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Duet Private Equity Ltd September 2010 Rob Clayton, Director PowerPoint PPT Presentation


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Duet Private Equity Ltd September 2010 Rob Clayton, Director. APB Annual Seminar: The Need for Non-Bank Sources of Capital for Real Estate Debt. Our Sponsors. Sponsors. Duet Group DUET is an alternative asset and wealth management firm established in 2002. Total AUM is in excess of $2bn.

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Duet Private Equity Ltd September 2010 Rob Clayton, Director

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Duet private equity ltd september 2010 rob clayton director

Duet Private Equity Ltd

September 2010

Rob Clayton, Director

APB Annual Seminar: The Need for Non-Bank Sources of Capital for Real Estate Debt


Duet private equity ltd september 2010 rob clayton director

Our Sponsors

Sponsors

  • Duet Group

  • DUET is an alternative asset and wealth management firm established in 2002.

  • Total AUM is in excess of $2bn.

  • Duet has sponsored 17 funds including private equity, real estate, hedge funds and structured investments

  • Forum Partners

  • Forum Partners is a global real estate investment management firm established in 2002.

  • Total AUM over $2bn on behalf of institutional and individual investors worldwide

  • Forum Partners specializes in investing in leading and emerging listed and private real estate companies, and has invested in over 70 companies in 21 countries in Asia, Europe and North America.

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Duet private equity ltd september 2010 rob clayton director

The Fund

The Fund

European Real Estate Debt Fund

Source: Real Estate Capital

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Duet private equity ltd september 2010 rob clayton director

Topics

Topics

  • Commercial Real Estate

    • How much is it?

    • What is it?

    • Who did it?

    • Where is it?

    • What is it secured by?

  • Bank lending today

  • The ‘importance’ of CRE lending

  • CRE lending growth 2000 – 2009

  • Banks’ need to de-gear

  • Regulation

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Duet private equity ltd september 2010 rob clayton director

Around €1trn of European CRE debt

Around 15% in CMBS and 85% in banks

Slightly more than 50% situated in UK and Germany

Around 50% due to be refinanced by end 2013

European CRE Debt

Commercial Real Estate Debt in Europe

  • Loans Outstanding:

Who Did it?

Where is it?

Source: Standard & Poor's

Source: CBRE

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Duet private equity ltd september 2010 rob clayton director

European CRE Debt

Commercial Real Estate Debt in Europe

What Is It?

  • ‘High’ LTV debt: 40%

  • ‘Perfect Storm’ debt: 20%

Source: CBRE

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Duet private equity ltd september 2010 rob clayton director

Asset Market Background: UK

Real Estate Asset & Debt Market Conditions

CBRE Monthly Index, Capital Growth

CBRE Monthly Index Prime and Secondary – Capital Growth to June 2010

Source: CBRE

Source: CBRE

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Duet private equity ltd september 2010 rob clayton director

Asset Market Background: Europe

Real Estate Asset & Debt Market Conditions

CBRE Eurozone Capital Value Index

Source: CBRE

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Duet private equity ltd september 2010 rob clayton director

Bank Lending to UK Commercial Real Estate

Lenders

Split of UK CRE loans outstanding at the end of 2008 split by lending institution

Current Lenders include:

Source: Duet, September 2010

Source: Goldman Sachs Research estimates

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Duet private equity ltd september 2010 rob clayton director

CRE Lending Growth

Debt Market Growth

Bank Lending to UK Commercial Real Estate

  • December 2000 – CRE lending accounted for 20% of lending to UK non-financials

  • March 2009 CRE lending accounted for 40%

Source: Goldman Sachs, Bank of England, Jones Lang LaSalle

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Duet private equity ltd september 2010 rob clayton director

The Need to De-Leverage

Degearing

Funding Gap

Total Senior Debt Maturing, 2010-12 (€m)

Source: Dealogic, DataStream, Barclays Capital

* Not covered, estimates are Datastream consensus

Source: ECB, Morgan Stanley Research

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Duet private equity ltd september 2010 rob clayton director

Regulation

Regulation

Source: FT Research / BIS

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