The primary source of global real estate investment news and analysis ISSUE033 12 December 2017

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Colonial secures €416 million for Axiare takeoverInmobiliaria Colonial has secured €416 million to fund its takeover bid of Axiare Patrimonio Scoimi.

Colonial, which already owns nearly 29 percent of Axiare’s capital, launched the bid earlier in November to secure the remaining 71 percent.

The total transaction value is €1.2 billion. The Spanish office building developer raised €338

million from institutional investors through an accelerated placement process, with additional treasury shares worth €78 million.

On 21 November, Colonial raised €800 million in unsecured bonds.

Juan José Brugera, chairman of Colonial, said there were “many synergies arising from this

transaction, which predispose us to create a core product that addresses the growth on demand, maximising value return to our shareholders”.

He added: “We recognise in Axiare an excellent track record in value generation carried out by its management team, fully coinciding with the strategy and market focus that Colonial has maintained and is expected to maintain in the coming years.”

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Pension fund commits £20m to AEW

The Worcestershire County Council Pension Fund has committed £20 million to the AEW UK Real Return Fund, bringing the fund’s assets to a total of £86 million.

AEW has acquired two residential care homes with the fund, both let to Prime Life Limited. The fund aims to achieve a real total return of 4 percent.

Ian Mason, portfolio manager at the AEW UK Real Return Fund, said: “We have already put much of this additional capital to work and see a positive pipeline in a diverse range of property sectors including care homes, leisure and car showrooms, as well as the traditional sectors.”

Mark Forrester, finance manager at Worcestershire County Council, added: “We have been impressed with the AEW team’s track record and performance-driven strategy in deciding where to make our allocation. We have been looking to reposition the Worcestershire County Council Pension Fund into real assets and the AEW UK Real Return Fund seemed a natural fit for our investment approach.”

SoftBank and Compass in ‘largest ever’ US real estate tech investment

Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history.

The deal bring’s Compass’s total capital raised to $775 million.

The company intends to use the investment to extend its presence to every major US city, and to increase its investment in technology.

The Compass platform offers support for the real estate buying and selling workflow. The firm currently operates in 11 US cities.

Justin Wilson, a senior investment professional at the SoftBank Vision Fund, commented: “Real estate is a huge asset class, but the sector has been relatively untouched by technology and remains inefficient and fragmented.”

He added: “Compass is building a differentiated, end-to-end tech platform that aggregates across diverse data streams to support agents and homebuyers through the entire process, well beyond the initial home search.”

Ori Allon, founder and executive chairman of Compass, commented: “With the support of the SoftBank Vision Fund, we will be able to move quickly to execute our ‘compass everywhere’ vision, partnering with top agents and their clients in every major US city.”

HFF secures $34m for office campus

Holliday Fenoglio Fowler (HFF) has secured $34 million in financing for Element, a Class-A office campus in Orange County, California.

The office campus will be 165,028 square feet, and comprise of three two-story buildings on Aliso Viejo Parkway.

HFF secured the loan through Amherst Capital Management on behalf of Stillwater Investment Group and CrossHarbor Capital Partners.

John Drachman, president of Stillwater Investment Group, said: “The entire HFF team did a fantastic job in representing on this opportunity, and created a competitive situation that allowed us to find the best financing terms for our business plan.”

He added: “We are excited now to begin all the improvement work on our project and create a truly unique campus office project in Orange County. HFF has continued to exceed our expectations as our preferred financing partner.”

Inside Real Estate Investment Times ISSUE033 12 December 2017

Deal SheetPatrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million

page 4

2018 OutlookFollowing a turbulent year for real estate, there could be positivity ahead for those looking to expand their property portfolios

page 10

UK REITsREIT and fund IPOs surged at the London Stock Exchange Group in 2017, and the good news is set to continue, according to Robert Barnes

page 6

People MovesJLL has named a new director for its UK corporate solutions business and Standard Chartered has boosted its CRE team

page 12

Greg Brown, senior director at HFF added: “This property represents a tremendous opportunity for the ownership to create a truly unique office campus for a corporate tenant looking for a new state of the art headquarters.”

