SCI’s 1st Annual European CRE Opportunities Seminar 28 November 2023

SCI’s 1st Annual European CRE Opportunities Seminar 28 November 2023(In-person Event)

00:00

JOIN SCI FOR THE ANNUAL EUROPEAN CRE FINANCE SEMINAR

Introduction

With banks withdrawing from commercial real estate loan origination and a moribund CMBS market, European CRE debt funds are gaining market share via loan-on-loan financings, which enable them to obtain leverage at asset-backed financing rates. SCI’s Annual European CRE Finance Seminar takes an in-depth look at the structuring and documentation of these arrangements, as well as how they have been implemented in practice, in the context of a broader CRE funding strategy. As such, the event will also provide insight into how sponsors approach CRE CLOs and CMBS as funding tools.

Applies until	Subscriber Discount	Subscriber Rate	Non-Subscriber	Non-Subscriber Discount
31-Oct	25%	£896	£1,015	15%
28-Nov	15%	£1,015	£1,195	0%

Silver Sponsor

Agenda

28 November 2023

12:00 - 13:00

Registration & Networking Lunch

13:00 - 13:10

Welcome Note & Opening Remarks

Kenny Wastell, SCI Deputy Editor

13:10 - 14:00

European CMBS – Setting The Scene

In the current challenging economic climate, the real estate finance market is characterised by the need to address CRE loan refinancings, as well as ICR and LTV breaches. Which CMBS sectors are most exposed and which have the most potential in this environment, and how are sponsors adapting? How has the European CMBS market performed over the last 18 months and how does it compare to the US market? Which property types show the most promise for leading a return of new issuance and why?
Panel Includes:
David Burkholder, Cadwalader (Moderator)
Andrea Daniels, Moody's Investors Service
James Hawkins, Standard Chartered
James Belchamber, Lloyds Banking Group

14:00 - 14:25

Networking Break

14:25 - 15:15

CRE Loan-On-Loan Financing – Structuring Considerations

This panel examines the differences between repo and loan structures, as well as their pros and cons. How does the European adoption of loan-on-loan financing compare with the US experience and are there any lessons to be learnt? How should EU Securitisation Regulation treatment be incorporated – in particular, regarding risk retention and reporting – and which due diligence issues should be considered? Do cross-border and multicurrency facilities represent additional considerations?
Panel Includes:
Jennie Dorsaint, Norton Rose Fulbright (Moderator)
Alistair Aitken, Natwest
Jon Farkas, Starwood Capital Group
Chris Wilson, Fairfield Real Estate Finance
Daniel Peart, Matheson

15:15 - 15:40

Networking Break

15:40 - 16:30

CRE Loan-On-Loan Financing – Practical Considerations

This panel explores considerations such as the level of recourse to the loan sponsor, margining and mark-to-market requirements that have been implemented in practice. How should requirements for future funding obligations – including capex and construction facilities – be addressed? Are financings becoming more complex as sponsors and lenders seek to optimise risk, tax and regulatory treatment? What are the options in terms of exit strategies?
Panel Includes:
Nick Shiren, Cadwalader (Moderator)
Alexander Storton, JP Morgan
Nick Kilbey, ICG
Richard Hanson, Morgan Lewis

16:30 - 16:55

Networking Break

16:55 - 17:45

CRE CLOs – An Emerging European Market

Loan-on-loan mandates often have CRE CLO take-outs contemplated in the documentation. What is the role of the collateral manager in this context and which rating requirements would need to be satisfied to facilitate such an exit? What are the advantages and disadvantages of executing CRE CLOs for sponsors? How do such structures compare to CMBS? Which challenges need to be overcome for a European CRE CLO market to develop and how could the US product inform future innovation on this side of the Atlantic?
Panel Includes:
Sabah Nawaz, Cadwalader (Moderator)
Richard Buckland, Starz Real Estate
Ali Khan, Atlas SP Partners
Oumar Diallo, Aeon Investments
Florent Albert, Scope Ratings

17:45 - 17:50

Closing Remarks

17:50 - 18.50

Cocktail Reception

SCI’s 1st Annual European CRE Opportunities Seminar 28 November 2023