real Estate Fundraising, 2005-2011
25 22 20
No. Funds Raising
15 10 11
17
No. Funds Raised
10
7 5 2.2 0 2005 1.8 2006 2007 4.4 1.7 2008 1.6 2009 3 0.02 2010 4 0.4 2011
Aggregate Commitments ($bn)
Source: Preqin Real Estate Online
Year of Final Close Source: Preqin Real Estate Online
Fig. 5: Top Five Largest Central and Eastern Europe-Focused Funds on the Road
Target Size (mn) 500 EUR 500 EUR 360 EUR 500 USD 200 EUR Location Focus Russia Turkey Poland Russia Turkey
Source: Preqin
Fund VTBC - Ashmore Real Estate Partners I Pradera Turkish Retail Fund GE Polish Retail Fund Barwa Gazprombank Russia Real Estate Fund BLG Turkish Real Estate Fund
Manager VTB Capital Infrastructure and Real Estate Investment Funds Pradera GE Capital Real Estate The First Investor BLG Capital
Strategy Opportunistic Value Added Value Added Opportunistic Opportunistic
5
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Investors
Canada-Based Investors
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Canada-Based Investors
Jonthan Ma looks at real estate investors based in Canada Fig.1: Key Facts
Average Allocation to Real Estate (% of AUM) Average Target Allocation to Real Estate (% of AUM) 9.3 12.1
Source: Preqin
18% 6% 6% 20% Less than $1bn $1bn - 4.9bn $5bn - 9.9bn 15% 35% $10bn - 49.9bn $50bn - 99.9bn $100bn+
Fig. 2: Breakdown of Canada-Based Investors that Invest in Real Estate by Assets under Management
Subscriber Quicklink
Would you like to see details of 82 Canada-based institutions investing in real estate, with information on their areas of interest, key contacts, future plans and more? Click here to view the full list. Not yet a subscriber? To see how Real Estate Online can help you, please visit www.preqin.com/reo
Source: Preqin Real Estate Online
Fig. 3: Breakdown of Canada-Based Investors that Invest in Real Estate by Overall Real Estate Allocation
Fig. 4: Fund Strategy Preferences of Canada-Based Investors that Invest in Private Real Estate Funds
90% 80% 70% 60% 50% 40% 30% 20% 10%
Opportunistic Debt Core-Plus Core Value Added
82%
6% 15%
7%
25% Less than $100m $100m - 999m $1bn - 4.9bn $5bn - 9.9bn 46% $10bn+
Proportion of Investors
46% 33% 28% 26% 13% 8%
Fund of Funds
Distressed
Source: Preqin Real Estate Online
Source: Preqin Real Estate Online
Fig. 5: Real Estate Investment Preferences of Canada-Based Investors in Real Estate
100% 90% 2% 20% 2% 69% 1% 27% No Longer Investing Do Not Invest Considering Investing Invest 31%
Proportion of Investors
80% 70% 60% 50% 40% 30% 20% 10% 0%
77%
71%
Private Real Estate Funds
Direct Real Estate
Listed Real Estate
Source: Preqin Real Estate Online
6
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Secondaries
0%
3%
Special Feature
PrEQIn Private Equity Quarterly Index
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PrEQIn Private Equity Quarterly Index
While examining IRRs and multiples can be extremely useful, a different metric is needed by investors seeking to compare their private equity real estate portfolios with their overall investment portfolios, as well as directly with their investments in other asset classes. Asset allocation tasks call for metrics that facilitate comparison between private equity returns and those of other asset classes. The PrEQIn Index is a money-weighted index that uses fund-level cash flow transactions and net asset values for over 3,900 private equity funds collectively worth more than $2.7tn. These returns are then combined to form an index rebased to 100 as of 31st December 2000. The PrEQIn Index shows that all private equity strategies, with the exception of venture capital, have outperformed Standard and Poor's free-float capitalization-weighted index of 500 US-based large cap stocks (S&P 500) since 31st December 2000, as shown in Fig. 1. Indeed, the PrEQIn All Private Equity Index, which takes into account the performance of each of the various fund types, has remained above the S&P 500 for all of the quarters shown, with the exception of 30th June 2001, 31st December 2001 and 31st March 2002. As of the latest data available, the PrEQIn All Private Equity Index stands at 198.5 and the S&P 500 at 105.1. The PrEQIn Real Estate Index shows that during the boom period of private equity, real estate funds showed the highest performance of all fund types. The index has outperformed the S&P 500 across the reporting period, hitting a peak of 337.0 in Q2 2007. Despite this, however, private real estate performance experienced a sharp drop following the financial crisis, with the bursting of the real estate bubble. While there has been a gradual recovery for real estate returns from Q2 2010 to Q2 2011, this has been slower than for most private equity strategies. The latest reporting period shows a slight decline from the previous quarter, with the Index currently standing slightly below All Private Equity at 197.5.
