MGPA Head of Asset Management-Asia, Hugh Andrew discusses:

- Story behind inception - James Quille - management buyout of Lend Lease Corporation's Global Property Investment fund unit in February 2004 - early stage PE tumult of fundraising - track record - cashflow;

- AUMS - Asia / Europe footprint - breakdown;

- Identity investors - time frame for holding - retention rates - 're-ups';

- Broad PE RE industry challenges - global financial crisis:

> Changes to fund structuring terms - extent of pressure it placed on PERE fund terms - concentrated focus on fund management fees - shorter fund terms - cash returns and not management fee waivers - pressure to structure fees?

> Regulatory reforms playing a bigger role - Liquidity and oversight rules - contrast with compliance costs - extent to which investors willing to compromise;

> Regulations that impact the real estate funds industry - Dodd-Frank Act - Alternative Investment Fund Managers (AIFM) Directive - AIFM (Non-EU-based platforms) - Basel III - etc;

> Potential accounting changes - Fair value implications - how rental income, real estate taxes, operating expenses, property level debt, etc. shown on the financial statements - contrast with current investment company model;

- Investing philosophy - 'above-average returns' - details;

- Investing proposition for European assets - classes - countries details;

- Europe Issues - liquidity surfeit (Draghi ‘whatever it takes’) - massive unemployment - distressed asset opportunities - sovereign rating downgrades - etc;

- Asia issues: countries - strategy - details - Dynamics: middle class - urbanisation - population boom - rising affluence - changing taste patterns - central bank flush cash - record-low rates, massive liquidity;

- Inflation - property curbs - China, Singapore and to lesser extent Malaysia - implications.

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