Club Meeting Budapest, 23 November

Investment opportunities in Hungary

Over 20 GRI Club Members gathered in Budapest last week to talk about the investment opportunities across different asset classes arising in Hungary as we move into 2018 and following a stellar 2017.

Participants came to common consensus that 2017 will close as an excellent year with total investment volumes expected at 30% higher than last year; although some asset classes are experiencing yield compression, the upward trend of investment is not expected to change.

Discussion Notes: 
What really took the heart of the conversation at this club meeting was a vibrant discussion on the future trends of real estate, particularly regarding offices with coworking space and WeWork. Much of the Club discussion focused on understanding the strong demand seen for this type of work space. Developers and investors are showing keen interest and are ready to develop the concept, with many of the questions analysing the best approach. For lenders present, questions around market capitalisation and cash flow were of most importance.

Club Members shared perspectives on the issue of Hungary’s labour shortage; whereby a young and educated workforce often leave for regional work outside the country. A recent survey highlighted that 73% of Hungary’s manufacturers have flagged this issue. A government initiative is in place to bring back the talent, and participants found it interesting to share ideas on the real estate expectations of such young professionals after having lived in countries like Austria or the UK; how is this likely to impact the demand outlook for real estate?

Timetable

November, 23

09:00 - 09:30 Registration / Arrival


09:30 - 10:30 Discussion


10:30 - 11:00 Parting Refreshments

Advisory Board Members
Michael AbelMichael AbelManaging DirectorTPG
Robert MartinRobert MartinFounding Partner & Head of CEEEuropa Capital
Ramon SpoladoreRamon SpoladoreHead of GRE CEE branchGenerali Real Estate
Troy JavaherTroy JavaherManaging DirectorLincoln Property Company
Árpád TorokÁrpád TorokCEOTriGranit Development Corporation
Edgar RosenmayrEdgar RosenmayrManaging Director & CEOKULCZYK SILVERSTEIN PROPERTIES Sp. z o.o.
Yannis DelikanakisYannis DelikanakisFounding PartnerBluehouse Capital Advisors Ltd.
Nebil SenmanNebil SenmanCo-Managing PartnerGriffin Real Estate
Pavel TrenkaPavel TrenkaGroup CEOHB Reavis Group
Otis SpencerOtis SpencerManaging Director/President of the BoardPeakside Polonia Management
Gábor FutóGábor FutóFounder & OwnerFutureal
Patrick ZehetmayrPatrick ZehetmayrHead of Group RE FinancingErste Group Bank AG
Michael Abel
Managing Director
TPG
United Kingdom
Segment: Private Equity
Biography:

Michael is a Managing Director and a member of TPG Real Estate’s Investment Committee and is based in London. He joined TPG from Europa Capital and started his career in the Private Equity Real Estate divisions of J.P.Morgan and Lehman Brothers. He holds a Diplome de Grande Ecole and MSc in Management from ESCP Europe, and speaks German, Spanish, English, Portuguese and French. He currently serves on the Board of Directors of TriGranit and A&O Hotels and Hostels.

Robert Martin
Founding Partner & Head of CEE
Europa Capital
Biography:
Robert Martin is a principal and co-founder of Europa Capital and is a member of the acquisitions team. He is responsible for acquisitions in Germany, Austria and Central Europe. In 1991, Mr. Martin commenced his career with Herring Baker Harris, and was particularly active in the West London office and industrial property. In 1994, he joined real estate consultants St. Quintin, before undertaking an MBA from the University of Cape Town.
Ramon Spoladore
Head of GRE CEE branch
Generali Real Estate
Biography:
Ramon Spoladore has spent most of his professional career within the real estate investment department of the Generali Group, which he joined in 2002. Prior to taking up his new position, he had been Head of Investments and Asset Management at Generali Real Estate CEE for two and a half years, contributing to strengthening GRE in the region. An Italian citizen, Ramon holds a Degree in Business Administration from the University of Trieste, and a Master in Real Estate from Bocconi University in Milan.
Troy Javaher
Managing Director
Lincoln Property Company
United States
Segment: Developer /Investor
Biography:
Mr. Troy Javaher is currently Managing Director of European operations for Lincoln Property Company. Lincoln Property Company (LPC) was founded in Dallas in 1965 and has developed more than 12.6 million square meters of commercial projects and 212,000 multi-family units at a total cost of over $30 billion. An American national, Troy Javaher was previously the Head of Capital Markets for Central and Eastern Europe for JLL. He has a Masters in Real Estate from Columbia University in New York and has professional work experience in the region since 1998.
Árpád Torok
CEO
TriGranit Development Corporation
Hungary
Segment: Real Estate Platform
Biography:
Árpád has been in the international real-estate business for more than 2 decades, more than 15 years with TriGranit. Previously held senior management positions at Cushman & Wakefield in Europe. Was appointed to CEO of TriGranit in 2009, the company has since succeeded to obtain over 1 billion Euros in financing and refinancing to develop around 950,000 m² of projects completed or currently under construction. TriGranit - one of the largest fully integrated real estate investment, development and management platforms in CE.
Edgar Rosenmayr
Managing Director & CEO
KULCZYK SILVERSTEIN PROPERTIES Sp. z o.o.
Yannis Delikanakis
Founding Partner
Bluehouse Capital Advisors Ltd.
LUXEMBOURG
Biography:

