Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

REAL ESTATE INVESTMENT TRUSTS

VIEWS: 202 PAGES: 2

									 CAPITALISING ON DOMESTIC AND CROSS-BORDER

                REAL ESTATE
             INVESTMENT TRUSTS
                                               Tuesday, 26 April 2005 • 8.30am – 6.00pm | Meritus Mandarin, Singapore


                               Who Should Attend                                             Customised Training Programmes
   • Property Developers • Commercial Property Owners • Institutional Investors            Need to develop entire teams? All our conferences
          • Real Estate Fund Managers • Real Estate Investment Bankers                      and seminars can be developed into customised
• Heads of Property Research • Heads of Real Estate Finance • Real Estate Lawyers           programmes to meet your organisation’s specific
   • Corporate Counsel • Property Managers • Real Estate Investment Managers               needs. For more information on in-house training,
                                • Fund Managers                                                 please contact Verona at +65 6349 0136.



                                                             Conference Programme
 LATEST TAX DEVELOPMENTS AFFECTING REITS                                • The Australian experience
 • Update on the recent Budget announcements and their implications     • Domestic vs cross-border REITs: Is the latter necessarily more risky?
   – Waiver of stamp duty                                               • The argument for cross border REITs
   – Removal of qualifying conditions relating to tax transparency      • Realising a successful dual listing
   – Reduction in withholding tax rate                                  • Issues to consider when acquiring foreign assets
 • Tax transparency and its significance to REITs                        Philip Pearce, Portfolio Manager,
 • Examining the tax incentives for owning a property through a REIT    ASCENDAS-MGM FUNDS MANAGEMENT LTD
   rather than through a company                                        (Manager of Ascendas REIT)
 • REITs vs. alternative property investment vehicles: Which is more
   tax-efficient?                                                        OVERVIEW OF INDIAN REITS AND ITS
 • The road ahead: Other tax incentives to increase Singapore’s         USEFULNESS
   attractiveness                                                       • Indian REITs
 Leonard Ong, Director,                                                   – Existing framework for real estate investment schemes in India
 KPMG TAX SERVICES                                                        – The push to develop a vibrant Indian REIT market
                                                                          – Changes required in Indian regulation/taxation to make it
 NAVIGATING THE LEGAL AND REGULATORY                                         conducive and attractive to have REITs
 REGIME IN SINGAPORE                                                    • Is a Singapore REIT of Indian property viable?
 • Structuring a REIT in Singapore: Key legal and regulatory            Leena Pinsler, Head, South Asia Practice, RAJAH & TANN
   considerations
 • Compliance with SFA and SGX-ST Rules                                 FINANCING GROWTH IN REITS
 • Roles and responsibilities of trustee, trust manager and property    • Why growth is a key driver of REIT investor demand
   manager: Resolving conflicts of duties                                • Regulatory constraints imposed on REIT financing
 Rachel Eng, Partner, WONGPARTNERSHIP                                   • Sources of capital and how to access them effectively
                                                                        • The arbitrage between the physical real estate and equity capital
 REIT CASE STUDY                                                          markets
 Yung Yu Ming, Fund Manager, ARA ASSET MANAGEMENT                       • Why REITs rarely sell properties
 (SINGAPORE) LIMITED (Manager of Fortune REIT)                          • Key concerns and conflicts in fund raising
                                                                        Michael Smith, Executive Director and Head of Real Estate-Asia,
 EXAMINING REGIONAL MARKETS AND THEIR                                   UBS INVESTMENT BANK
 MODELS
 • Looking at the latest regulatory and tax developments in Malaysia    PERSPECTIVES ON REIT VALUATION
 • Established regional markets: Japan and Korea                        METHODOLOGIES
 • Emerging markets: Thailand, China, India, Taiwan, Indonesia          • Key valuation methodologies for REITs: What works, what doesn’t,
 • An Australian perspective                                              why and when
   – Development and operation of listed property trusts                • Key processes involved in S&P’s methodology
   – What’s the next step?                                              • Key issues to consider
 • Differences between the regional models and Singapore’s model and      – Lease structures
   the bearing on investors                                               – Sector growth outlook
 Peter Mitchell, Senior Foreign Legal Advisor,                            – Yield enhancement structures
 COLIN NG & PARTNERS                                                      – M&As
                                                                          – Discount rate construction
 CHALLENGES IN CROSS-BORDER REITS                                       • Reasons for choosing this methodology
 • Examining key underwriting and structuring issues                    Lai Yeu Huan, CFA, Associate Director,
 • Executing cross-border investments into REITs                        STANDARD & POOR’S ASIA-PACIFIC EQUITY
 • Current examples                                                     RESEARCH SERVICES




