The Covid-19 pandemic has had a significant impact on all parts of the commercial real estate market, with operators, developers, and lenders all working to adapt to a world where distress is starting to make itself felt and population migration patterns are showing a shift to secondary and tertiary markets.
There is a substantial group of capital sources that include debt funds, institutional investors, family offices and high-net-worth individuals who are all looking to come to the table. But a bigger question will be what sectors and asset classes will recover, which are overpriced and how will these transactions be structured.
Join REFI Global for a series of webinars that will discuss how the debt markets are adapting to survive and even thrive in 2021, where the capital will be coming from and how lenders and borrowers will source and structure transactions.
Session 1: Then and Now: How the debt market is adapting, surviving the current downturn
Wednesday 20 January 2021 – 9am GMT/ 10am CET
The commercial real estate lending market entered the current downturn with a lot less distress than it did during the 2007-2009 Global Financial Crisis.
- What lessons did the market learn then and how are these lessons being applied today?
- Who is investing in real estate debt and why?
- What’s next in terms of opportunity, distress?
- How are low interest rates affecting the debt markets?
Ludo Mackenzie, Head of Commercial Property, Octopus Real Estate
Ludo is Head of Commercial Property. Since joining Octopus in 2013, he’s set up and grown a team of Chartered Surveyors which has raised three institutionally backed debt funds and completed c. £1bn of commercial lending across the UK.
He started his career in 1994 at JLL, before moving to LaSalle Investment Management and then becoming a Fund Manager for the Henderson UK Property Fund.
He has managed a number of property investment funds, both debt and equity, relative and absolute return. Ludo has always been a value investor, seeking to deliver outperformance through opportunistic and value-add strategies.
Arron Taggart, Head of UK Real Estate Investment, Cheyne Capital Management (UK) LLP
Arron has over 20 years’ experience in real estate markets. He joined Cheyne in August 2012 to originate real estate loans in the UK and Northern Europe and is now Head of UK Investment. Prior to Cheyne, Arron was a Property Specialist and Partner at Clydesdale Bank responsible for the origination and execution of real estate loans in London and the South of England. He was also responsible for the management of the loan portfolio and setting regional strategy. Prior to Clydesdale Bank he was at Bank of Scotland and Hitachi Capital.
Mathew Crowther, Managing Director, PRECap Senior Portfolio Manager, PGIM Real Estate Mathew Crowther is a senior portfolio manager of the “PGIM Real Estate Capital” (PRECap) series of debt funds, with over $5 billion of capital raised for junior debt, mezzanine debt, preferred capital and co-invest equity investments, having closed over 95 investments since inception in 2009. Mathew joined PGIM Real Estate in 2009 to establish one of the first non-bank real estate debt platforms in Europe. The PRECap platform has funded residential and commercial schemes (including development) in the UK (both London and the regions) in addition to Germany, Spain, Ireland, Netherlands and Belgium. Mathew’s career in real estate began in 2000 and over the last 20 years he has gained experience in investment management; real estate investment banking; principal finance; and debt capital markets.
Maria Goroh, Director, Centrus
Maria has 14 years of capital markets experience covering institutional investors primarily on investment grade credit side in mainland Europe, the UK and US at Nomura, Citigroup and most recently TradeRisks. She has worked with leading UK, European and US insurers, pension funds and asset managers on transactions backed by housing, student accommodation, social infrastructure and local authorities. As a director at Centrus, Maria plays a key role in co-ordinating our existing investor relationships as well as expanding our coverage capabilities within the UK & Ireland and internationally.
The Series is sponsored by:
There is one more webinar in the series – click below to find out more & register:
Session 2: How healthy are the US commercial real estate debt markets?
Wednesday 27 January 2021 – 11am EST/ 4pm GMT
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