Without debt everything grinds to a halt. It has been estimated that c.60% of the money going into property is in the form of debt, and this is ignoring debt counted as corporate debt. In this in-person event we focus on this crucial part of the property sector and how it has evolved and is expected to evolve over time.
Private real estate debt is increasingly seen as an attractive investment proposition wherein a provider gets a relatively attractive share of the return whilst incurring a relatively low level of risk – albeit at the price of some liquidity compared to many other forms of investment. Many institutional and private sources of capital, including insurance companies and pension funds have been attracted to the risk-return profile of private real estate debt provision. This event will explore the different types of debt and the types of providers as well as the increasing range of assets it is being provided on. The property sector is changing and the debt providers with it.
In this event we hear from two researchers in the debt space working for large fund managers (PGIM Real Estate and CBRE IM), the CEO of CREFC Europe and the event is chaired by Stefanie Hanstveit from Wells Fargo.
Location: PGIM, Grand Buildings, 1-3 The Strand, London, WC2N 5HR
Panellists / chair:
Chair: Stefanie Hanstveit, Director, Real Estate Syndicated Finance, Wells Fargo
Speaker: Dominic Smith, Senior Director, Credit Research, CBRE IM
Speaker: Mathew Crowther, PGIM Real Estate
Panellist: Peter Cosmetatos, Chief Executive, CREFC Europe
Panellist: Apwinder Foster, Head of Product Strategy, DRC Savills Investment Management
Stefanie Hanstveit, Director, Real Estate Syndicated Finance, Wells Fargo
Stefanie is a Director within Wells Fargo’s Real Estate Syndicated Finance team based in London. She is responsible for assessing new underwrite risk and managing/effecting the sell down process through the syndication of UK and Irish loans to a variety of national and international bank and non-bank lenders. Her team supports Wells Fargo’s commercial real estate, hotel finance, manufactured housing and specialist finance groups in underwriting and syndicating large loans.
Stefanie is an Honorary Lifetime Member of the Association of Property Lenders (APL), and a member of the Investment Property Forum (IPF) and Women in Banking and Finance (WIBF). She is a 2019 Wells Fargo Golden Spokes Award winner and was recognised last year by WIBF for progressing gender equality within her organisation and the financial services industry.
Dominic Smith, Senior Director, Credit Research, CBRE IM
Dominic joined the Insights & Intelligence Team of CBRE Investment Management in 2021 as a Senior Director, Credit Research. Prior to CBREIM, Dominic was at CBRE, where he was initially focused on setting up the Debt Analytics service, before moving to the UK Research Team, where he was responsible for output relating to the Capital Advisors and Valuations businesses.
He has a total of 20 years of commercial real estate experience, having previously spent time as Strategy Director of the Real Estate Business Support Unit of Lloyds Bank, and as Head of Research at Aviva Investors. At CBRE IM, Dominic specialises in global credit research, including helping to drive forward CBRE Investment Management’s Real Assets Credit Convictions Framework (CCF), a proprietary tool designed to provide a clear way of measuring risks and opportunities within real estate credit.
Mathew Crowther, Managing Director, PGIM Real Estate
Mathew Crowther is a senior portfolio manager of the “PGIM Real Estate Capital” (PRECap) series of debt funds, with over £4 billion of capital raised for junior debt, mezzanine debt, preferred capital and co-invest equity investments, having closed over 100 investments since inception in 2009. Mathew is a member of the European Executive Council and the European Investment Committee.
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, Italy, Ireland, Netherlands and Belgium.
Prior to joining PGIM Real Estate, Mathew was an assistant director in the Real Estate Finance group at investment bank NM Rothschild. Before Rothschild, Mathew was a senior lawyer with Clifford Chance’s Structured Finance Group.
Peter Cosmetatos, Chief Executive, CREFC Europe
Peter has been chief executive of CREFC Europe, a trade association for the real estate finance market, since 2013. CREFC Europe organises industry events, working groups and learning, and conducts advocacy work on behalf of its members, promoting effective, successful and sustainable CRE finance markets.
He was a member of an independent industry group for which he authored a 2014 report, A Vision for Real Estate Finance in the UK, which made recommendations to the Bank of England for the structure and regulation of the commercial property finance market so it can support the real economy without presenting unacceptable risks to financial stability.
He previously spent five years at the British Property Federation, leading its work on tax, financial regulation and capital flows. Earlier, he spent ten years at law firm Freshfields, specialising in real estate and real estate finance tax. He read Russian and Italian at Oxford and has a Masters in Soviet studies.
Apwinder Foster, Head of Product Strategy, DRC Savills Investment Management
Apwinder has over 20 years of experience in finance, real estate and capital markets. Prior to DRC, Apwinder was the Chief Financial Officer of Kennedy Wilson Europe Real Estate Plc. a FTSE 250 listed entity. Prior to joining Kennedy Wilson, Apwinder was with Deutsche Bank for 7 years in the special situations group and at Merrill Lynch for 7 years in real estate finance. Ms. Foster is a member of the Association of Chartered Management Accountants, having qualified in 1998 with the General Electric Company plc.
Thank you to PGIM for kindly hosting this event