Link Asset Services in fund admin win

Warehouse REIT, a specialist investor managed by Tilstone Partners, has selected Link Asset Services for fund administration.

The mandate follows Warehouse’s successful £150 million initial public offering earlier this year, and its admission to Aim, the London Stock Exchange market for small and mid-cap companies. This is also the Link Group’s first new client since its acquisition of Capita Asset Services (CAS) last month.

Gordon Shaw, managing director for fund solutions at Link Asset Services, said: “This appointment … recognises our expertise in administering REIT structures, as well as the ongoing investment we have made in our processes and Yardi system, developed specifically for the real estate fund sector.”

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Deal Sheet

4

It was refurbished in 2012, and is now 98 percent leased, with its office space occupied by Viacom on a long-term contract until 2031.

Retail tenants include Skechers, Swatch, Oakley and Kiko Milano, and the building also houses the Minskoff Theatre, which is currently hosting The Lion King.

The property was purchased from SL Green Realty Corp, and brings Allianz’s total assets under management to $16.3 billion.

The deal concludes a successful 2017 for Allianz, following the origination of $3.5 billion in equity and debt investments, and the closing of a record $2 billion in financing.

Allianz also opened its Atlanta office earlier in the year, in a bid to open further opportunities in the southern US.

François Trausch, CEO of Allianz Real Estate, said: “With the acquisition of a 43 percent interest in 1515 Broadway we are able to look back on one of our most successful years in Allianz Real Estate’s history in the US.”

Christoph Donner, CEO of Allianz Real Estate in America, added: “2017 has not just been about strong growth and a record of over 50 new investments, it has also seen us deepen our presence in key markets by opening an Atlanta office, bringing our presence in the south in line with that of our east and central regions, managed out of New York, and activity in the west, managed out of our office in Los Angeles.”

AXA IM - Real Assets has completed the acquisition of a shopping centre in Leipzig, Germany, for €132.5 million.

Covering 114,000 square metres across three floors, Paunsdorf is one of the biggest shopping centres in Germany, boasting 170 retail units.

AXA IM - Real Assets will work alongside Unibail-Rodamco Germany to maintain and develop the high occupancy levels, as well as adding to the centre’s commercial potential.

The real estate investor also collaborated with Unibail-Rodamco Germany on the acquisition of Ruhr Park shopping centre, also in Germany.

In June, AXA IM - Real Assets completed the acquisition, on behalf of its clients, of Area Sur, a shopping centre in Spain.

Laurent Jacquemin, European head of transactions for AXA IM - Real Assets, commented: “Paunsdorf Centre is a high-quality asset and well located in a city demonstrating strong demographic fundamentals.”

He added: “It is a clear example of a retail-led property which already performs well in its own right but where we, together with our partner, see the potential for further value-enhancing initiatives.”

“Our team has a strong track record in the retail sector and know the Saxony region well so will draw on this expertise as we support the future plans for Paunsdorf.”

Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million.

The properties amounts to 1,728 homes in 30 municipalities in the country.

They were sold to a joint venture between Woonzorg Nederland and Amvest, which will create 1,306 rental homes for senior citizens, while retaining 422 standard residential properties.

According to Patrizia, an upswing in the Dutch housing market allowed it to optimise the portfolio, and the sale is in line with its strategy of focusing on only the most attractive Ditch cities.

Peter Helfrich, country head of Patrizia for the Netherlands, said: “This portfolio is an interesting investment product because of the current good financing possibilities, the size of the portfolio and the attractive yield in the regions. We were able to realise this transaction in a very short time, with a unique combination of buyers as a result.”

Patrizia manages more than €1.3 billion in investments in the Netherlands, spanning the residential and commercial sectors.

Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion.

Located in Times Square, the 57-storey building boasts 1.86 million square feet of office and retail space.

Patrizia Immobilien has sold 61-strong Dutch property portfolio

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UK REITsStephanie Palmer-Derrien reports

With more than 1,300 professionals exclusively focused on servicing Canadian investors and globalinvestors into Canada, CIBC Mellon can deliver on-the-ground execution, expertise and insights to helpclients navigate the Canadian market. Leveraging the technology and scale of BNY Mellon, a globalleader in investment servicing, and the local presence of CIBC, one of Canada’s leading fi nancialinstitutions, CIBC Mellon has the experience and the capabilities to help you succeed in Canada.

Learn more, contact:Shane Kuros at +1 416 643 6365www.cibcmellon.com

©2016. A BNY Mellon and CIBC Joint Venture Company. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company and may be used as a generic term to reference either or both companies.All products or services provided by any of CIBC Mellon, CIBC or BNY Mellon or parties related to them are governed solely by the terms of the written agreements they enter into in such respect, which do not include the material contained in this document.”

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Alternative investment services Data analytics2

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1 Provided by CIBC2 Provided by BNY Mellon

6

LSEG has seen more IPOs this year than ever before—what has led to that increase? How does this compare to other exchanges around the world?

Since January 2015, when the Swiss National Bank made the surprise announcement regarding the cap to the euro, followed by the European Central Bank’s introduction of quantitative easing, we have seen the start of a new macro environment with negative interest rates in continental Europe joining those of Switzerland and the Nordics. Long-term investors like pension funds are looking for growth, and that increasingly is manifesting in demand for equities and funds, and particularly real assets.

London Stock Exchange Group (LSEG) has seen a surge in what historically is a tremendous strength of the London market—the listed funds segment—and the fact that we’re able to offer flexibility in how people can raise funds. In 2017 to date, we have seen 18 closed-ended fund and REIT initial public offerings (IPOs), compared to just four in 2016, that is four-and-a-half times growth in the number of funds, and a threefold increase in value. The actual figure raised by these IPOs this year is £1.6 billion, compared to £560 million in 2016.

Perhaps more interestingly, by number of REIT and closed-end fund IPOs, LSEG is the number one listing destination of choice worldwide. This year, 70 percent of REITs listed on London Stock Exchange in 2017 are trading above their offer price, reflecting increased demand by investors

As a stock exchange, we are in the enabling game. We have a regime that offers a range of structural options for those who wish to raise capital, allowing them to do so within a regulatory framework that maintains high integrity. We like to provide flexibility for those who have the motivation to get their business done.

Clearly the macro environment is helpful. When you have low real returns and investors seek to achieve long-term growth objectives, real assets become increasingly attractive. Because of the contracting nature of buying actual real estate, the syndicate—the exposure to that asset class through funds—can be a very efficient way for investors to access this asset class and diversify their portfolio.

How does the environment in the UK compare to other European countries?

All global investors, whether from the UK, Europe, North America or Asia, find it very easy to access the markets in London, and we hear a number of themes from issuers: They can raise capital in an environment with a broad spectrum of international investors; the costs of listing tend to be more efficient; and we particularly hear from North American investors that the lack of a culture of class action suits is a big positive.

London is well developed, has a broad spectrum of investors and efficient processes and mechanisms for raising capital. That’s a winning combination.

Success in the Big SmokeREIT and fund IPOs surged at the London Stock Exchange Group in 2017, and the good news is set to continue, according to the group’s Robert Barnes

With more than 1,300 professionals exclusively focused on servicing Canadian investors and globalinvestors into Canada, CIBC Mellon can deliver on-the-ground execution, expertise and insights to helpclients navigate the Canadian market. Leveraging the technology and scale of BNY Mellon, a globalleader in investment servicing, and the local presence of CIBC, one of Canada’s leading fi nancialinstitutions, CIBC Mellon has the experience and the capabilities to help you succeed in Canada.

