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Major global investors will give their predictions on the property market in light of heightened economic and geopolitical activity, at an Estates Gazette debate at MIPIM in Cannes. Experts from Standard Life and Schroder will join analysts to reveal what is to come for the UK, and European real estate markets, after a bearish start to 2016 caused by the oil price collapse and turmoil in the stock market. At the event on Thursday 17 March, which is being hosted in partnership with BNP Paribas Real Estate, delegates will hear what factors threaten to destabilise the UK and European markets, where investors will find returns and where there will be resilience. Identifying risks and reaping rewards in the current cycle Date: Thursday 17 March Time: 11am-11:30am CET Venue: London Pavilion Panel: Simon Durkin, head of UK research, BNP Paribas James Cooksey, deputy head of urban and head of central London, The Crown Estate James Lass, fund manager, Schroder UK Real Estate Fund Veronica Gallo-Alvarez, fund manager – Pan European, Standard Life Anyone who is registered to attend the MIPIM property conference is welcome to attend this event.No further registration is required. Click here for details of all the Estates Gazette debates at MIPIM To send feedback, e-mail Rebecca.Kent@estatesgazette.com or tweet @Writer RKent or @estatesgazette Source link

The world is changing at an exponential rate and science fiction is fast becoming science fact. We are moving towards an increasingly digital, interconnected society and with it comes the realisation that everything we know will change. The built environment has been slower than other industries to react to this change. In some ways, it’s been in ‘catch-up’ mode, clutching tightly to the ‘status quo’. The reality is that operational construction functions, activities and experiences, as well as expectations around performance, are evolving and so too must the built environment. To better understand how it can help its clients anticipate the journey towards Buildings of the Future, Aurecon has released a white paper called ‘Buildings of the Future: science fiction or science fact?’. Inspired by interviews with a broad group of professionals across the built environment who were asked to imagine what Buildings of the Future might look like and how they might be created, the paper shares fascinating thoughts around what’s driving demand, challenges inherent in reaching Intelligent Building status and what some of the next steps in this journey might be. “The major drivers identified in the paper have the potential to reshape the built environment industry in the next 30 years,” comments Peter Greaves, Aurecon’s Buildings of the Future Leader. Could buildings of the future be 3D printed? According to the paper, ‘Buildings of the Future: science fiction or science fact?’, one of the biggest disruptors to the design engineering industry is that of new 3D printing technology, and the impact it will have on the built environment.  “The 3D printer is significantly disrupting the traditional design role held by the structural engineer but, at the same time, presents exciting new opportunities in how building designers will create, relocate and shape Buildings of the Future,” said Greaves. Aurecon’s white paper shows that a ‘one-size-fits-all’ approach to Buildings of the Future is becoming less and less palatable. The use of new, flexible construction materials, including composite materials, additive manufacturing concrete, solar polymers and carbon fibre balsa, is fuelling new design approaches. “These options are unlocking the architectural limitations of size, weight and shape that the building and construction industry works within today,” he claimed. “To bring this to life, the thought processes, measurements and methods commonly used in our industry will also have to evolve.”  Could the ‘Building Internet of Things’ (BIoT) become a ‘thing’?  Another opportunity highlighted by the paper is further innovation in the building management field by developing shared services in facilities management within a precinct. “Aurecon believes that the first real innovators in the facilities management space are likely to be those who explore the idea of shared building maintenance hubs,” said Greaves. “Such hubs would be designed to provide facilities for all local buildings to centrally monitor electricity, water, energy storage common areas and integrate other aspects of maintenance and management of operational efficiencies.” The Western Sydney Airport and indeed Greater Sydney’s development could become a prime example of an opportunity to implement this. With the 2017-2018 Australian Federal Budget reaffirming the Government’s commitment to several large infrastructure projects in the area, including high-speed rail to Western Sydney, as well as funding AUD23.5M over four years for a large City Deals programme likely to support integrated infrastructure development – a ‘whole of precinct’ approach to the management of facilities and wider infrastructure assets is key. “If we’re going to help design Buildings of the Future, we have to be able to envision them,” commented James Bennett, Aurecon’s Managing Director, Built Environment. “Aurecon wants to be a forerunner in helping our clients identify the opportunities this presents and facilitating these changes.” “Those who shape Buildings of the Future will be those who, firstly, realise that our world is changing and have the boldness to not only let go of, but question, the status quo so that working with government and economic leaders, we might reimagine our physical spaces and infrastructure. Engineers need to lead such conversations,” asserted Bennett. Greaves believes that navigating these drivers will require far more than infrastructure design. “We’re seeing a heightened demand for technical solutions that drive optimal commercial as well as socio-economic outcomes for clients and communities alike. Aurecon’s strength lies in engineering-led design and a deep drive to bring global best practice and innovation to their clients.” Read ‘Buildings of the Future: science fiction or science fact?’.  About this report ‘Buildings of the Future: Designing for the unknown’ was inspired by interviews with 60 built environment professionals across the globe. Each were asked to imagine what Buildings of the Future might look like and how they might be created. To read the full report, download ‘Buildings of the Future: science fiction or science fact?’ here.