                     Secure Your Interest Now! Call 6349 0136
                                                                            About The Presenters
Yung Yu Ming, Fund Manager,                                                                      Leena Pinsler, Head, South Asia Practice,
ARA ASSET MANAGEMENT (SINGAPORE) LIMITED                                                         RAJAH & TANN
(Manager of Fortune REIT)                                                                        Leena Pinsler joined Rajah & Tann in 2005 to head its South Asia Practice. She is also
Yung Yu Ming is the Fund Manager of the Manager. He has 10 years of experience in                an adjunct Associate Professor with the National University of Singapore teaching Indian
the investment industry in the Asia Pacific region including Australia, Singapore, Hong           foreign investment laws. Leena has extensive experience in corporate finance, banking
Kong, Malaysia, Philippines and Thailand from 1995 to 2003. His most recent role was             and securities and continues to practise in those areas. On the corporate finance side,
as Associate Director with UBS Warburg, Singapore, from 2000 to 2002, in the area of             she has worked with investment banks and corporations in relation to the floatation and
mergers and acquisitions involving real estate companies in Asia.                                privatisation of companies in Singapore, capital reduction, restructuring of groups of
                                                                                                 companies, corporate acquisition and disposals.
His previous appointment was as Assistant Vice President of Real Estate from 1999 to
2000 with the Government of Singapore Investment Corporation, where he was involved in           She undertook the development of the India Desk of Drew & Napier since 1994 and
managing real estate entities and real estate investments in the Asia-Australia region.          has been involved in several India-related investments in addition to other cross-border
                                                                                                 investments into countries such as Thailand and Indonesia.
Philip Pearce, Portfolio Manager,
                                                                                                 Lai Yeu Huan, CFA, Associate Director,
ASCENDAS-MGM FUNDS MANAGEMENT LTD
                                                                                                 STANDARD & POOR’S ASIA-PACIFIC EQUITY
(Manager of Ascendas REIT)
Philip Pearce is responsible for the day-to-day operations of the A-REIT portfolio. He is
                                                                                                 RESEARCH SERVICES
                                                                                                 Lai Yeu Huan is an Associate Director with Standard & Poor’s Asia-Pacific Equity
directly responsible for identifying and evaluating potential acquisitions or divestments
                                                                                                 Research Services (S&P AER), based in Singapore. His coverage consists primarily of
with a view to enhancing value to A-REIT’s unit holders. He recommends and analyses
                                                                                                 Asian property companies, with a principal focus on businesses operating in Hong Kong,
potential asset enhancement initiatives, develops financial models for evaluating potential
                                                                                                 China and Singapore. He has co-authored benchmark valuation reports on Singapore-listed
acquisitions and benchmarks A-REIT against comparative indices and products. In
                                                                                                 REITs, and is a key analyst responsible for the development and application of S&P AER’s
addition he oversees the asset management of A-REIT portfolio.
                                                                                                 REITs valuation methodology. Prior to joining S&P, Yeu Huan was the Chief Financial
Philip has many years of experience in property funds management as well as property             Officer of a technology start-up in the chemicals space, where he was responsible for
valuation in Australia. Prior to joining Ascendas-MGM Funds Management he was at                 raising venture capital. He has also held several positions in equity research at banks and
AMP Hendersons Global Investors where he was responsible for the AMP Industrial Trust.           stockbroking firms, primarily covering companies in the financials sector. He is a CFA
In this role he was involved in evaluating acquisition opportunities, investor relationships     charterholder and graduated with honours from the London School of Economics and
management and trust forecasting.                                                                Political Science with a Bachelor of Science (Economics) degree.
Philip holds a Bachelor of Commerce from the University of Western Sydney, in Australia,
and has completed various other postgraduate courses in valuation and finance. He is a            Michael Smith, Executive Director and Head of Real Estate-Asia,
member of the Australian Securities Institute and the Australian Property Institute.             UBS INVESTMENT BANK
                                                                                                 Michael Smith is an Executive Director and Head of Real Estate Investment Banking
Peter Mitchell, Senior Foreign Legal Advisor,                                                    in Asia for UBS Investment Bank. He has 9 years experience in all facets of real estate
                                                                                                 investment banking, particularly in the area of REITs where he has worked in Australia,
COLIN NG & PARTNERS
                                                                                                 Singapore, Korea, Taiwan, Japan and Hong Kong.
Before joining CNP as a senior foreign legal advisor in February 2004, Peter Mitchell
was a senior partner in one of Australia’s largest law firms. He has had over 20 years’           Michael is a member of the Hong Kong Securities and Futures Commissions REIT
experience in Australia and Asia and has been based in Singapore for 5 years.                    Taskforce and adviser to REIT regulators in Taiwan, Malaysia and Korea. He is also an
                                                                                                 advisor to MAS, Singapore Stock Exchange and MOF on issues dealing with REITs
Peter’s practice focuses on the corporate area, having been involved in a wide range
                                                                                                 (including participating in the recent MAS REIT consultation process). He has assisted
of foreign investment, M&A transactions and development projects in many countries
                                                                                                 MAS and Singapore Stock Exchange in the review and issue of the regulations governing
throughout the region, including Australia, Singapore, Malaysia, Taiwan, Korea, Indonesia,
                                                                                                 the establishment of REITs in Singapore and was also involved in negotiations with IRAS,
Thailand and China. One particular area of expertise is REITs and listed property
                                                                                                 which led to the granting of tax transparency for Singapore REITs.
trusts (LPTs), where he has extensive experience in transactions and the formulation of
regulations.                                                                                     Rachel Eng, Partner,
                                                                                                 WONGPARTNERSHIP
Leonard Ong, Director,                                                                           Rachel Eng heads the Capital Markets and Finance Practice Group. Her main areas of
KPMG TAX SERVICES                                                                                practice are equity, corporate finance and commercial transactions, including equity issues,
Leonard Ong is a Director with KPMG Tax Services. He has more than 10 years of                   mergers and acquisitions, securities, fund management and cross border joint ventures.
experience in corporate taxation and has advised numerous clients from a wide range of           She is also involved in the initial public offerings of companies in Singapore, including
industries. He has also advised on a number of REITs that are now listed in Singapore, and       companies with investments in the PRC and co-heads the China Practice. She is also a
is currently advising on others to be listed in due course.                                      Director of Clifford Chance Wong Pte Ltd, the Singapore joint venture law firm between
Leonard has represented numerous clients in applying to and liaising with IRAS,                  Clifford Chance and WONGPARTNERSHIP.
the Singapore Ministry of Finance, the Singapore Economic Development Board, IE                  Rachel was admitted to the Singapore Bar in 1992 and admitted as a Solicitor in England
Singapore and MAS for tax incentives and concessions, tax rulings and clarifications.             and Wales in 2001. Rachel also holds a Certified Diploma in Accounting and Finance from
                                                                                                 the Chartered Association of Certified Accountants (UK).