Learn more, contact:Shane Kuros at +1 416 643 6365www.cibcmellon.com

©2016. A BNY Mellon and CIBC Joint Venture Company. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company and may be used as a generic term to reference either or both companies.All products or services provided by any of CIBC Mellon, CIBC or BNY Mellon or parties related to them are governed solely by the terms of the written agreements they enter into in such respect, which do not include the material contained in this document.”

A Canadian Leader in Investment Servicing

Alternative investment services Data analytics2

Brokerage1 Investment fund services

Broker-dealer clearing MIS (Workbench, STP scorecard, trade match report card)

Canadian correspondent banking1 Real estate fund services2

Canadian custody and sub-custody Securities lending2

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UK REITs

8

Another observation is that the UK is implementing a mandatory auto-enrolment programme for companies to invest on behalf of employees into direct-contribution pensions—similar to the positive experience of Australia’s superannuation scheme. That could be a source of significant incremental demand for equities in the near future, and it’s not outside the realm of logic that other countries will start to look at this as well.

Not only do we have the macro environment of low real returns, low interest rates and low volatility driving long-term investors to look for equities and growth in real assets, but there is going to be further demand for more long-term investment, driven by the cyclical change coming from that direct contribution dynamic. Pensions have to invest for long-term return, looking after the long-term financial health of a growing population.

What kind of assets are REITs investing in in the UK? Have you seen any particular trend?

What is particularly interesting is the examples of funds that provide a positive contribution to the real economy. For example, PRS REIT is the first listed fund to focus solely on private rented sector (PRS) properties. When interest rates become low, property prices go up, and for many, housing stock is limited. This fund is building new housing stock and making it available to rent, allowing investors to get that exposure. This is the first fund of its type in the PRS, and the UK government co-invested 1 percent with it, so that’s a really positive story.

Another example is Impact Healthcare Trust, which raised money to invest in a portfolio of care homes. The words that come up again and again are ‘private rented’ and ‘social housing’—these are great examples of the capital markets contributing to the public good. Green finance, socially responsible investing and environmental and social governance are also increasingly a big theme.

What does an IPO mean for a REIT?

The fact that we have a global spectrum of investors that are able to access London—a developed market with a very well-respected regulatory framework and an established market mechanism to buy and sell—can be very attractive for investors worldwide at a time of very low structural volatility, very low interest rates and yet a demand for long-term growth.

There’s a whole spectrum of investment value propositions for investors to choose through the funds sector, and the advantage of

these funds is that you can buy and sell them on the stock exchange just like you can with an equity share.

Some of these structures have been around for many years, but the demand is growing. What’s also important for REITs, closed-ended funds or anything else, is that coming to market in the first place adds a lot of intangible benefits. The process of due diligence that’s inherent in the process shows credibility, and allows prospective investors to focus on management decisions and the value proposition.

Also, once the company is listed, the ability to raise follow-on capital becomes far more straightforward. There’s a very efficient process to raise the fund, but as it continues to grow and realise its ambitions, follow-on issuance also becomes available. The community of investors active in London understands the asset class—the ecosystem has been built up around the fund managers.

How are UK real estate funds reacting to the ongoing Brexit negotiations, at the same time as managing other regulatory burdens?

Brexit is a major political event. That said, we have all lived through other major political events. As a market operator working in the private sector, our focus is to make the process of raising capital as transparent and efficient as possible.

LSEG has a number of advantages, not least in the expert community of market makers. Funds can trade on the specialist fund segment or the main market, and some trade on order books. There is strength in the spectrum of mechanisms for buying and selling, to help investors get their business done.

Year to date, the number of IPOs on our markets have increased close to 50 per cent, compared to 2016. LSEG is in a good place, servicing a multi-asset and global community of investors, and issuers are able to raise funds, fixed income and equities. In the world of low volatility, the equity story is going to begin to resonate.