Data Source
PrEQIn Index PrEQIn is the first quarterly index for the whole private equity industry, enabling comparison of the performance of private equity funds against other asset classes. This free index tracks industry returns information from 31st December 2000 to the most recent quarter-end date available. For more information please visit www.preqin.com/index
Fig. 1: PrEQIn Index: All Strategies vs. S&P 500
400.0
Index Returns (Rebased to 100 as of 31-Dec 2000)
350.0 300.0 250.0 200.0 150.0 100.0 50.0
PrEQIn All Private Equity PrEQIn Buyout PrEQIn Venture PrEQIn Real Estate PrEQIn Fund Of Funds PrEQIn Distressed Private Equity S&P 500
31/12/2000 30/06/2001 31/12/2001 30/06/2002 31/12/2002 30/06/2003 31/12/2003 30/06/2004 31/12/2004 30/06/2005 31/12/2005 30/06/2006 31/12/2006 30/06/2007 31/12/2007 30/06/2008 31/12/2008 30/06/2009 31/12/2009 30/06/2010 31/12/2010 30/06/2011
0.0
Source: Preqin Index
7
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2011 Preqin Private Real Estate Investor Review
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Featuring profiles for over 1,500 of the most important investors in private equity real estate funds worldwide, plus over 60 pages of analysis and league tables, the 2011 Preqin Private Real Estate Investor Review is the most comprehensive printed guide to institutional investors in private equity real estate ever produced. The 2011 review represents a vital resource for all those involved in the marketing of private equity real estate funds, investor relations, investment advisors, and those considering launching a new vehicle in 2011/12.
LP Profiles include the following key information: · Direct contact information for key personnel · Key financial information · Sample investments · Fund preferences by type, geography and experience · Plans for investments in 2011/12 Over 60 pages of vital analysis are also provided, including: · A detailed look at the investor universe including changing allocations, preferences and plans for the next 12 months · Key investors to watch in 2011/12 · Individual analysis sections for investors in all major countries and regions worldwide · Analysis of the current fundraising environment · Full listings for every private equity real estate fund currently in market
The 2011
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Fundraising
The Latest Fundraising Statistics
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Q1 2012 Private Real Estate Fundraising
Andrew Moylan provides a round-up of the latest real estate fundraising statistics. Fig. 1: Quarterly Closed-End Private Equity Real Estate Fundraising, Q1 2008 - Q1 2012
90 80 70 64 60 50 43.8 42.6 39 36 38 26 81 78 78 62 48 37 38 40 31 34 39 28 Aggregate Commitments ($bn) No. Funds Raised
Fig. 2: Closed-End Private Real Estate Fundraising by Primary Regional Focus, Q1 2012
18 16 14 12 10 8 6 4 2 2.1 4 1.2 Asia and Rest of World 6.9 8 Aggregate Commitments ($bn) No. Funds Raised 16
40 35.6 30 20 10
Q1 2008
20.7 15.7 15.6 15.2 13.013.1 12.7 14.1 10.2 11.612.4 11.6 10.1 7.5
Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011
0
0
North America
Europe
Source: Preqin Real Estate Online
Quarter of Final Close
Source: Preqin Real Estate Online
Fig. 3: Breakdown of Time Spent on the Road by Funds Closed in Q1 2012
35% 33%
Proportion of Funds Closed
30% 25% 20% 15% 10% 5% 0% 10% 10% 14% 10% 24%
Data Source:
The Preqin Quarterly: Real Estate features a full breakdown of private real estate fundraising in Q1 2012. Click here to find out more: www.preqin.com/quarterly
1-6 Months
7-12 Months
13-18 Months
19-24 Months
25-30 Months
31 Months +
Time Spent on the Road Source: Preqin Real Estate Online
Fig. 4: Largest Closed-End Private Real Estate Funds to Close in Q1 2012
Fund AG Realty Fund VIII AG Core Plus Realty Fund III Related Real Estate Recovery Fund GTIS Brazil Real Estate Fund II Development Venture III U.S Real Estate Partners WCP Real Estate Fund III Curzon Capital Partners III Cornerstone Real Estate Fund VIII Firm Angelo, Gordon & Co. Angelo, Gordon & Co. Related Companies GTIS Partners AXA Real Estate Alliance Bernstein Westport Capital Partners Tristan Capital Partners Cornerstone Real Estate Advisers Strategy Debt and Opportunistic Core-Plus & Debt Debt, Distressed and Opportunistic Opportunistic Opportunistic Debt, Distressed and Opportunistic Debt, Distressed, Opportunistic Core-Plus & Value Added Value Added Size (mn) 1,265 USD 1,010 USD 825 USD 810 USD 589 EUR 680 USD 571 USD 420 EUR 546 USD Geographic Focus North America, Europe, Asia North America, Europe, Asia US Brazil West Europe US US Europe US
Source: Preqin
9
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2012 Preqin Alternatives Investment Consultant Review
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A good source of intelligence on the alternatives investment consultant industry is a vital tool in helping fund managers and marketers build relationships with these important custodians of institutional investor capital. The 2012 Preqin Alternatives Investment Consultant Review is the ultimate guide to this important sector within the alternatives sphere, containing profiles for over 350 different investment consultancy firms. Consultant profiles within the Review contain information on the types of services offered, asset classes covered, key financial information, direct contact information for relevant contacts and more.