©Bloomberg A cautionary tale played out in the world of private equity last month when KKR disclosed a $300m writedown on the value of its biggest investment, which had been burning a hole in its portfolio for years. The buyout of First Data, a US payment company, had already drained $1bn from KKR’s balance sheet. The buyout group started to exit the deal last October, when it listed shares, but last quarter’s earnings included a $300m writedown, as stock market turbulence helped drag First Data’s shares down nearly a third since its listing. More On this topic IN Financials Big private equity groups including KKR and Blackstone have called this year’s market volatility a great opportunity to snap up companies on the cheap. But it also means stock investors are more cautious about companies floated by buyout houses. KKR’s First Data troubles are a reminder not just of heady valuations for large acquisitions near the top of the cycle, but also of prickly markets that can hurt the buyout groups with further mark-to-market losses once companies are floated. “There’s no lack of desire for taking companies public or selling them,” says David Fann, chief executive at TorreyCove Capital Partners, which advises PE investors. “The concern is whether they can get it done in a choppy market. I don’t think anybody has confidence they could get a sizeable deal done.” Risk aversion ruled at the start of the year, as global equity markets sold off and credit spreads widened. Initial public offerings all but dried up, including those from PE groups, as investors demanded bigger discounts to publicly traded peers. In an environment of risk aversion, many of 2015’s listings have not performed well. At the market trough in February, investors in last year’s IPOs had lost an average of nearly 30 per cent, according to Renaissance Capital, which runs IPO-focused exchange traded funds. “We had a very volatile market where the IPO market was just not healthy and anything with leverage was just that much more difficult,” says JD Moriarty, head of Americas equity capital markets at Bank of America Merrill Lynch. Since then the market has rebounded, making up nearly all the ground lost at the start of the year, and 2015’s IPOs have narrowed losses to 16.5 per cent on average. This year’s deals are up 17 per cent. The success of the recent IPOs such as American Renal Associates, which operates dialysis clinics, the first leveraged buyout since First Data, provides some optimism that the listings market is reopening. ARA has net debt of 4.2 times earnings before interest, tax, depreciation and amortisation. The company, which was bought by Centerbridge, is trading at $28 from a listing price of $22. With the equity rally stalled below last year’s high, investors remain cautious, however. Bankers are advising sponsors not to list their most indebted companies, according to a person with knowledge of the conversations. This year a handful of PE-related deals, including US Foods (owned by Clayton Dubilier & Rice and KKR), filed for IPOs. There is also a backlog, including the grocer Albertsons, carrying over from 2015. Among them SiteOne Landscape Supply, a distributor controlled by CDR, is expected to price its deal this week. Another issue for more leveraged IPOs is the mood in the credit markets. Bankers say investors become wary of deals when it looks like the companies could have trouble refinancing their debt. “It’s definitely picking up, but it will be gradual as we move into the second half,” says Frank Maturo, vice-chairman of equity capital markets for the Americas at UBS. “The jury is still out on leverage. It is becoming less of an issue partly because it appears interest rates are going to stay low for an extended period of time.” Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link