The positive story for REITs listed on the London Stock Exchange is that they can also have underlying assets from geographies beyond the UK, including other regions and faster-growing emerging markets.For investors that may be challenged to gain direct access to those emerging markets, having a fund raised in London—a developed market—makes it easier to diversify, by geography as well as by asset class. A diversified portfolio will often lead a to better long-term risk-return profile, and funds are a great way to do that. London can provide this, and the good news is that this is likely to continue. REIT

Robert BarnesGlobal head of primary marketsLondon Stock Exchange Group

What is particularly interesting is the examples of funds that provide a positive contribution to the real economy

The International Stock Exchange provides a responsive and innovative listing and trading facility for property investment vehicles, including funds and Real Estate Investment Trusts (REITs). A quarter of all HMRC approved REITs are listed on TISE, which is a recognised stock exchange with a cost effective and pragmatic admissions process.

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TISE is a registered trademark of The International Stock Exchange Group Limited (Guernsey registered company number 57524). It wholly owns The International Stock Exchange Authority Limited (Guernsey registered company number 57527), which is licensed by the Guernsey Financial Services Commission to operate an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. The registered office of The International Stock Exchange Group Limited and The International Stock Exchange Authority Limited is at Helvetia Court, Block B, Third Floor, Les Echelons, St Peter Port, Guernsey, GY1 1AR.

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TPA6248-TISE REAL ESTATE INVESTMENT TIMES 203X267 OCTOBER 2017.indd 1 03/10/2017 10:27

The International Stock Exchange provides a responsive and innovative listing and trading facility for property investment vehicles, including funds and Real Estate Investment Trusts (REITs). A quarter of all HMRC approved REITs are listed on TISE, which is a recognised stock exchange with a cost effective and pragmatic admissions process.

Products

» Trading companies

» Specialist debt

» Investment vehicles

» SPACs

» Extractive industries

Key Credentials

» Market capitalisation: > £300bn

» Listed securities: > 2,000

» International marketplace

» Globally recognisable clients

» Growing product range

TISE is a registered trademark of The International Stock Exchange Group Limited (Guernsey registered company number 57524). It wholly owns The International Stock Exchange Authority Limited (Guernsey registered company number 57527), which is licensed by the Guernsey Financial Services Commission to operate an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. The registered office of The International Stock Exchange Group Limited and The International Stock Exchange Authority Limited is at Helvetia Court, Block B, Third Floor, Les Echelons, St Peter Port, Guernsey, GY1 1AR.

Contact us

T: +44 (0) 1481 753000

E: info@tisegroup.com

www.tisegroup.com

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Why TISE?

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» Premier location

TPA6248-TISE REAL ESTATE INVESTMENT TIMES 203X267 OCTOBER 2017.indd 1 03/10/2017 10:27

2018 Outlook

10 11

If 2016 was the year of shock political announcements, 2017 was set to be the year of transition for the UK economy. The EU referendum result in June last year was a profound and historic event signifying the beginning of a new era in British politics, and one that would have an enduring impact on all sectors of the economy, not least the property market.

In the ensuing months, the country witnessed the resignation of David Cameron and appointment of Theresa May as Prime Minister, as well as the base rate of interest being set to a record low 0.25 percent by the Bank of England. Yet, the economy proved resilient, becoming the fastest growing G7 economy in 2016.

At the beginning of the year, the outlook for 2017 was positive—the International Monetary Fund increased its UK growth forecasts from 1.1 percent to 1.5 percent, as a result of strong business and consumer confidence. Now, nearly 12 months later, the question beckons—was 2017 a year of progress for the economy and the property market in general, or do the same problems and questions hang overhead?

