TAILIEUCHUNG - Challenges and opportunities for European real estate: Insights from our sixth annual EMEIA Real Estate Workshop

Real estate professionals attending Ernst & Young’s conference were almost equally split in their views of the Eurozone’s future. Asked whether the Eurozone would survive in its current form for the next 12 months, 48% thought it would not. Michael Portillo, keynote speaker at this year’s conference, said politicians and policy advisors will be highly focused on the Eurozone’s problems during 2012. “There’s an enormous amount of political capital invested in the Euro, so huge amounts will be expended in trying to save it.” Ernst & Young’s economic forecasting group, ITEM Club, assumes an orderly resolution of the Eurozone crisis will be. | Insights from our sixth annual EMEIA Real Estate Workshop Challenges and opportunities for European real estate s IER f YoUNC Quality In Everything We Do IHKI QDbR H ịị 5ỀS ogoHn goopfon ỖỖỈHoỉ Foreword Ongoing economic and political uncertainty in Europe and elsewhere around the world continues to create substantial challenges for the real estate sector. How best to respond and where the most attractive opportunities lie are topics of much debate. Ad Buisman Ernst Young EMEIA Head of Real Estate These issues featured prominently during Ernst Young s sixth annual Real Estate Workshop one of our largest gatherings of senior real estate executives from across Europe Middle East India and Africa EMEIA . The event based in London attracted more than 400 top real estate owners and developers institutional investors lenders and corporate occupiers - including many leading real estate private equity funds REITs and property companies. This report shares key findings from the conference drawing on the insights shared by leading industry individuals and Ernst Young experts. Howard Roth Ernst Young Global Real Estate Leader Highlights Few real estate players have developed a specific Eurozone breakup strategy though the widespread mood is cautious appreciating the need to prepare businesses for future unpredictable economic shocks. Although market uncertainty does create opportunities some current expectations about the extent of those opportunities may be over optimistic. Fiftyfi ve percent of real estate leaders expect core plus funds to be most successful in Europe over the next five years with 24 backing core funds and 21 backing opportunity funds. The funding gap remains an issue - institutional investors and insurers may be unable to fill it but growing real estate activity among sovereign wealth funds and high net worth individuals could provide alternative sources. Raising a real estate fund is achievable but success depends on recognizing investors need for greater

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