Key content includes: · Vital analysis on all aspects of the alternatives investment consultant universe. Includes key trends plus information on the market's make-up. · Listings for over 1,500 investors in alternatives showing which consultancy firms they are advised by in specific asset classes. · Specific intelligence on activity in private equity, real estate, hedge funds and infrastructure included in all analysis and profiles. · Comprehensive profiles for over 350 investment consultants. · Profiles include key individual contact information, areas of speciality, plans for 2012 and beyond, financial information, service coverage etc. · See which firms operate a buy-list, which firms consider first-time managers, and what they look for when considering new opportunities. · Results of our in-depth survey showing investor satisfaction with their consultants and other key information. · League tables.
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News
Industry News
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Industry News
The inside scoop from the world of private real estate gathered by Preqin's team of researchers.
The European market is the focus of this month's Industry News, with details of investors seeking to commit to funds focused on the area, the investment plans of those based in the region and the latest news from the European fundraising market. Caisse des Depots et Consignations has announced that it is to focus on open-ended real estate vehicles. In a turnaround from its original plan to invest in closed-end funds, the EUR 269.5bn investor is looking to commit to an open-ended, pan-European fund that has already raised a significant amount of capital. It is likely to invest in one or two funds this year. The change in direction comes as the government agency became concerned by the amount of time closed-end vehicles were spending in market. UK-based West Sussex Pension Fund is now fully invested in UK property. The £1.9bn pension fund, which has a 7% allocation to the asset class, has acquired two new properties with a combined value of £19mn. Investors looking to commit to Europe-focused funds include Tokio Marine & Nichido Fire Insurance and Fort Worth Employees' Retirement Fund. Both will target European investments alongside North American investments in the coming 12 months. A couple of Europe-focused funds have held final closes in the past few weeks. Queensland Investment Fund I, which is targeting investments in long income assets, hotels and special situation trades across the UK and Europe, closed having raised £100mn mainly from high-net-worth families. Orchard Street UK Special Situations Fund II, meanwhile, raised £70mn and also closed this month. The fund seeks to buy assets with active management potential for improvement.
Chart of the Month: Quarterly Europe-Focused Closed-End Private Real Estate Fundraising, Q1 2009 - Q1 2012
20 18 16 14 12 10 8 6 4 2 0 1.6 8 4.6 1.7 10 11 8 9 7 9 8 4 1.0 0.9 1.8 0.7 0.4 1.3 8 Aggregate Capital Commitments (bn) 13 No. of Funds Raised 19
3.8
3.9 2 1.4 0.8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011 2012
Source: Preqin
Quarter of Final Close
What's New?
Do you have any news you would like to share with the readers of Spotlight? Perhaps you're about to launch a new fund, have implemented a new investment strategy, or are considering investments beyond your usual geographic focus? Send your updates to cwilson@preqin.com and we will endeavour to publish them in the next issue. All of Preqin's exclusive intelligence is available on Real Estate Online, the industry's leading source of information on private real estate funds, managers and investors in the asset class. Subscribers can view more news and information here
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© 2012 Preqin Ltd. www.preqin.com
Conferences
Forthcoming Events
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Conferences Spotlight
Conference Shorex Singapore Real Estate Investment World Asia Real Estate Asset Enhancement World Asia Real Estate Latin America Forum Dates 22 - 23 May 2012 26 - 28 June 2012 25 - 27 September 2012 2 - 3 October 2012 Location Singapore Singapore Singapore Sao Paulo Organizer Shorex Terrapinn Terrapinn Latin Markets
Real Estate Opportunity Fund Forum Date: May 30-31 Location: Sheraton, New York City Organiser: IMN
Now in it's 13th year, this is IMN's flagship Real Estate event with approximately 1,200 delegates attending annually including a "Who's Who" of Real Estate PE Funds, Institutional Investors, Lenders, Developers, and various industry service providers.
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© 2012 Preqin Ltd. www.preqin.com