Laying down Britain’s post-Brexit future

In the opening months of 2017, the government set about laying the foundations for its visions of post-Brexit Britain. Central to this was the Conservatives championing the role of the private sector, sourcing international trade links outside the single market and releasing a new housing white paper in a bid to alleviate domestic demand for properties.

On 29 March, Theresa May triggered Article 50, formally commencing the 24-month Brexit negotiation period. Until this point, few details had been made public about the government’s approach to Brexit; consequently, people hoped that this formal process would bring about stability and clarification regarding the UK’s departure from the EU.

Two weeks earlier, in only his second fiscal statement as chancellor, Philip Hammond delivered a spring budget light on policy and reforms. Moreover, issues relating to the property market were largely omitted. Criticised by business and industry leaders in the property space as a

A prosperous new yearThe UK is coming to the end of a turbulent year for real estate, but Paresh Raja of MFS predicts a positive 2018 for those looking to expand their property portfolios

Sustainability Insight

11

missed opportunity, there was a degree of understanding that the new autumn budget later in the year would be heavy on policy reform.

Theresa May’s government brought into question

However, between 2017’s two budget announcements, yet more political drama was to unfold, in turn applying new pressure to the government and the economy as a whole.

In a bid to strengthen the Conservative Party’s hand as it began Brexit negotiations, on 18 April Theresa May made the bold decision to call a snap general election, which was to be held in June. Yet her gamble failed to pay off, resulting in a hung parliament and broader questions of confidence in her leadership. In the weeks that followed, the Conservative Party was able to strike a confidence-and-supply agreement with Northern Ireland’s Democratic Unionist Party (DUP), resulting in the formation of a minority-led government.

A resilient property market and the growth of bridging

Since the election, stalling Brexit negotiations and internal political disputes have dominated the press. But importantly, despite the political deadlock, the housing market remained impressively resilient. Undoubtedly hindered by political and economic uncertainty, property prices still rose 2.5 percent in the 12 months to November 2017, with the average house price reaching £211,085.

Meanwhile, the bridging industry performed even more impressively; in Q3 2017 the Association of Short Term Lenders (ASTL) revealed that the value of loans written by the organisation’s members had increased by a massive 38.9 percent, when compared to the same three-month period the previous year. Moreover, applications to bridging lenders grew by 45.5 percent in Q3 2017, compared to Q3 2016. This underlines the sharp rise in demand for bridging loans, with short-term finance evidently proving an increasingly popular option among many property investors.

The autumn budget—a step in the right direction

Following on from the chancellor’s underwhelming spring budget, November’s autumn counterpart was seen as an opportunity to deliver much-needed reform to the UK property market, particularly in terms of housing investment. Paving the way for the country’s post-Brexit future, the budget was geared towards innovation, infrastructure investment and the housing market. Heeding calls from the property industry to address stamp duty, the step was made to cut the tax for first-time homebuyers. However, for homeowners looking to upgrade or expand their property portfolio, there was little offered in the way of stamp duty relief. Nevertheless, it was a significant step in the right direction and another reason for optimism as the end of the year approached.

The autumn budget also focused on the housing crisis, with the government announcing its intention to increase the number of properties available on the market through the construction of new houses. Only time will tell if the government is able to meet its targets during the current parliament, but there are positives to be taken from the fact that property featured high on Hammond’s agenda.

Outlook for 2018

There’s no denying that 2017 has been another turbulent year for Britain. Little progress has been achieved in Brexit talks—few people are any clearer now than they were in January with regards to what the UK’s political and economic landscape will look like once the UK splits from the EU.

As we enter December, attention naturally turns towards the year ahead and what it has in store. Unquestionably, Brexit will dominate 2018, as it has the past 18 months. But, with the two-year negotiation period ebbing away, progress is far more likely in the months ahead.

For the UK’s property market, the latest predictions from Knight Frank suggest that house price growth across the will be 1 percent in 2018, but will reach 14.2 percent, cumulatively, between 2018 and 2022. As with 2017, it is likely that next year will be a period of stable and steady growth for property prices; with demand remaining high and stamp duty cut for first-time buyers, the signs points towards incremental increases.

