CEE Club MeetingBucharest, June 26th

SEE - The next hotspot for real estate?

GRI Club members met for the first time in Romania this week to discuss real estate in Southeast Europe.

The Bucharest meeting gathered some of the leading figures from the region as they weighed up SEE as potential hotspot for investment and analysed obstacles facing investors.

Club meeting highlights: 

While the meeting focussed on the region in general, much of the conversation looked at Romania and Bulgaria as two of the more attractive markets in the territory.

Yields Higher than Western Europe

Constituents agreed that capital is seeing a shift from Western Europe to Eastern Europe due to the attractive yields on offer. Particularly in the SEE region where investors, who had previously been hesitant, were now committing capital to countries like Romania and Bulgaria.

Infrastructure a big stumbling block

Amongst the biggest challenges facing investment into the region is the poor state of infrastructure. It was pointed out by members that Romania's insufficient infrastructure and increased construction costs are stumbling blocks. Connectivity to the rest of Europe is stunting growth in terms of the country realising it's full investment potential.

A need to develop local capital markets 

While there has been a considerable increase in domestic capital in the Romanian market, the consensus is that there is still a long way to go. Attendees felt that the government needs to do more in order to improve the legislative process to encourage local capital investments. 

Countering the Brain Drain

The lack of an educated labour force due to the brain drain suffered by Romania is a concern in terms of attracting investment as economic migration continues. While the government has introduced initiatives to counter this, especially to retain IT workers, the lack of skilled labour is still a concern for many. However, one member felt that the onus was with the private sector to take the initiative in order to improve the current situation.

Co-working and other trends gather pace

While the SEE region still has some way to go, co-working and flexible office spaces are slowly changing mindsets in the region. Smaller brands are enjoying relative success as demand continues to increase with a growing IT labour and some members see massive potential for growth.

Increased Liquidity

Increased liquidity in the SEE market has created a buzz amongst investors. As the pipeline for 2018 continues to soar, a lot of optimism currently exists in the market with a lack of liquidity no longer seen as an obstacle to attracting foreign capital.

Advisory Board Members
Michael AbelMichael AbelManaging DirectorTPG
Robert MartinRobert MartinFounding Partner, Head of Central EuropeEuropa Capital
Ramon SpoladoreRamon SpoladoreHead of Central Eastern EuropeGenerali 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 SenmanManaging PartnerGriffin Real Estate
Gábor FutóGábor FutóFounder & OwnerFutureal
Patrick ZehetmayrPatrick ZehetmayrManaging DirectorErste Group Bank AG
Christopher ZeunerChristopher ZeunerHead of EuropeAmstar
Ian WorboysIan WorboysCEOP3 Logistic Parks
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 Central Europe
Europa Capital
United Kingdom
Biography:
Robert is a Founding Partner of Europa Capital and is Head of Central Europe. He is responsible for investment origination, acquisition, and asset management across the Region and is a member of the Investment Committee for all Europa’s funds. Before starting Europa in 1998, Robert worked at St Quintin and Herring Baker Harris in London. He is a Member of the Royal Institution of Chartered Surveyors and has a BSc in Land Management from Reading University and a Masters of Business Administration (MBA).
Ramon Spoladore
Head of Central Eastern Europe
Generali Real Estate
Czech Republic
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 Kingdom
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 including 16 years with TriGranit. Previously he 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
Managing Partner
Griffin Real Estate
Poland
Segment: Investor
Biography:
Nebil Senman is a Managing Partner of Griffin Real Estate, a leading and dynamically-growing investment group operating in CEE's commercial real estate market. Previously, Nebil held positions for nine years as Senior Vice President and Supervisory Board Member of Oaktree’s German and Polish real estate funds and operations worth several billion Euro. Before joining Oaktree, Nebil spent eight years within the real estate advisory and corporate finance division at Ernst & Young Real Estate (previously Arthur Andersen) where he held different managerial positions. Nebil is a graduate of universities in Berlin, Paris (ESCP-EAP) and London. He holds an MBA and a degree in civil engineering, and a post-graduate diploma in real estate management.
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
Managing Director
Erste Group Bank AG
Biography:
Mr. Patrick Zehetmayr is Head of Group Commercial Real Estate Financing at Erste Group Bank AG. Prior to that, he was a Member of the Board at Immorent AG. He had experiences at Erste Group Bank AG as Head of Relationship Management for the Group Larges Corporates Business, Head of Debt Capital Markets, Treasury and as a Trader for Fixed Income Derivatives. He speaks English and German.
Christopher Zeuner
Head of Europe
Poland
Segment: Opportunistic Private Equity
Biography:
As the Head of Europe, Chris is responsible for managing Amstar’s existing €900 million portfolio in Europe and growing the firm’s European platform. Most recently, Mr. Zeuner was head of LaSalle Investment Management’s Central European business, where he executed upon all of LaSalle’s €300 million of transactions in the region since 2012. In addition, Mr. Zeuner was also Head of Acquisitions at LaSalle for Northern, Central and Southern Europe. Prior to LaSalle, he was Managing Director at JER Partners, a US-based real estate private equity group that was sold to LaSalle in 2012. Before JER, he was head of CEE acquisitions and business development at GE Real Estate where he acquired more than €1.4 billion of investments throughout CEE
Ian Worboys
CEO
P3 Logistic Parks
Czech Republic
Segment: Industrial Developer
Biography:
Ian is a 36 year veteran of the warehousing market having started his career as an industrial agent at Strutt and Parker in London in 1981. After 16 years Ian became a developer with Gazeley Properties for 10 happy years where he started up their European business. He briefly joined Parkridge before starting up the Panattoni Western European business as MD. In 2009 Ian joined P3 as CEO of Europe and has seen P3 grow into a multibillion euro company. He recently headed up the sale of P3 from TPG and Ivanhoe Cambridge for EUR 2.4bil. to GIC. Ian and his team will now guide P3 through the next stage of its growth as an investor, developer and asset manager of warehouses across Europe
Timetable

Tuesday, June 26th

09:30 - 10:00: Registration and welcome coffee


10:00 - 11:15: Club Meeting


11:15 - 12:00: Farewell refreshments

Svetlana Fedosova

Svetlana Fedosova

Club 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
Club Director, CEE & Russia
GRI Club
UK
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