Registration Form
     YES! I would like to register for: Capitalising on Domestic and Cross-Border Real Estate Investment Trusts

                                        PRICE                                                                                   PAYMENT OPTIONS
      Seminar                                                      S$590 + 5% GST                     Charge to my LexisNexis account:                                           $
   Register 3 or more and get 10% off                                                                 Account No.:                             Signature:

                          DELEGATE DETAILS                                                            Pay by Cheque:                                                             $
                                                                                                      Please post a crossed cheque payable to LexisNexis
   DELEGATE 1 Mr / Ms / Mrs / Dr
   Name                                                                                               Charge to my LexisNexis account:                                           $
                                                                                                      Please charge to my       Mastercard       Visa
   Position
                                                                                                      Card No
   Email                                                      Phone
                                                                                                  Name of Cardholder
   Fax
   Company
   Postal Address
   Your Privacy: If you do not wish to receive promotional information from LexisNexis,           Signature                                    Expiry Date
   please tick.

HOW TO REGISTER:                                                                               CANCELLATIONS & SUBSTITUTIONS
                                                                                               1. Payment must be made 5 days within receipt of invoice.
Please send your completed registration form details by:                                       2. You may substitute delegates at any time at no extra cost.
                                                                                               3. For cancellations received in writing more than 10 days before the conference you will receive a full refund less
     www.lexisnexis.com.sg                                                                        $100 service charge. Regrettably, no refund can be made less than 10 working days prior to the event.
                                                                                               4. If a delegate has not paid for the conference and fails to attend for whatever reason, the registration fee will remain
     +65 6733 1052            +65 6349 0136                                                       payable in full. The fee will not be waived, nor will a refund be given.
                                                                                               5. Please note that speakers and topics were confirmed at the time of publishing, however circumstances beyond
     LexisNexis, 3 Killiney Road, #08-08 Winsland House 1, Singapore 239519
                                                                                                  the control of the organizers may necessitate substitutions, alterations or cancellations of speakers and/or topics.
     verona.huang@lexisnexis.com                                                                  As such, LexisNexis reserves the right to alter or modify the advertised speakers and/or topics if necessary. Any
                                                                                                  substitutions or alterations will be updated on our web page as soon as possible.
Please include a contact phone number so we may confirm your booking details.                  6. Where group discounts are offered, delegates must sign up collectively.

								
To top