In 12 months’ time, as clarification is obtained as to what Brexit will mean for the UK, it is foreseeable that greater confidence will return to consumers, businesses and investors. Subsequently, as 2018 progresses, the housing industry could once again return to more substantial patterns of growth, which may spark a rise in real estate investment as individuals seek to take advantage of opportunities on the horizon.

Ultimately, of course, such predictions are speculative. But the evidence of 2017 demonstrates the resilience and strength of the UK’s property market and, if the country does indeed enjoy a period of sustained progress and fewer political disruptions, there is every reason to believe that 2018 will see the industry continue on its upward trajectory.

Similarly, with the bridging market going from strength to strength in 2017, there is every cause for optimism as the New Year approaches.

The coming 12 months represent a significant opportunity for short-term finance to further establish itself as an attractive option for those seeking to consolidate or expand their property portfolio. REIT

Paresh RajaCEOMFS

If the country does indeed enjoy a period of sustained progress and fewer political disruptions, there is every reason to believe that 2018 will see the industry continue on its upward trajectory

12

JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect.

Working through the real estate strategy, technology and services, JLL Corporate Solutions is intended to help organisations improve their real estate performance.

Asprey Price brings significant business development and leadership experience. She joins from corporate real estate services firm Source8, and before this she was head of consulting for Europe, the Middle East and Africa (EMEA) at CBRE.

Neil Murray, CEO for corporate solutions for EMEA at JLL, commented: “The future of real estate is more about people than one may think, and investing in the right talent is key to ensuring success in the new world of work.”

He added: “[Sue Asprey Price’s] broad and deep understanding of the market make her the right fit to lead our business and ensure we can continue to help our clients achieve their business ambitions.”

Standard Chartered has named Steven Cranwell as global head of commercial real estate (CRE) for its global banking business.

Subject to regulatory approvals, Cranwell will take on the role from February 2018, and will also become a member of the global banking management team. Based in Singapore, he will report to Paul Skelton, global head of global banking.

Cranwell joins from HSBC, where he was head of commercial banking for the Middle East, North Africa and Turkey.

Previously, he was at National Australia Bank, where he held several senior positions, including CEO for Hong Kong and head of the institutional and corporate finance business for Asia.

Skelton commented: “Our CRE business is a key part of our corporate and institutional banking strategy and where our clients recognise our expertise and relevance. I am confident that with Steven Cranwell’s extensive experience and leadership we will be able to make further strong progress.” REIT

Comings and goings at JLL Corporate Solutions and Standard Chartered

Industry Appointments

PublisherJustin Lawsonjustinlawson@blackknightmedialtd.com +44 (0)203 750 6028

Acting EditorStephanie Palmer-Derrienstephaniepalmer@blackknightmedialtd.com+44 (0)203 750 6019

Deputy EditorBecky Butcherbeckybutcher@blackknightmedialtd.com+44 (0)203 750 6018

Editorial AssistantJenna Lomaxjennalomax@blackknightmedialtd.com+44 (0)203 750 6018

Associate PublisherSerena Franklinserenafranklin@blackknightmedialtd.com+44 (0)203 750 6025

W: www.realestateinvestmenttimes.comT: @REITimesPublished by Black Knight Media LtdCopyright © 2017. All rights reserved

A world-leading IPO market

66%66% of 2017 Q1–Q3 IPOs are currently trading up at the end of Q3, 2017

32IPOs on AIM, with an average deal size of £50m

£10bnQ1–Q3, 2017 saw a total of £10bn money raised through IPOs on Main Market and AIM 2016 saw a total of £5.7bn

75There were 75 IPOs in 2017 Q1–Q3 Compared to 65 in 2016 full year

Twice more money raised in the first 3 quarters of 2017 than all of 2016.