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Forums on Issues and Innovations in Real Estate Global Products and Sources for Real Estate Capital

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Forums on Issues and Innovations in Real Estate Global Products and Sources for Real Estate Capital

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    1. Forums on Issues and Innovations in Real Estate Global Products and Sources for Real Estate Capital October 2006

    2. Tommy Brown Agenda Global real estate capital flows Real estate products

    3. Tommy Brown Agenda Global real estate capital flows Real estate products

    4. Tommy Brown Global cross-border capital flows are increasing

    5. Tommy Brown The scale of investable real estate is also increasing in different markets

    6. Tommy Brown Additionally, overall capital to real estate is increasing

    7. Tommy Brown US institutional investors’ target and actual portfolio allocations (2006) All Real Estate 7.9 6.7 -1.2 US Stocks 36.1 38.4 2.3 Foreign Equities 15.4 16.7 1.3 Fixed Income 26.8 25.0 -1.8 Venture Capital/ Private Equity 5.8 4.2 -1.6 Money Market Funds/ Cash Equivalents 0.5 1.4 0.9 Hedge Funds 4.5 4.2 -0.3 Other 2.9 3.4 0.5

    8. Tommy Brown US institutional investors’ over/Under allocation

    9. Tommy Brown Agenda Global real estate capital flows Real estate products

    10. Tommy Brown Real estate products are broadly divided between private and public Private real estate Control of property assets More stable income stream High transactions costs Appraisal based valuations Lower volatility of returns Public real estate Greater liquidity More informational efficiency in asset pricing Greater geographical/property diversification for a given amount invested More subject to the disciplines of the public markets Higher volatility of returns

    11. Tommy Brown Several questions need to addressed when investing in real estate

    12. Tommy Brown The real estate universe has matured to provide an array of investment alternatives

    13. Tommy Brown European market for private real estate funds is achieving scale and positioned to increase substantially

    14. Tommy Brown There has been significant new public real estate equity issuance

    15. Tommy Brown The CMBS market also continues to grow

    16. Tommy Brown Disclaimer THIS PRESENTATION CONTAINS INFORMATION WHICH HAS BEEN PROVIDED BY A NUMBER OF SOURCES. WHILE THE INFORMATION HEREIN IS BELIEVED TO BE RELIABLE, NO REPRESENTATION IS MADE HEREIN BY DEUTSCHE BANK OR ANY OF ITS AFFILIATES, AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. THIS PRESENTATION HAS BEEN PREPARED FOR INFORMATIONAL AND DISCUSSION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER, OR AN INVITATION TO OFFER, OR A RECOMMENDATION TO ENTER INTO ANY TRANSACTION. DEUTSCHE BANK IS NOT ACTING AS YOUR FINANCIAL ADVISOR OR IN A FIDUCIARY CAPACITY IN RESPECT OF ANY TRANSACTION WITH YOU UNLESS EXPRESSLY AGREED BY DEUTSCHE BANK IN WRITING. BEFORE ENTERING INTO ANY TRANSACTION YOU SHOULD TAKE STEPS TO ENSURE THAT YOU UNDERSTAND THE TRANSACTION AND HAVE MADE AN INDEPENDENT ASSESSMENT OF THE APPROPRIATENESS OF THE TRANSACTION IN THE LIGHT OF YOUR OWN OBJECTIVES AND CIRCUMSTANCES, INCLUDING THE POSSIBLE RISKS AND BENEFITS OF ENTERING INTO SUCH TRANSACTION. YOU SHOULD ALSO CONSIDER SEEKING ADVICE FROM YOUR OWN ADVISORS IN MAKING THIS ASSESSMENT. NEITHER DEUTSCHE BANK OR ANY OF ITS AFFILIATES ACCEPT ANY LIABILITY WHATSOEVER WITH RESPECT TO THE CONTENT OF THIS DOCUMENT, ITS USE OR ANY LOSS ARISING FROM IT.

    17. Forums on Issues and Innovations in Real Estate Global Products and Sources for Real Estate Capital October 2006

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