Founding Partner. Bluehouse Capital is a private equity investment management firm with a focus in the property markets of Emerging Europe, which include Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania and Serbia, operating through its local offices in the region. Prior to this, Mr. Delikanakis served for five years as the General Manager of real estate for the Technical Olympic Group and as Executive Vice President and Executive Vice Chairman of the NYSE-listed homebuilder Technical Olympic USA, Inc. Mr. Delikanakis is a graduate of the Advanced Management Development Program in RE from Harvard University and holds a M.Sc. in project management from the University of Texas at Austin.

Nebil Senman
Co-Managing Partner
Griffin Real Estate
Poland
Segment: Investor
Biography:
Mr Senman is currently working for Oaktree as a Senior Vice President where he is heading Oaktree's German real estate activities. Prior to joining Oaktree in 2005, he spent over 7 years in the real estate practice of Ernst & Young, lastly as director. Mr Senman, a Chartered Surveyor(RICS), was awarded a post-graduate diploma in real estate management from EBS. He holds a Master's degree in Civil Engineering and Business Administration from TU Berlin and a Master's degree in International Management from ESCP-EAP.
Pavel Trenka
Group CEO
HB Reavis Group
Slovakia
Segment: Developer
Biography:
Pavel Trenka is the CEO of HB Reavis Group, currently the 3rd largest office developer in Europe, according to PropertyEU’s annual ‘Top Developers Survey’. HB Reavis was founded in 1993 in Bratislava, Slovakia and at present operates in the United Kingdom, Poland, the Czech Republic, Slovakia, Hungary, Turkey, now also expanded into the German market. Pavel joined HB Reavis in 2007, and leads the Group’s overall strategy and international expansion. Prior to joining HB Reavis, Pavel spent seven years as a Consultant at McKinsey & Company and was previously an investment banker at Bank Austria Investment Bank. Pavel is a graduate of The University of Rochester’s Simon Business School in New York, USA.
Otis Spencer
Managing Director/President of the Board
Peakside Polonia Management
Poland
Segment: Investor
Biography:
Mr Spencer is the President of the Board of PPM. He is responsible for the asset management for Polonia I and Polonia II, the origination and execution of new business in Poland, as well as the managerial oversight of Peakside’s office in Warsaw. He was until recently the Co-Head/Managing Director of KSP Real Estate Investment Management. From 2005 to 2012, Mr Spencer was active as Managing Director/Co-Head Europe and member of the Investment Committee with Heitman, directed the Portfolio Management for Heitman’s European Private Equity group and was the Portfolio Manager for Heitman European Property Partners IV.
Gábor Futó
Founder & Owner
Futureal
Hungary
Segment: Development Partner
Biography:
Gabor Futo is founder of Futureal Group. Under his leadership Futureal has become one of the leading real estate developer and investor in the CEE region with a team of over 300 top professionals and with project pipeline of over 1.6 billion Euro, including more than 6,000 residential units and over 500,000 sqm of commercial space. Cordia, its residential arm, is the number one residential developer in Hungary and is also active in Poland, Romania, Germany and the USA.
Patrick Zehetmayr
Head of Group RE Financing
Erste Group Bank AG
Biography:
Patrick Zehetmayr is Managing Director and heading the division Real Estate Client Coverage for Erste Group Immorent AG. Erste Group Immorent is the specialist for commercial real estate and infrastructure financing as well as property development within
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Venue

InterContinental Budapest Budapest, Apáczai Csere János u. 12, 1052 Hungary
Svetlana Fedosova

Svetlana Fedosova

Director - CEE & Russia

+ 44 (0)20 7121 5098

+ 44 (0) 7564 09 7070

[email protected]
Svetlana Fedosova
+ 44 (0)20 7121 5098 / + 44 (0) 7564 09 7070
Director - CEE & Russia
GRI Club
UK
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